Q1 2026
Quarterly update
Zaptec powers adventure
Update from the CEO
Q1 highlights
Financial summary
Market development
11 Executing the strategy
Summary and outlook
Financial statements
Update from the CEO
Dear shareholders,
The first quarter of 2026 marked a strong start to the year for Zaptec, building on the momentum from 2025. We delivered record first-quarter revenue and
EBITDA, continued to strengthen our market position across Europe, and demonstrated the scalability
of our business model.
The European EV market remains robust, and Zaptec achieved 32% revenue growth compared to Q1 2025, supported by strong order intake and a solid backlog of 737 MNOK. Installation activity reached new highs, with monthly installations exceeding 21,000 units, confirming continued strong demand for our products and platform.
We saw solid progress across our major European markets, with strong growth outside the Nordics alongside sustained leadership in our core regions. This balanced geographic expansion positions Zaptec well for the next phase of Europe's charging infrastructure build-out.
Financial performance improved further during the quarter. Gross margin increased, EBITDA reached a quarterly record and our scalable cost structure
continues to deliver operating leverage. Cash flow was solid, supported by stronger earnings and inventory reduction, further strengthening liquidity.
Looking ahead, our strategic priorities remain unchanged: expanding in major markets, accelerating product development and ecosystem integrations, and maintaining strict discipline on cash flow and capital efficiency.
Zaptec enters the remainder of 2026 with confidence and a clear ambition to lead Europe's transition to smart, connected EV charging.
Thank you for your continued trust and support.
Kurt Østrem
Contents
Update from the CEO→
Highlights
Financial Summary
Market Development
11Executing the strategy
16 Outlook
17 Financial Statements
Q1 highlights
Revenue of 457 MNOK
Order intake of 467 MNOK
Order backlog of 737 MNOK
Gross margin of 43%
Opex of 143 MNOK
EBITDA of 51 MNOK
Inventory reduced by 70 MNOK
Available liquidity 789 MNOK
Key financial figures
MNOK/% | Q1 2026 | Q1 2025 |
Revenues | 457 | 347 |
Export Share | 75% | 81% |
Gross margin | 43% | 39% |
Opex | 143 | 120 |
Opex share of revenue | 31% | 35% |
EBITDA | 51 | 14 |
EBITDA Margin | 11% | 4% |
Available liquidity* | 789 | 327 |
Quarterly revenue and order intake (MNOK)
347
383
369
433
457300
341
299
327
600
500
400
300
200
100
0
*including cash, deposits, funds and available overdraft facility
Order Intake
ExportNorway
Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
Q2'25 Q3'25 Q4'25 Q1'26
Contents
Update from the CEO
Highlights →
Financial Summary
Market Development
11 Executing thestrategy
16 Outlook
17 Financial Statements
Financial summary
Revenue
The quarterly revenue was 457 MNOK compared to 347 MNOK in the same period last year. The backlog of firm orders amounted to 737 MNOK by the end
of Q1 2026, following an order intake of 467 MNOK.
Export share
The export share was 75% in the first quarter compared to 81% in the same period last year.
Gross margin
The gross margin in the quarter was 42.5%, which means the long-term trend of driving gross margin higher continued. The increase was driven by product mix, with higher Zaptec Go 2 sales. The gross margin in Q1 last year was 38.6%.
Opex
Total employee benefit expenses and other operating expenses in the first quarter were 143 MNOK, versus 120 MNOK in the same period last year. Opex as share of revenue declined from 35% in Q1'25 to 31% in Q1'26 underlining the scalability in Zaptec's business model.
EBITDA
EBITDA in the first quarter was 51 MNOK compared to 14 MNOK in the same period last year.
Inventory
Inventory was reduced to 152 MNOK at the end of Q1, a decrease of 70 MNOK compared to the end of 2025.
Available Liquidity
The cash balance with total cash, available overdraft facility, deposits, and other funds at the end of Q1 2026 was 789 MNOK, compared to 327 MNOK at the end of Q1 2025. The net cash position at the end of Q1 was 489 MNOK.
Dividend information
As announced in the release of Zaptec's fourth quarter 2025 results, a dividend policy targeting payouts of up to 50% of annual net profit. For 2025, the Board has proposed a total dividend of NOK 2.0 per share - NOK 0.3 as an ordinary dividend and NOK 1.7 as an extraordinary dividend - reflecting the company's solid liquidity and strong financial position. The dividend payment is subject to approval at the Annual General Meeting 10th June 2026.
Contents
Update from the CEO
Highlights
Financial Summary →
Market Development
11 Executing thestrategy
16 Outlook
17 Financial Statements
Market development
Plug-in vehicle sales Q1 2026 vs Q1 2025 (%)
Source: ACEA. Sum of battery electric and plug-in hybrid electric vehicles.
European EV market remains strong
The European EV market continued to show strong momentum in the first quarter of 2026. Plug-in vehicle sales across Europe increased by 28% compared to the same quarter last year, reflecting sustained consumer demand and continued progress in the electrification of transport.
Growth was particularly strong in several of Zaptec's core and expansion markets, including France, Germany, Denmark, and the United Kingdom. While some Nordic markets experienced more moderate development, overall European demand remained robust, underlining the long-term structural growth in EV adoption.
The continued expansion of the EV market reinforces the need for large-scale charging infrastructure.
Combined with improving total cost of ownership
for electric vehicles, this supports a favorable outlook for continued investment in residential, commercial, and public charging solutions across Europe.
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11Executing the strategy
16 Outlook
17 Financial Statements
Ownership cost:
*TCO parity refers to the year in which the total cost of
ownership (TCO) of a battery electric vehicle becomes lower than that of a petrol vehicle assuming annual driving distances of 10,000-20,000 km. Source: Strategy&.
TCO parity* | ||
1. Entry BEV | 2023-24 | |
2. Rational green | 2023-24 | |
3. Mass BEV | 2023-24 | |
4. Allrounder BEV | 2024 | |
5. Premium city BEV | 2026 | |
6. Green rocket | 2023-24 |
Driving electric is the rational choice
The transition to electric vehicles continues to be supported by a clear and strengthening economic rationale. Electric vehicles offer significantly lower fuel costs compared to internal combustion engine vehicles, particularly when charged at home. In addition, total cost of ownership is increasingly favorable for EVs across all major vehicle segments, driven by lower energy costs, reduced maintenance requirements, and improving vehicle affordability.
This strengthens long term consumer incentives for EV adoption.
Fuel cost
DK example: How far can you drive for 100 DKK?
