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Zaptec AS Annual Report 2024

Mar 26, 2025

3796_10-k_2025-03-26_6867d515-0e19-42fe-8420-a6113c3ac4e3.pdf

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Zaptec

2024

Annual Report

Update from the CEO This is Zaptec 2024 in review Financial Summary Sustainability Board of Directors report Financial statements

Kurt Østrem Chief Executive Officer

03 Update from the CEO

Update from the CEO

Dear Shareholders,

As we wrap up 2024, I want to reflect on a year of resilience, innovation, and steady progress. Despite economic challenges and a shifting EV market, Zaptec has stayed strong, strengthening our position in the European EV charging industry and setting the stage for a promising 2025.

This year, we improved our product lineup with the launch of Zaptec Go 2, featuring bi-directional charging, and prepared for the release of Zaptec Pro Mess- und Eichrecht, designed for the German market. These developments help keep us at the forefront of smart and sustainable charging.

Our partnerships have been key to growing our brand and market presence. The collaboration with Polestar has boosted our visibility, while our agreement with Spirii will support wider rollout of our charging stations. We also expanded into new European markets, making our products more widely available.

We have worked hard to improve efficiency, keeping costs under control and strengthening our financial position. Even as sales slowed, installation rates increased, showing solid demand for our products and setting us up for growth when the market picks up again.

In addition to our strategic efforts, we've taken steps to protect shareholder value. We're committed to working for our shareholders, focusing on long-term growth and profitability. Ensuring shareholder value remains a top priority as we move into 2025 and beyond.

Looking ahead, we expect a stronger EV market in 2025, with stricter emissions rules, more affordable EV models, and renewed government support driving demand. With new products, expanding partnerships, and a solid foundation, Zaptec is ready to take the next step in growing EV charging across Europe.

Thank you for your support.

Kurt Østrem

03 Update from the CEO +

04 This is Zaptec

We're Zaptec. We make EV chargers.

Zaptec is a Norwegian EV charging manufacturer. We make user-friendly, reliable, and future-ready charging solutions.

Our philosophy is simple: design with purpose, build with precision – and power adventure.

193 employees

1.3 bn NOK

revenue 2024

9 countries with Zaptec offices

>200 000

charging stations installed in 2024

18

European countries with Zaptec chargers sold and installed during 2024

Main products include Zaptec Pro for multi-user installations and Zaptec Go for detached homes.

4

03 Update from the CEO +

2024 in review

Driving innovation and growth in EV Charging

Throughout 2024, Zaptec continued its mission to redefine electric vehicle (EV) charging by developing innovative products, expanding strategic partnerships, and preparing for a strong 2025. Despite a challenging market environment, we reinforced our position as a leader in the European EV charging sector through key product launches and international partnerships.

Product development achievements Zaptec Go 2

One of the significant milestones of 2024 was the develop ment of the Zaptec Go 2, set to launch in Q1 2025. With features like 1/3 phase switching, solar integration, MID certification, a built-in display for precise kWh usage moni toring, the Zaptec Go 2 is designed to meet evolving market demands while maintaining Zaptec's commitment to safety and quality. This next-generation home charger introduces bi-directional charging capabilities, enabling vehicle-to-grid (V2G) functionality which can help balance the grid.

Zaptec Pro Mess- und Eichrecht

Additionally, Zaptec has been preparing for the launch of the Zaptec Pro Mess- und Eichrecht in Q1 2025, tailored specifically for the German market. This initiative aligns with our broader expansion strategy into high-potential Europe an markets.

5 Our latest addition to our product portfolio, the EV charger Zaptec Go 2. Designed for solar-optimised charging and being Vehicle-to-Grid ready.

2024 in review

03 Update from the CEO +

Strategic partnerships and market expansion

Polestar Partnership

A key highlight in 2024 was our partnership with Polestar, positioning Zaptec as the recommended home charger provider across Europe. This collaboration has significantly boosted our visibility, particularly in Germany, Austria, Spain, Finland, and Switzerland.

Spirii Agreement

We secured a two-year international deal with Spirii, a company within the Edenred Group, to deliver 45,000 EV charging stations across Denmark, Germany, France, and Italy, generating an estimated revenue of €23 million.