Contents
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11Executing the strategy
16 Outlook
17 Financial Statements
S-curve path to mass adoption in EV sales in Europe
Source: LCP Delta, Strategy&. Figure illustrates Battery Electric Vehicles (BEV) share of total vehicle registrations 2023-2026 YTD
Europe still early in the EV adoption curve
Despite strong recent growth, Europe remains at an early stage of the EV adoption curve. EV market penetration is still well below long term expected
levels, and adoption is expected to continue following an S curve trajectory toward mass market penetration. Achieving this transition requires continued improvements in EV affordability, supportive regulation, and a substantial expansion of charging infrastructure capacity. In Q1 2026, over 19% of the vehicles sold in Europe was battery-electric.
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11Executing the strategy
16 Outlook
17 Financial Statements
EV charge points: number of installations in Europe (million units)
Source: Strategy& EV charging outlook.
Significant infrastructure build out required
To support the expected growth in EV adoption, Europe requires a major build out of charging infrastructure over the coming decade. Total installed charge points across private, public slow, and public fast charging are expected to grow at an annual rate of approximately 20%, reaching an estimated 55 million charge points by 2035. This represents a large and long duration addressable market for charging infrastructure providers.
Contents
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11Executing the strategy
16 Outlook
17 Financial Statements
Charging as a connected, energy aware service
Enabling Europe's EV transition at scale requires charging to evolve beyond a standalone hardware product. Charging infrastructure must function as a connected, digital, and energy aware service that
integrates seamlessly with vehicles, users, buildings, and the power grid. Reliability, operational efficiency, interoperability, and scalability are critical to supporting both end users and energy systems.
Contents
Update from the CEO
Highlights
Financial Summary
Market Development→
11Executing the strategy
16 Outlook
17 Financial Statements
4
Optimize cash flow
Executing the strategy
Zaptec's strategic positioning
2
Accelerate product roll-outs and integrations
3
Expand in major markets
Zaptec's strategy is closely aligned with the structural market developments described above. The company focuses on smart charging infrastructure supported by cloud connectivity, software services, grid integration, and data driven intelligence. Continuous product improvement, ecosystem integrations, and targeted R&D investments are central to strengthening Zaptec's position in the connected EV charging ecosystem and supporting long term, profitable growth as Europe's EV transition accelerates.
During the first quarter of 2026, Zaptec continued to execute effectively on its strategic priorities. The
1
Build on success in core markets
company remained focused on scaling the business, expanding its presence in key European markets, accelerating product development and ecosystem integration, and maintaining strict discipline on
cash flow and capital efficiency.
Contents
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Highlights
Financial Summary
Market Development
11 Executing the strategy→
16 Outlook
17 Financial Statements
1.
Over 65 000 Zaptec installations
across Europe in the first quarter, more than 720 per day.
Build on success in core markets
Zaptec maintained strong momentum in its core markets during the quarter, supported by high installation activity and sustained demand for smart charging solutions. Installation volumes increased by 20% year on year, with the rolling twelve month
+73%
+23%
Revenue growth Q1'26 vs Q1'25 in Zaptec's top 3 markets
average exceeding 21,000 units per month, reflecting strong market uptake and reinforcing Zaptec's leading position in established regions.
In the Benelux region, revenue more than doubled year on year, driven by strong execution, expanding partner penetration, and continued adoption of Zaptec's
smart charging solutions. Together with sustained momentum across core markets, this performance reinforces Zaptec's strong foundation for continued scalable growth.
+102%
2.
*
Contents
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Highlights
Financial Summary
Market Development
11 Executing the strategy→
16 Outlook
17 Financial Statements
2.
Expand in major European markets
Expansion in major European markets remains a key strategic priority. Zaptec delivered strong revenue growth in Tier 1 markets including Germany, the
UK, and France, with combined revenue growth of
approximately 55% compared to the same quarter last year. This progress reflects a scalable commercial
model, growing brand recognition, and increasing
penetration with installers and partners in Europe's largest EV markets.
Revenue growth in France exceeded fivefold, while revenue in Germany more than doubled year on year. In the UK, revenue declined compared to the prior year, primarily due to delays in several significant projects. These projects are expected to contribute once execution timelines normalize, and the UK remains a key strategic market for Zaptec over the medium term.
Revenue, MNOK Revenue, MNOK
Revenue, MNOK Revenue, MNOK
* Q1 2026 revenue includes 1.6 MNOK recorded via Zaptec DK
in the financial statement notes as products are sold via Denmark
* Q1 2026 revenue includes 1.8 MNOK recorded via Zaptec DK
in the financial statement notes as products are sold via Denmark
3.
*
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11 Executing the strategy→
16 Outlook
17 Financial Statements
3.
Accelerate product improvements and integrations
Scalable production
Production capacity remained on plan during the quarter. Existing production lines in Norway and Germany continue to operate reliably, while
preparations for a new production site in Hungary are progressing according to plan, with production expected to start during 2026.
Product development and ecosystem integrations Zaptec continued to invest in continuous product improvement and integration across the EV charging ecosystem. Development efforts are focused on data driven iteration across hardware, firmware, and cloud platforms, supported by frequent over the air updates.
At the same time, Zaptec expanded integrations with vehicles, energy systems, and grid services to strengthen its position within the connected, energy aware charging ecosystem.
4.
*
Contents
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17 Financial Statements
4.
Optimizing cash flow and financial flexibility
Zaptec's cost structure continues to scale efficiently, with operating expenses declining to 31.3% of revenue on a rolling twelve month basis. Zaptec maintained strong discipline on cash flow management. Inventory levels were reduced by approximately MNOK 70 during the quarter, while liquidity improved to MNOK 789, supported by strong EBITDA generation. The company remains focused on maintaining inventory within
its target range to support growth while preserving capital efficiency.
Scalable business model:
Continued trend of declining Opex share as revenue grows
Overall, Zaptec executed according to plan in the first quarter of 2026. With strong momentum in core and expansion markets, a scalable operating model, and a solid financial position, the company remains well positioned to capture the next phase of growth in Europe's EV charging infrastructure build out.
Inventory reduced by 70 MNOK
Contents
Update from the CEO
Highlights
Financial Summary
Market Development
11 Executing the strategy→
16 Outlook
17 Financial Statements
Summary and outlook
Q1 summary
Record revenue and EBITDA driven by continued high growth and strong gross margin
Positive cash flow generation and strengthened liquidity position
Strong momentum in the European EV market
Sustained market leadership in core European regions
All-time-high installation rates supported by a solid order book
Solid growth momentum outside the Nordics
Outlook
Continued market growth backed by improving EV cost advantage
Strong revenue growth expected driven by Nordics and Benelux
Tier 1 market share gains remains top priority
Product focus on continuous improvements, integrations and R&D execution
Maintaining gross margin focus amid geopolitical uncertainty, cost pressure from the Iran war mitigation through smart component choices and scaling efficiencies
Profitability expected to improve during 2026
Contents
Update from the CEO
Highlights
Financial Summary
Market Development
11 Executing thestrategy
16 Outlook→
17 Financial Statements
Financial statements Notes
Consolidated statement of profit or loss | 18 | Note 1 - Basis of preparation | 22 |
Consolidated statement of comprehensive income | 18 | Note 2 - Significant accounting policies | 22 |
Consolidated statement of financial position | 19 | Note 3 - Significant events and transactions | 22 |
Consolidated statement of cash flows | 20 | Note 4 - Segment information | 23 |
Consolidated statement of changes in equity | 21 | Note 5 - Revenues from contracts with customers | 28 |
Note 6 - Financial income and expense | 31 | ||
Note 7 - Income tax | 31 | ||
Note 8 - Intangible and Tangible Assets, | |||
Including Right-of-Use Assets | 32 | ||
Note 9 - Inventories | 32 | ||
Note 10 - Trade receivables | 32 | ||
Note 11 - Other current assets | 32 | ||
Note 12 - Provisions | 32 | ||
Note 13 - Loans and borrowings | 32 | ||
Note 14 - Other current liabilities | 33 | ||
Note 15 - Events after the reporting date | 33 |
Contents
Update from the CEO
Highlights
Financial Summary
Market Development
11Executing the strategy
16 Outlook
17 Financial Statements→
Consolidated statement of profit or loss | ||||
Unaudited | First quarter | 01.01.-31.12 | ||
In NOK 1000 | Note | 2026 | 2025 | 2025 |
Operating income | ||||
Revenues from contracts with customers | 4,5 | 456 923 | 346 850 | 1 531 969 |
Other operating income | 0 | 0 | 77 | |
Total operating income | 456 923 | 346 850 | 1 532 046 | |
Operating expenses | ||||
Cost of inventories | 4 | 262 657 | 212 828 | 917 971 |
Employee benefit expenses | 3,4 | 87 719 | 70 690 | 288 587 |
Depreciation and amortisation expense | 4,8 | 9 163 | 7 385 | 37 653 |
Other operating expenses | 4 | 55 384 | 49 110 | 202 006 |
Total operating expenses | 414 924 | 340 012 | 1 446 216 | |
Operating profit/loss | 41 999 | 6 838 | 85 828 | |
Financial income and expenses | ||||
Finance income | 6 | 5 291 | 445 | 4 149 |
Finance expense | 6 | 21 547 | 13 360 | 20 310 |
Net financial income (+) and expenses (-) | -16 256 | -12 915 | -16 161 | |
Profit (+)/loss (-) before tax | 25 743 | -6 077 | 69 667 | |
Tax expense (+)/benefit (-) | 7 | 7 039 | 1 634 | 15 779 |
Profit (+)/loss (-) after tax | 18 705 | -7 711 | 53 889 | |
Total profit/loss attributable to: | ||||
Owners of the parent | 18 705 | -7 711 | 53 889 | |
Non-controlling interest | 0 | 0 | 0 | |
Basic earnings per shares | 0,214 | -0,088 | 0,616 | |
Diluted earnings per shares | 0,214 | -0,088 | 0,610 | |
Consolidated statement of comprehensive income | ||||
Unaudited | First quarter | 01.01-31.12 | ||
In NOK 1000 | Note | 2026 | 2025 | 2025 |
Profit (+)/loss (-) for the period | 18 705 | -7 711 | 53 889 | |
Items that will or may be reclassified to profit or loss: | ||||
Exchange gains arising on translation of foreign operations | -5 264 | -2 618 | 11 001 | |
Total comprehensive income | 13 440 | -10 329 | 64 889 | |
Total comprehensive income attributable to: | ||||
Owners of the parent | 13 440 | -10 329 | 64 889 | |
Non-controlling interest | 0 | 0 | 0 | |
Contents
Update from the CEO
Highlights
Financial Summary
Market Development
11Executing the strategy
16 Outlook
17 Financial Statements→
Consolidated statement of financial position | ||||
Unaudited | ||||
In NOK 1000 | Note | 31.03.2026 | 31.03.2025 | 31.12.2025 |
ASSETS | ||||
Goodwill and intangible assets | ||||
Goodwill | 8 | 79 540 | 78 100 | 82 931 |
Other intangible assets | 8 | 127 003 | 106 925 | 118 536 |
Deferred tax asset | ||||
Deferred tax asset | 7 | 36 531 | 45 893 | 43 182 |
Tangible assets | ||||
Property, plant and equipment | 8 | 11 641 | 13 614 | 10 559 |
Right-of-use assets | 8 | 54 339 | 42 641 | 47 623 |
Other non-current assets | 493 | 728 | 521 | |
Total non-current assets | 309 547 | 287 900 | 303 352 | |
Inventories | ||||
Inventories | 9 | 151 966 | 455 980 | 221 754 |
Receivables | ||||
Trade receivables | 10 | 231 493 | 184 220 | 182 409 |
Other current assets | ||||
Other current assets | 11 | 80 160 | 65 900 | 41 585 |
Cash and cash equivalents | ||||
Cash and cash equivalents | 489 134 | 155 170 | 435 520 | |
Total current assets | 952 753 | 861 270 | 881 269 | |
TOTAL ASSETS | 1 262 300 | 1 149 170 | 1 184 620 | |
Consolidated statement of financial position | ||||
Unaudited | ||||
In NOK 1000 | Note | 31.03.2026 | 31.03.2025 | 31.12.2025 |
EQUITY AND LIABILITIES | ||||
Equity | ||||
Share capital | 1 313 | 1 313 | 1 313 | |
Treasury shares | -1 | -3 | 0 | |
Share premium | 635 061 | 646 945 | 646 945 | |
Other paid in equity | 4 293 | 22 287 | 35 871 | |
Foreign exchange reserve | 42 425 | 36 377 | 47 689 | |
Other reserves | 69 105 | -38 702 | 26 906 | |
Total equity | 752 195 | 668 217 | 758 724 | |
Non-current liabilities | ||||
Deferred tax | 7 | 1 272 | 15 780 | 889 |
Long-term lease liabilities | 8 | 48 059 | 37 713 | 41 891 |
Long-term deferred income | 5 | 67 097 | 58 093 | 65 999 |
Long-term provisions | 12 | 0 | 636 | 0 |
Total non-current liabilities | 116 429 | 112 222 | 108 778 | |
Current liabilities | ||||
Trade payables | 180 051 | 117 682 | 132 703 | |
Short-term loans and borrowings | 13 | 0 | 128 033 | 0 |
Short-term lease liabilities | 8 | 8 439 | 7 125 | 7 841 |
Short-term deferred income | 5 | 38 481 | 31 990 | 36 562 |
Tax payable | 7 | 11 307 | 3 103 | 25 525 |