Market Growth

Zaptec has expanded its market presence by appointing new distributors in Italy, Kosovo, and Croatia, reinforcing our footprint in 18 of Europe's 20 largest EV markets. We also completed our first sales in Italy and Poland, marking key milestones for future growth.

EV market trends:

weak 2024, strong 2025 market rebound expected

The European EV market faced challenges throughout 2024, with plug-in vehicle sales declining by 6% due to macroeconomic pressures, high interest rates, and cautious consumer sentiment. However, despite these headwinds, Zaptec maintained market share growth and positioned itself for the rebound.

Looking ahead to 2025, a strong recovery is expected, driven by multiple factors:

  • Stricter EU CO₂ regulations in 2025 will accelerate EV adoption as manufacturers push compliance.
  • An influx of affordable EV models will expand market accessibility.
  • Government incentives in key markets, such as tax relief on EVs, will stimulate demand.
  • Advancements in battery technology will lead to lower vehicle costs and extended range, making EV ownership more attractive.

With these trends, Zaptec anticipates a significant increase in demand for AC charging stations, reinforcing our growth strategy across Europe.

European plug-in vehicle sales (battery electric + plug-in hybrid electric vehicles).

2025E based on median of estimates from: ABGSC, Bloomberg, BCG, UBS, Jefferies, Schmidt, Gartner, EIU, RVC, Visible Alpha

03 Update from the CEO +

04 This is Zaptec +

05 2024 in review

2024 in review

Zaptec installations on the rise

Despite Zaptec selling fewer units to partners in 2024 compared to 2023, the installation rate still increased by 20%. This indicates strong demand, as installations outpaced sales, leading to declining partner inventories. This trend highlights significant sales growth potential for 2025, with end users increasingly requesting Zaptec products in the field.

N
Z

Number of Zaptec chargers installed

171k 2023 205k 2024 +20%

Laying the groundwork for 2025 with operational efficiency and cost control

Throughout 2024, we focused on optimizing operations and controlling costs to ensure sustainable growth. Inventory levels were reduced, and production was adjusted to align with market demands, setting the stage for a more efficient 2025.

Looking ahead

With the EV market rebounding, launches of Zaptec Go 2 and Zaptec Pro Mess- und Eichrecht in Q1 2025, expanded strategic alliances, and a reinforced European footprint, Zaptec is well-positioned for a strong year in 2025. By staying ahead of industry trends and maintaining a strong focus on quality, we are set to drive the future of EV charging across Europe.

Financial summary

03 Update from the CEO +

Revenue declined 11% from 1 427 MNOK in 2023 to 1 267

The decrease in revenue can be explained by the weak EV market and a temporary imbalance in the distributor channels with excess inventory leading to less demand than before.

For 2024 in total, Zaptec recorded 1.3 BNOK in purchase orders. As we enter 2025, 495 MNOK in firm orders are scheduled for delivery in the first half of the year.

Gross margin

Revenue

MNOK .

Achieved gross margin in 2024 of 39% compared to 38% in 2023. Increasing the gross margin remains a key strategic priority for Zaptec.

Opex

Total operating expenses in 2024 was reduced by 11% to 436 MNOK compared to 492 MNOK in 2022.

Total employee benefit expenses of 242 MNOK versus 248 MNOK in 2023. At the end of December 2024 Zaptec had 197 employees, compared to 190 employees at end of December 2023.

Other operating expenses in 2024 were reduced to 194 MNOK compared to 244 MNOK in 2023.

EBITDA

EBITDA in 2024 of 55 MNOK represents a 28% increase from 43 MNOK in 2023.

Available Liquidity

The cash balance with total cash, available overdraft facility, deposits and other funds per end of December 2024 was 318 MNOK.

General

Content

Update from the CEO + This is Zaptec + 2024 in review + 08 Financial Summary + Sustainability ↓

35 Board of directors report + 40 Financial statements +

General Environment Social Governance

Sustainability work at Zaptec

Sustainability approach

Zaptec's approach to sustainability is rooted in innovation, responsibility, and transparency. It aims to drive the green transition through EV charging solutions that minimize environmental impact. The company integrates science-based decisionmaking, prioritizing climate responsibility, circularity, and ethical supply chains while ensuring social responsibility and employee well-being.