Other current liabilities | 14 | 130 823 | 53 844 | 91 130 |
Short-term provisions | 12 | 24 574 | 26 955 | 23 356 |
Total current liabilities | 393 676 | 368 732 | 317 116 | |
Total liabilities | 510 105 | 480 954 | 425 895 | |
TOTAL EQUITY AND LIABILITIES | 1 262 300 | 1 149 170 | 1 184 620 | |
Contents
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Financial Summary
Market Development
11Executing the strategy
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Consolidated statement of cash flows | ||||
Unaudited | First quarter | 01.01-31.12 | ||
In NOK 1000 | Note | 2026 | 2025 | 2025 |
Cash flow from operating activities | ||||
Profit (+)/loss (-) before tax | 25 743 | -6 077 | 69 667 | |
Taxes paid | 0 | -10 412 | -18 967 | |
Depreciation and amortisation expense | 8 | 9 163 | 7 385 | 37 653 |
Shared based payment expense | 3 | 4 293 | 1 436 | 18 291 |
Change in trade receivables | 10 | -49 084 | -13 816 | -12 005 |
Change in inventories | 9 | 69 788 | 35 799 | 270 025 |
Change in trade payables | 47 348 | -21 281 | -6 260 | |
Change in other accrual items* | -24 518 | 5 478 | 81 202 | |
Net cash flow from operating activities | 82 733 | -1 488 | 439 605 | |
Cash flow from investment activities | ||||
Capitalized/purchased intangible and tangible assets | 8 | -16 290 | -10 103 | -47 164 |
Advances/loans to suppliers | 11 | -3 448 | 23 506 | 36 984 |
Net cash flow from investment activities | -19 738 | 13 403 | -10 180 | |
Cash flow from financing activities | ||||
Repayment of loans and borrowings | 13 | 0 | 0 | -159 971 |
Draw down on credit facility | 13 | 0 | -31 938 | 0 |
Lease liabilities | 8 | 6 766 | 1 946 | -8 866 |
Interest on lease liabilities | 8 | -710 | -447 | -2 482 |
Interest on debts and borrowings | 0 | -2 581 | -1 648 | |
Purchase of treasury shares | -11 888 | -1 469 | -1 469 | |
Settlement of option agreement | -3 550 | 0 | 0 | |
Sale of treasury shares | 0 | 0 | 2 787 | |
Net cash flow from financing activities | -9 382 | -34 489 | -171 648 | |
Net change in cash and cash equivalents | 53 613 | -22 574 | 257 775 | |
Cash and cash equivalents at start of period | 435 520 | 177 744 | 177 744 | |
Cash and cash equivalents at end of period | 489 134 | 155 170 | 435 520 | |
* Change in other accrual items includes financial items 20
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11Executing the strategy
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Consolidated statement of changes in equity | |||||||||
In NOK 1000 | Share Capital | Own shares | Share premium | Other paid in capital | Foreign exchange reserve | Other equity | Total equity holders of the parent | Non-controlling interest | Total equity |
1 January 2025 | 1 313 | -1 | 646 945 | 20 851 | 36 686 | -27 212 | 678 581 | 0 | 678 581 |
Profit (+)/loss (-) after tax | 0 | 0 | 0 | 0 | 0 | 53 889 | 53 889 | 0 | 53 889 |
Other comprehensive Income | 0 | 0 | 0 | 0 | 11 001 | 0 | 11 001 | 0 | 11 001 |
Purchase of treasury shares | 0 | 1 | 0 | 0 | 0 | -1 469 | -1 468 | 0 | -1 468 |
Share based payments | 0 | 0 | 0 | 15 021 | 0 | 2 787 | 17 808 | 0 | 17 808 |
Differences from earlier periods | 0 | 0 | 0 | 0 | 0 | -1 086 | -1 086 | 0 | -1 086 |
31 December 2025 | 1 313 | 0 | 646 945 | 35 871 | 47 689 | 26 906 | 758 724 | 0 | 758 724 |
1 January 2026 | 1 313 | 0 | 646 945 | 35 871 | 47 689 | 26 906 | 758 724 | 0 | 758 724 |
Profit (+)/loss (-) after tax | 0 | 0 | 0 | 0 | 0 | 18 705 | 18 705 | 0 | 18 705 |
Other comprehensive Income | 0 | 0 | 0 | 0 | -5 264 | 0 | -5 264 | 0 | -5 264 |
Purchase of treasury shares | 0 | -1 | -11 884 | 0 | 0 | 0 | -11 885 | 0 | -11 885 |
Share based payments | 0 | 0 | 0 | 4 293 | 0 | 0 | 4 293 | 0 | 4 293 |
Settlement share based payment | 0 | 0 | 0 | -35 871 | 0 | 23 494 | -12 377 | 0 | -12 377 |
31 March 2026 | 1 313 | -1 | 635 061 | 4 293 | 42 425 | 69 105 | 752 195 | 0 | 752 195 |
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11Executing the strategy
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Share based payment expense is charged to the income statement with the following amounts per Q1 2026, Q1 2025 and full year 2025. | |||
First quarter | Full year | ||
In NOK 1000 | 2026 | 2025 | 2025 |
Share-based incentive program for all employees | 0 | 1 436 | 5 005 |
Share-based incentive program for management* | 4 293 | 609 | 10 016 |
Provision for social security contribution | 645 | 519 | 3 270 |
Total | 4 938 | 2 563 | 18 291 |
Notes |
Note 1 - Basis of preparation |
These interim condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They were authorised for issue by the board of directors on 5 May 2026. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2025 IFRS financial statement issued by the company on the 24 of March 2026. |
Note 2 - Significant accounting policies |
The Group has applied the same accounting policies and methods of computation in its interim consolidated financial statements as in its 2025 annual financial statements. |
Note 3 - Significant events and transactions |
Share based payments |
The company operates one equity-settled share-based remuneration schemes for key management: |
Share-based incentive program for management |
As of 01.01.2026 The Group implemented a new share-based incentive program for management. The program consist of a share element and a cash element. defined by the board on a year-to-year basis. The bonus will be determined based on achievement of certain metrics. One half of the bonus is paid in form of shares, and the other half is in the form of a cash payment. The employee may choose to utilize the cash payment, in whole or in part, to acquire additional shares. If the Employees utilize the cash payment to acquire additional shares, the company will give each employee one share for each additional share acquired by said employee (1:1 matching). All shares acquired by the employee will be valued at market value at the time of acquisition, with a deduction of 15 per cent for the purposes of determining the number of shares which each employee is entitled to receive under the bonus program. The market value of the shares shall be equal to the volume weighted average listed price of the shares in the company during the two-week period prior to the date when the employee elected whether to use the cash payment to acquire additional shares. |
All sales or purchases of treasury shares are related to options and/or the share-based incentive programs.
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Note 4 - Segment information |
The Group consists of several legal entities where most of the entities are established to handle sales in a specific country. For management purposes, financial information is reported to the group management based on a legal entity basis. The group management is identified as the chief operating decision maker. Based on the internal reporting the following reportable segments are identified. |
Zaptec Charger AS |
This segment is involved in the sale of Zaptec products in Norway, and to customers in other countries where the Group has not established an entity or sales organization. Zaptec Charger AS also handles procurement of goods and internal sales. |
Zaptec Sverige AB |
This segment is involved in the sale and distribution of Zaptec products in Sweden. |
Zaptec Schweiz AG |
This segment is involved in the sale and distribution of Zaptec products in Switzerland. |
Zaptec Danmark ApS |
This segment is involved in the sale and distribution of Zaptec products in Denmark. |
Zaptec Netherlands B.V. |
This segment is involved in the sale and distribution of Zaptec products in the Benelux. |
Other |
Consist of all other legal entities in the group. |
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Year-to-date | 31.03.2026 | |||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Zaptec Netherlands BV | Other | Adjustments and eliminations | Total |
Operating income | ||||||||
Revenues from contracts with customers | 121 154 | 105 031 | 60 579 | 51 271 | 92 402 | 29 504 | -3 017 | 456 923 |
Revenues from internal sales | 223 633 | 0 | 0 | 0 | 0 | 437 | -224 071 | 0 |
Revenues from shared services | 0 | 2 179 | 441 | 0 | 2 766 | 1 560 | -6 945 | 0 |
Other operarting income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total operating income | 344 787 | 107 209 | 61 020 | 51 271 | 95 168 | 31 501 | -234 033 | 456 923 |
Operating expenses | ||||||||
Cost of inventories | 251 289 | 78 259 | 32 497 | 40 908 | 65 192 | 23 193 | -228 680 | 262 657 |
Employee benefit expenses | 61 403 | 6 105 | 7 239 | 2 875 | 5 835 | 10 504 | -6 241 | 87 719 |
Depreciation and amortisation expense | 4 533 | 32 | 0 | 0 | 71 | 118 | 4 409 | 9 163 |
Other operating expenses | 35 991 | 3 852 | 3 666 | 4 081 | 2 203 | 9 705 | -4 114 | 55 384 |
Total operating expenses | 353 216 | 88 248 | 43 402 | 47 863 | 73 301 | 43 519 | -234 627 | 414 924 |
Operating result | -8 429 | 18 961 | 17 618 | 3 408 | 21 867 | -12 019 | 593 | 41 999 |
Year-to-date | 31.03.2025 | |||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Zaptec Netherlands BV | Other | Adjustments and eliminations | Total |
Operating income | ||||||||
Revenues from contracts with customers | 83 192 | 84 760 | 60 507 | 53 950 | 45 661 | 21 010 | -2 231 | 346 850 |
Revenues from internal sales | 175 761 | 0 | 0 | 0 | 0 | 437 | -176 198 | 0 |
Revenues from shared services | 0 | 5 468 | 0 | 0 | 2 118 | 1 293 | -8 879 | 0 |
Other operating income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total operating income | 258 952 | 90 229 | 60 507 | 53 950 | 47 779 | 22 740 | -187 308 | 346 850 |
Operating expenses | ||||||||
Cost of inventories | 197 404 | 62 078 | 40 850 | 41 303 | 33 218 | 16 545 | -178 570 | 212 828 |
Employee benefit expenses | 45 784 | 8 444 | 7 907 | 2 314 | 4 030 | 7 768 | -5 556 | 70 690 |
Depreciation and amortisation expense | 3 571 | 25 | 0 | 0 | 13 | 136 | 3 641 | 7 385 |
Other operating expenses | 28 650 | 2 919 | 3 384 | 2 226 | 2 352 | 7 751 | 1 827 | 49 110 |
Total operating expenses | 275 409 | 73 465 | 52 140 | 45 843 | 39 613 | 32 199 | -178 657 | 340 012 |
Operating result | -16 456 | 16 763 | 8 367 | 8 107 | 8 166 | -9 459 | -8 650 | 6 838 |
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Full year 2025 | ||||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Zaptec Netherlands BV | Other | Adjustments and eliminations | Total |
Operating income | ||||||||
Revenues from contracts with customers | 413 787 | 385 962 | 224 090 | 199 819 | 218 316 | 104 700 | -14 705 | 1 531 969 |
Revenues from internal sales | 772 166 | 0 | 0 | 0 | 0 | 1 750 | -773 916 | 0 |
Revenues from shared services | 13 326 | 11 718 | 1 706 | 0 | 10 210 | 7 458 | -44 418 | 0 |
Other operating income | 0 | 77 | 0 | 0 | 0 | 0 | 0 | 77 |
Total operating income | 1 199 279 | 397 757 | 225 795 | 199 819 | 228 526 | 113 908 | -833 039 | 1 532 046 |
Operating expenses | ||||||||
Cost of inventories | 886 726 | 289 596 | 122 228 | 155 704 | 155 826 | 83 922 | -776 031 | 917 971 |
Employee benefit expenses | 166 957 | 28 027 | 38 322 | 9 461 | 16 985 | 35 463 | -6 627 | 288 587 |
Depreciation and amortisation expense | 20 824 | 110 | 0 | 0 | 209 | 527 | 15 982 | 37 653 |
Other operating expenses | 127 907 | 30 564 | -2 014 | 12 598 | 20 288 | 41 405 | -28 741 | 202 006 |
Total operating expenses | 1 202 413 | 348 297 | 158 536 | 177 764 | 193 308 | 161 316 | -795 417 | 1 446 217 |
Operating result | -3 135 | 49 460 | 67 259 | 22 055 | 35 219 | -47 409 | -37 622 | 85 828 |
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Adjustments and eliminations |
The Group evaluates segmental performance on the basis of profit or loss from operations calculated based on local financial statements. Adjustments for IFRS 16 and eliminations are included in the column adjustments and eliminations. Depreciation and amortisation excess values from business combinations are not allocated to individual segments as the underlying assets are managed on a group basis. |
Adjustments and eliminations is as follows: | |||||
Year-to-date | 31.03.2026 | ||||
In NOK 1000 | Revenues from internal sales | Cost of inventories | Employee benefit expenses | Depreciation and amortisation expense | Other operating expenses |
Elimination of internal sales(1) | -224 071 | -226 403 | 0 | 0 | 0 |
Elimination of shared services (2) | -6 945 | 0 | -6 567 | 0 | -1 080 |
IFRS 16 adjustments (3) | 0 | 0 | 0 | 2 690 | -3 121 |
GAAP-adjustment to inventory (4) | 0 | -2 277 | 0 | 0 | 0 |