By enabling EV charging with renewable energy, reducing grid expansion needs through smart charging, exploring vehicle-to-grid potential, driving sustainable supply chain initiatives, optimizing logistics, and reducing electronic waste, Zaptec seeks to align business success with sustainability goals, actively contributing to the UN Sustainable Development Goals and Paris Agreement targets. Collaboration with stakeholders, continuous improvement, and adherence to strict ESG standards underpin our mission to create a cleaner, more sustainable future.

Integrating sustainability across departments for optimal results

The Sustainability Department collaborates closely with other departments, such as Supply Chain and Operations, to conduct thorough human rights due diligence and assess environmental impacts throughout the product lifecycle.

This cross-departmental collaboration ensures that sustainability considerations are integrated into every aspect of the business, from sourcing materials to product manufacturing and end-of-life management.

  • 03 Update from the CEO +
  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +

09 Sustainability ↓

General Environment Social Governance

35 Board of directors report + 40 Financial statements +

Status 2024

One of our key goals for 2024 was to integrate sustainability throughout the Zaptec organization. Over the course of the year, we made significant strides by fostering cross-functional collaboration across our teams in Norway and our subsidiaries across Europe, ensuring we were moving in the right direction.

We undertook efforts in preparation for the upcoming Corporate Sustainability Reporting Directive (CSRD), set to take effect in 2025. This included a combination of targeted training and engagement with both internal and external stakeholders.

Zaptec also continued its commitment to strengthening relationships within our supply chain by actively participating in the Responsible Business Alliance, reinforcing our dedication to responsible business practices.

In addition, we explored the use of recycled materials in our products. Notably, we successfully introduced recycled plastics in the Zaptec Chill, a charging cable holder that is often sold as an accessory to our Zaptec charging stations.

Furthermore, we began the process of quantifying the carbon footprint of Zaptec Pro, Zaptec Go and Zaptec Sense P1, by preparing draft Environmental Product Declarations (EPDs).

  • 03 Update from the CEO +
  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +

09 Sustainability ↓

General Environment Social Governance

35 Board of directors report + 40 Financial statements +

Plans for 2025

Zaptec is committed to closely monitoring the evolving regulatory landscape and adapting as necessary to ensure compliance with relevant laws and regulations across Europe. The company is well-positioned to plan for reporting under the CSRD starting in the 2025 calendar year.

Beyond CSRD, Zaptec remains dedicated to supporting the EU's climate targets by reducing the environmental footprint of its own operations and driving the transition to zero-emission vehicles across Europe with its market-leading smart charging solutions.

Key concrete plans for 2025 include:

  • Finalizing Environmental Product Declarations (EPDs) for Zaptec Pro, Zaptec Go and Zaptec Sense P1.
  • Setting clear climate emission reduction targets.
  • Continuing to raise ESG awareness internally through training and cross-functional collaboration.
  • Assessing ESG data gaps and focusing on improv ing ESG data management.
  • Exploring and implementing AI tools to enhance efficiency in ESG initiatives.

  • 03 Update from the CEO +
  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +

09 Sustainability ↓

General Environment Social Governance

35 Board of directors report + 40 Financial statements +

Double Materiality Assessment

The Zaptec Double Materiality Assessment (DMA) process was structured around engaging both external and internal stakeholders, conducting workshops, and applying a scoring methodology to assess material issues.

Stakeholder engagement

  • External stakeholders, including investors, regulators, employees, customers, and suppliers, were consulted in two rounds. Deloitte conducted interviews to ensure anonymous feedback.
  • Internal stakeholders from different functions were involved in providing insights relevant to sustainability performance across Environmental, Social, and Governance (ESG) aspects.

Process & methodology

  • Workshops: Each stakeholder group participated in workshops to identify relevant sustainability impacts, assess their materiality, and evaluate financial implications.
  • Scoring system: Impacts, Risks and Opportunities (IROs) were scored on a scale of 1-3 based on severity, likelihood, financial

magnitude, and remediation difficulty. A final score of 7-9 was categorized as high materiality, 4-6 as medium, and 1-3 as low. A watchlist was created for issues needing further analysis.