Amortization of excess values (5) | 0 | 0 | 0 | 1 719 | 0 |
Share-based incentive program (7) | 0 | 0 | -7 877 | 0 | 0 |
Provision for warranty claims (8) | 0 | 0 | 0 | 0 | 875 |
Other (9) | 0 | 0 | 8 203 | 0 | -788 |
IFRS 15 adjustments (10) | -3 017 | 0 | 0 | 0 | 0 |
Total | -234 033 | -228 680 | -6 241 | 4 409 | -4 114 |
Year-to-date | 31.03.2025 | ||||
In NOK 1000 | Revenues from internal sales | Cost of inventories | Employee benefit expenses | Depreciation and amortisation expense | Other operating expenses |
Elimination of internal sales(1) | -176 198 | -176 684 | 0 | 0 | 0 |
Elimination of shared services (2) | -8 879 | 0 | -8 091 | 0 | -1 463 |
IFRS 16 adjustments (3) | 0 | 0 | 0 | 1 948 | -2 246 |
GAAP-adjustment to inventory (4) | 0 | 2 409 | 0 | 0 | 0 |
Amortization of excess values (5) | 0 | 0 | 0 | 1 693 | 0 |
Gains on internal transactions (6) | 0 | -4 294 | 0 | 0 | 0 |
Share-based incentive program (7) | 0 | 0 | 2 563 | 0 | 0 |
Provision for warranty claims (8) | 0 | 0 | 0 | 0 | 4 037 |
Other (9) | 0 | 0 | -29 | 0 | 1 500 |
IFRS 15 adjustments (10) | -2 231 | 0 | 0 | 0 | 0 |
Total | -187 308 | -178 570 | -5 556 | 3 641 | 1 827 |
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Full year | 31.12.2025 | ||||
In NOK 1000 | Revenues from internal sales | Cost of inventories | Employee benefit expenses | Depreciation and amortisation expense | Other operating expenses |
Elimination of internal sales(1) | -773 916 | -774 302 | 0 | 0 | 0 |
Elimination of shared services (2) | -44 444 | 0 | -27 484 | 0 | -18 716 |
IFRS 16 adjustments (3) | 0 | 0 | 0 | 9 035 | -11 348 |
GAAP-adjustment to inventory (4) | 0 | -1 122 | 0 | 0 | 0 |
Amortization of excess values (5) | 0 | 0 | 0 | 6 947 | 0 |
Gains on internal transactions (6) | 0 | -607 | 0 | 0 | 0 |
Share-based incentive program (7) | 0 | 0 | 20 856 | 0 | 0 |
Provision for warranty claims (8) | 0 | 0 | 0 | 0 | 2 536 |
Other (9) | 24 | 0 | 0 | 0 | -1 214 |
IFRS 15 adjustments (10) | -14 705 | 0 | 0 | 0 | 0 |
Total | -833 040 | -776 031 | -6 627 | 15 982 | -28 742 |
(1) Elimination of internal sales relates to sale of inventory from Zaptec Charger AS eliminated against cost of inventory, and purchased made by Zaptec Charger from other group companies eliminated against other operating expenses. |
(2) The group have global functions in several of the group companies that provides significant services to companies within the group. The amount charged for these services is presented as income in the company providing the service. The amount is eliminated on consolidation. |
(3) Lease payment are expense on a linear basis under local gaap. In the IFRS financial statement the leases are accounted for in accordance with IFRS 16, by recognition of are right of use asset and a lease liability. The expenses are included as amortization of the right-of-use asset and interest on the lease liability. |
(4) Zaptec Schweiz AG includes a additional reduction of the carrying amount of inventory in line with local gaap. In the consolidated IFRS statement these reduction is reversed. |
(5) Excess value from the acquisition of Zaptec Schweiz AG is included on group level. |
(6) Gains on internal transaction of inventory. |
(7) Share-based incentive program, ref. note 3 |
(8) Provision for warranty claims, ref. note 12 |
(9) Other |
(10) IFRS 15 adjustments, ref. note 5 |
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Note 5 - Revenues from contracts with customers | |||||||
Disaggregation of Revenue | |||||||
The Group has disaggregated revenue into various categories in the following table which is intended to: | |||||||
- Depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic date; and | |||||||
- Enable users to understand the relationship with revenue segment information provided in Note 4 | |||||||
Set out below is the disaggregation of the Group's revenue from contracts with customers: | |||||||
Year-to-date | 31.03.2026 | ||||||
Segments | |||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Zaptec Netherlands BV | Other | Total |
Product sales | 121 154 | 105 031 | 60 579 | 51 271 | 92 402 | 26 486 | 456 923 |
Total operating income | 121 154 | 105 031 | 60 579 | 51 271 | 92 402 | 26 486 | 456 923 |
By business area - Geographical distribution | |||||||
Norway | 114 777 | 0 | 0 | 0 | 0 | -3 017 | 111 760 |
Sweden | 0 | 105 031 | 0 | 0 | 0 | 0 | 105 031 |
Switzerland | 0 | 0 | 60 579 | 0 | 0 | 0 | 60 579 |
Denmark | 0 | 0 | 0 | 51 271 | 0 | 0 | 51 271 |
Iceland | 1 889 | 0 | 0 | 0 | 0 | 0 | 1 889 |
Finland | 2 508 | 0 | 0 | 0 | 0 | 0 | 2 508 |
Belgium | 0 | 0 | 0 | 0 | 12 121 | 0 | 12 121 |
France | 0 | 0 | 0 | 0 | 0 | 10 685 | 10 685 |
Netherlands | 0 | 0 | 0 | 0 | 80 281 | 0 | 80 281 |
Ireland | 1 838 | 0 | 0 | 0 | 0 | 0 | 1 838 |
Germany | 0 | 0 | 0 | 0 | 0 | 10 398 | 10 398 |
UK | 0 | 0 | 0 | 0 | 0 | 8 365 | 8 365 |
Portugal | 1 778 | 0 | 0 | 0 | 0 | 0 | 1 778 |
Rest of Europe | -1 996 | 0 | 0 | 0 | 0 | 56 | -1 940 |
Other | 359 | 0 | 0 | 0 | 0 | 0 | 359 |
Total operating income | 121 154 | 105 031 | 60 579 | 51 271 | 92 402 | 26 486 | 456 923 |
Timing of revenue recognition | |||||||
Goods transferred at a point in time | 118 136 | 105 031 | 60 579 | 51 271 | 92 402 | 26 486 | 453 906 |
Goods and services transferred over time | 3 017 | 0 | 0 | 0 | 0 | 0 | 3 017 |
Total operating income | 121 154 | 105 031 | 60 579 | 51 271 | 92 402 | 26 486 | 456 923 |
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Year-to-date | 31.03.2025 | ||||||
Segments | |||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Zaptec Netherlands BV | Other | Total |
Product sales | 83 192 | 84 760 | 60 507 | 53 950 | 45 661 | 18 779 | 346 850 |
Total operating income | 83 192 | 84 760 | 60 507 | 53 950 | 45 661 | 18 779 | 346 850 |
By business area - Geographical distribution | |||||||
Norway | 64 467 | 0 | 0 | 0 | 0 | 0 | 64 467 |
Sweden | 519 | 84 760 | 0 | 0 | 0 | 0 | 85 279 |
Switzerland | 0 | 0 | 60 507 | 0 | 0 | 0 | 60 507 |
Denmark | 0 | 0 | 0 | 53 950 | 0 | 0 | 53 950 |
Iceland | 1 501 | 0 | 0 | 0 | 0 | 0 | 1 501 |
Finland | 11 260 | 0 | 0 | 0 | 0 | 0 | 11 260 |
Belgium | 0 | 0 | 0 | 0 | 8 900 | 0 | 8 900 |
Poland | 201 | 0 | 0 | 0 | 0 | 0 | 201 |
Netherlands | 0 | 0 | 0 | 0 | 36 761 | 0 | 36 761 |
Ireland | 1 759 | 0 | 0 | 0 | 0 | 0 | 1 759 |
Germany | 0 | 0 | 0 | 0 | 0 | 5 054 | 5 054 |
UK | 0 | 0 | 0 | 0 | 0 | 13 612 | 13 612 |
Portugal | 3 188 | 0 | 0 | 0 | 0 | 0 | 3 188 |
Rest of Europe | 37 | 0 | 0 | 0 | 0 | 114 | 151 |
Other | 260 | 0 | 0 | 0 | 0 | 0 | 260 |
Total operating income | 83 192 | 84 760 | 60 507 | 53 950 | 45 661 | 18 779 | 346 850 |
Timing of revenue recognition | |||||||
Goods transferred at a point in time | 80 961 | 84 760 | 60 507 | 53 950 | 45 661 | 18 779 | 344 620 |
Goods and services transferred over time | 2 231 | 0 | 0 | 0 | 0 | 0 | 2 231 |
Total operating income | 83 192 | 84 760 | 60 507 | 53 950 | 45 661 | 18 779 | 346 850 |
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Full year | 2025 | ||||||
Segments | |||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Zaptec Netherlands BV | Other | Total |
Product sales | 413 787 | 385 962 | 224 090 | 199 819 | 218 316 | 90 072 | 1 532 046 |
Total operating income | 413 787 | 385 962 | 224 090 | 199 819 | 218 316 | 90 072 | 1 532 046 |
By business area - Geographical distribution | |||||||
Norway | 350 418 | 0 | 0 | 0 | 0 | -14 705 | 335 713 |
Sweden | 6 439 | 385 962 | 0 | 0 | 0 | 0 | 392 401 |
Switzerland | 0 | 0 | 224 090 | 0 | 0 | 0 | 224 090 |
Denmark | 0 | 0 | 0 | 199 819 | 0 | 0 | 199 819 |
Iceland | 7 702 | 0 | 0 | 0 | 0 | 0 | 7 702 |
Finland | 35 958 | 0 | 0 | 0 | 0 | 0 | 35 958 |
Belgium | 0 | 0 | 0 | 0 | 32 405 | 0 | 32 405 |
France | 0 | 0 | 0 | 0 | 0 | 29 286 | 29 286 |
Netherlands | 0 | 0 | 0 | 0 | 185 911 | 0 | 185 911 |
Ireland | 4 630 | 0 | 0 | 0 | 0 | 0 | 4 630 |
Germany | 0 | 0 | 0 | 0 | 0 | 23 813 | 23 813 |
UK | 0 | 0 | 0 | 0 | 0 | 51 653 | 51 653 |
Portugal | 6 198 | 0 | 0 | 0 | 0 | 0 | 6 198 |
Rest of Europe | 1 964 | 0 | 0 | 0 | 0 | 0 | 1 964 |
Other | 480 | 0 | 0 | 0 | 0 | 24 | 504 |
Total operating income | 413 787 | 385 962 | 224 090 | 199 819 | 218 316 | 90 072 | 1 532 046 |
Timing of revenue recognition | |||||||
Goods transferred at a point in time | 399 082 | 385 962 | 224 090 | 199 819 | 218 316 | 90 072 | 1 517 341 |
Goods and services transferred over time | 14 705 | 0 | 0 | 0 | 0 | 0 | 14 705 |
Total operating income | 413 787 | 385 962 | 224 090 | 199 819 | 218 316 | 90 072 | 1 532 046 |
The table below shows the movement in deferred income during 2026. | |
Deferred income | |
31.03.2026 | |
In NOK 1000 | |
Opening balance | 102 561 |
Movement | 3 017 |
Closing balance | 105 578 |
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Note 6 - Financial income and expense | |||
First quarter | Full year | ||
In NOK 1000 | 2026 | 2025 | 2025 |
Finance income | |||
Other finance income | 2 406 | 445 | 1 369 |
Foreign currency gain | 2 886 | 0 | 2 780 |
Total finance income | 5 291 | 445 | 4 149 |
Finance expense | |||
Interest on debts and borrowings | 62 | 2 581 | 1 648 |
Interest from leases | 705 | 447 | 2 482 |
Other finance expense | 914 | 2 764 | 7 433 |
Foreign currency loss | 19 866 | 7 569 | 8 746 |
Total finance expense | 21 547 | 13 360 | 20 310 |
Note 7 - Income tax | ||||
The tax expense is calculated as 22% of the profit (+)/loss (-) before tax adjusted for items that will impact the effective tax rate. The calculation for the three month period ended 31.03.2026 follows: | ||||
First quarter | Full year | |||
In NOK 1000 | 2026 | 2025 | 2025 | |
Profit (+)/loss (-) before tax | 25 743 | -6 077 | 69 667 | |
Adjustment for losses not recognised as deferred tax asset | 12 372 | 9 464 | -258 | |
Difference in tax rates | 607 | 27 | 18 207 | |
Not taxable income | 0 | 0 | -11 386 | |
Other differences | -6 729 | 4 015 | -4 508 | |
Estimated basis for tax expense | 31 994 | 7 428 | 71 723 | |
Tax expense | 22% | 7 039 | 1 634 | 15 779 |
Deferred tax asset is not recognized for losses generated in jurisdiction where the group has not yet identified convincing evidence of future taxable income. As of 31.03.2026 this applies to Germany, UK, France and Italy. | ||||
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Note 8 - Intangible and Tangible Assets, Including Right-of-Use Assets | |||||
31.03.2026 | |||||
In NOK 1000 | Goodwill | Intangible asset | Property, plant and equitpment | Right of use assets | Total |
Opening balance | 82 931 | 118 536 | 10 559 | 47 623 | 259 648 |
- Amortisaton and depreciation | 0 | -4 920 | -1 553 | -2 690 | -9 163 |
+ Purchases and new leases | 0 | 13 529 | 2 761 | 12 996 | 29 285 |
- Disposals | 0 | 0 | 0 | -3 305 | -3 305 |
+/- Foreign currency effects | -3 390 | -140 | -127 | -286 | -3 944 |
Closing Balance | 79 540 | 127 003 | 11 641 | 54 339 | 272 522 |
Note 9 - Inventories |
The inventory consists solely of finished goods (acquired goods produced for the Group for resale). |
Total current purchase obligations of EV chargers from Westcontrol and Sanmina amounts to 312 MNOK from April 2026 till December 2026. A significant portion of the committed production may be postponed based on quarterly updated forecasts. |
The Group's inventory balance at the end of the first quarter amounted to 152 MNOK, compared to 456 MNOK in the corresponding period of the previous year. The inventory consists solely of marketable goods, and no write-downs were recognized during the reporting period. |
Note 10 - Trade receivables |
Provision for credit losses is 8,7 MNOK at 31 March 2026 and 4,4 MNOK at 31 March 2025. |
Note 11 - Other current assets | |||
Breakdown of other current assets: | |||
In NOK 1000 | 31.03.2026 | 31.03.2025 | 31.12.2025 |
Loan to finance inventory* | 9 817 | 40 497 | 6 585 |
VAT refund | 32 300 | -1 457 | 9 178 |
Other | 38 044 | 26 860 | 25 822 |
Total | 80 160 | 65 900 | 41 584 |
* The Group has not identified any impairment indicators related to the loan to Sanmina. | |||
Note 12 - Provisions |
The Group has a provision for warranty claims of 22,8 MNOK at period end. |