• Timeline: External stakeholder dialogues were held in May 2024, followed by internal stakeholder training in June 2024 and workshops in August–October 2024

The assessment ensured alignment between sustainability and financial materiality thresholds for a comprehensive evaluation.

Results

The impacts, Risks, and Opportunities (IROs) related to Zaptec's operations are divided into three main areas: Environmental, Social, and Governance (ESG).

Environmental

Zaptec contributes positively to the environment by promoting resource efficiency and a circular economy through smart charging and energysaving initiatives. The company also contributes to climate change mitigation by supporting the transition to electric mobility and increasing the use of recycled materials. However, there are potential

environmental risks that could arise, such as pollution from mining and production, high water consumption in electronics manufacturing, and possible biodiversity impacts due to resource extraction. Additionally, in the absence of effective waste management and recycling processes, there could be environmental concerns related to waste generation and pollution.

Social

Zaptec's approach to social responsibility includes positive contributions such as flexible working hours and fair salary policies, which help set industry standards. However, there are potential risks in the supply chain that, in some cases, could lead to concerns regarding working conditions, wages, and working hours. In extreme cases, challenges such as child labor, forced labor, and workplace safety could arise. Additionally, while Zaptec promotes fair workplace practices, issues such as gender pay disparities or limited inclusion of workers with disabilities could, in some instances, impact workplace equality. Without ongoing improvements in training and protections, there is also a possibility that employees may face occupational risks such as stress, job dissatisfaction, or workplace injuries.

Update from the CEO + This is Zaptec + 2024 in review + 08 Financial Summary + Sustainability ↓

General Environment Social Governance

35 Board of directors report + 40 Financial statements +

Governance

Zaptec continuously works to integrate sustainability into its long-term business strategy. While progress has been made, there is potential for further strengthening in areas such as sustainability expertise at the management level. Additionally, the absence of an anonymous whistleblower system could, in certain cases, make it more difficult for employees to report concerns. Business practices, including supplier-funded social activities, may also pose occasional ethical considerations. By further embedding ESG principles into decision-making, Zaptec has an opportunity to reinforce its commitment to responsible corporate governance.

Financial risks related to governance are also an area of attention. While Zaptec prioritizes compliance, there is a potential risk that data privacy concerns or regulatory challenges, such as compliance with conflict mineral regulations, could lead to financial and reputational impacts if not proactively managed.

Zaptec materiality results
Positive IRO categories		 Zaptec materiality results
Negative IRO categories
Resource use & circular economy Pollution
Climate change Climate change
Own workforce Biodiversity & ecosystems
Workers in the value chain
Business conduct

Summary of meterial IRO categories identified in Zaptec's Double Materiality Assestment.

  • 03 Update from the CEO +
  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +

09 Sustainability ↓

General Environment Social Governance

35 Board of directors report + 40 Financial statements +

Creating value through sustainability

Although Zaptec is still in the early stages of exploring how sustainability can drive commercial opportunities, several promising value-generating opportunity themes have been identified:

  • Accelerating the transition to electric mobility By offering innovative products that support green transportation, Zaptec is not only creating commercial value but also actively contributing to climate change mitigation.
  • Optimizing grid capacity Leveraging technologies such as V2X, solar power, and local energy production could reduce the need for costly grid upgrades by enabling smarter and more efficient use of existing infrastructure.
  • Smart charging and energy efficiency Expanding and enhancing smart charging solutions may help optimize energy consumption, particularly by reducing usage during peak demand periods or when prices are high.
  • Increasing the use of recycled materials Substituting virgin materials with recycled alternatives could lead to cost efficiencies, especially if the price of scarce materials rises in the future.

While these opportunities hold significant potential, some of them form the backbone of Zaptec's operations today, while specific commercial models for other areas are still being developed.