The remaining provisions is related to the incentive program for management. |
Note 13 - Loans and borrowings |
The Group has an undrawn credit facility of 300 MNOK at period end. Interest on drawn credit is based in Norwegian Overnight Weighted Average ("NOWA") + margin of 1.95% p.a. |
The terms are as follows: |
- Short term overdraft facility. |
- Annual maturity, will be renewed automatically when a credit rating is performed. |
The financial covenants are as follows: |
- Overdraft shall not exceed 60% of the sum of external trade receivables (not older than 90 days), booked values of projects in progress, and inventory of finished goods. Monthly reporting based on group numbers. Overdraft above this limit will be deemed a breach of covenant. |
- The lender shall approve any new owners with controlling influence and/or if the company is taken of the stock exchange. |
- IP-rights shall not be transferred or sold between the borrower and/or subsidiaries without approval from the bank. |
- The Group's patents and other IP-rights shall not be pledged or in any other way be put as security in advantage for other creditors of the group. |
- Cash deposits for the whole Group and available cash liquidity on the credit facility, shall at a minimum be 50 MNOK at each monthly reporting. |
- Dividend from Zaptec ASA to be approved by the bank and Eksfin |
- The borrower shall not produce coal or sell/produce coal. |
- The borrower shall ensure that not any subsidiary are pledging shares or other activa without written approval from the lender. |
The Group has complied with all covenants as at, and for the three months ended 31 March 2026. |
Security: |
- First priority pledge in inventory, accounts receivables and machinery/equipment in Zaptec ASA. Face value of 350 MNOK of each pledged item. |
- Pledge in inventory, trade receivables and machinery/equipment in Zaptec Charger AS. Face value of 350 MNOK of each pledged item. |
Apart from transaction with key management and board members included in Note 3 there are no transactions with related parties. |
Note 14 - Other current liabilities | |||
Breakdown of other current liabilities: | |||
In NOK 1000 | 31.03.2026 | 31.03.2025 | 31.12.2025 |
VAT | 16 720 | 11 661 | 16 698 |
Accrued expenses | 26 056 | 10 988 | 30 957 |
Public taxes | 4 347 | 13 073 | 11 321 |
Holiday pay | 19 959 | 17 642 | 16 108 |
Other | 63 742 | 480 | 16 046 |
Total | 130 823 | 53 844 | 91 130 |
Note 15 - Events after the reporting date |
There have been no events after the reporting date of significance that would require disclosure or adjustment in the financial statement. |
End of financial statement |
Alternative Performance Measures |
Zaptec may disclose alternative performance measures as part of its financial reporting as a supplement to the financial statements prepared in accordance with IFRS. Zaptec believes that the alternative performance measures provide useful supplemental information to management, investors, security analysts and other stakeholders and are meant to provide an enhanced insight into the financial development of Zaptec's business operations and to improve comparability between periods. |
Available Liquidity |
Cash, cash equivalents, other funds (financial investments) and available overdraft facility. The Group has presented this APM because it considers it to be an important supplemental measure for investors to understand the overall picture of the Group's financial position. |
Gross Margin |
Gross profit as a percentage of revenues. Gross profit is defined as revenues from contracts with customers less cost of goods sold. The Group has presented this APM because it considers it to be an important supplemental measure for investors to understand the profit generation in the Group's operating activities. |
EBITDA |
The profit/(loss) for the period before tax expense, finance expense, finance income and depreciation and amortisation expense. The Group has presented this APM because it considers it to be an important supplemental measure for investors to evaluate the operating performance of the Group. |
EBITDA Margin |
EBITDA as a percentage of revenues. The Group has presented this APM because it considers it to be an important supplemental measure for investors to understand to evaluate the operating performance of the Group. |
OPEX |
Employee benefit expenses plus other operating expenses. |
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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 "forward-looking." All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements preceded by, followed by or that include the words "estimate," pro forma numbers, "plan," project," "forecast," "intend," "expect," "predict," "anticipate," "believe," "think," "view," "seek," "target," "goal", "outlook" or similar expressions; any projections of earnings, revenues, expenses, synergies, margins
or other financial items; any statements of the plans, strategies and objectives of management for future
operations, including integration and any potential restructuring plans; any statements concerning proposed new products, services, developments or industry rankings; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing.
Forward-looking statements do not guarantee future performance and involve risks and uncertainties.
Actual results may differ materially from projected results/pro forma results as a result of certain risks and uncertainties. Further information about these risks and uncertainties are set forth in our most recent annual report for the Year ending December 31, 2025. These forward-looking statements are made only as of the date of this press release. We do not undertake
any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from Fourth parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies, which are impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
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Zaptec ASA
P.O. Box 163
4068 Stavanger, Norway https://www.zaptec.com