  • 03 Update from the CEO +
  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +

09 Sustainability ↓

General Environment Social Governance

35 Board of directors report + 40 Financial statements +

Zaptec climate accounting 2024 Environment

As in previous years, we chose Normative to help us analyse the collected data. Normative uses methodology that is built on proprietary implementations of the GHG Protocol (Greenhouse Gas Protocol), PCAF (Partnership for Carbon Accounting Financials) and a vast database of emissions factors.

Using the same platform each year and applying the same factors to the data we collect makes the results more reliable which in turn will help to monitor the emissions and implement corrective actions and reduction targets based on factual emissions, not trends or industry standards.

We report on all three scopes:

• Scope 1, direct emissions from owned or controlled by the company • Scope 2, indirect owned emissions • Scope 3, indirect emissions not owned by the company

Variations in emissions from 2023 to 2024

Lower emissions in 2024 can be tracked back to a few actions we implemented last year. The action that led to the most significant reduction in emissions was scaling down the production, and as a result, expenses on production. It was a part of our strategy

implemented to normalize inventory levels. Due to that, emissions that originated from purchasing goods were much lower in 2024 than in 2023. In addition, we managed to gather more activity-based data than last year. (60% of all input in 2024, vs. 31% in 2023)

Summary of Zaptec's 2023 and 2024 Greenhouse Gas Emissions.

  • 03 Update from the CEO +
  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +

09 Sustainability ↓

Data harvesting

The data was gathered from all Zaptec locations as well as transport companies and other third-party providers, e.g., travel agencies. For transparency, we also report on the gaps in our GHG reporting. For 2024 those included:

Scope 2: Cooling, Electricity and Heating - emissions from our locations in Oslo, exact electricity use in Danmark, Germany and France, as well as most of the generated waste.

Our goal is to continuously improve our GHG data. We are in a process of obtaining EPDs (Environmental Product Declaration) for our core products. Once in place, it will allow for more precise tracking of emissions generated at all stages of life cycle of those products.

Scope 1:

Company cars

Since 2023 all our company cars have been electrical, and we are committed to keeping it this way going forward and only use EVs as company cars.

2023 Scope 2, location-based emissions % per category

Scope 2: Emissions from Zaptec offices

Our offices are of various sizes and are in different parts of Europe, mostly in coworking spaces. Headquarters in Sandnes are our biggest office and was a source of major part of emissions, while offices in Sweden, which are much smaller and use 100% renewable energy stand for significantly smaller emissions. We are happy to observe that percentage of renewable energy (especially solar) used at some of our locations is increasing, even though it is often on an early stage and not certified and therefore cannot be categorised as renewable in the climate accounting just yet. In total, we used 49,8% of renewable energy in all Zaptec office locations in 2024.

03 Update from the CEO + 04 This is Zaptec +

05 2024 in review +

08 Financial Summary +

09 Sustainability ↓

General
Environment
Social
Governance

35 Board of directors report + 40 Financial statements +

Scope 3:

99,5% of our emissions arise from Scope 3.

Zaptec's top three highest emissions categories:

2024 2023
Use of sold products 19897 tCO2e 12448 tCO2e
Purchased goods
and services		 12543 tCO2e 28254 tCO2e
Upstream trans
portation and
distribution		 1006 tCO2e 181tCO2e
Business travel 164,1 tCO2e 366tCO2e

Compared to 2023, we noticed a significant increase in emissions originated from use of sold products. It is a category presenting estimated emissions that will be generated by each product sold in the accounting year within their lifetime. In 2024 we increased the expected lifetime of our core products (Zaptec Go, Zaptec Pro and Zaptec Sense) from 10 to 20 years and doubled forecasted energy usage per product accordingly. It has its reflection it the calculated emissions per product, which naturally also doubled, compared to the last year's estimation that was based on a 10-year lifespan. It may seem negative, until put into the right context.

We implemented that change because we believe that our products are robust and can be used safely for longer than 10 years before they need to be replaced. It is a positive thing that in a long-term will contribute to less waste and more responsible usage of available resources. 20-years lifetime applies to the products sold last year as well and we intend to recalculate our 2023 results to make them accurate, and easier to compare over time. Due to reduced expenses on production in 2024, the purchased good and services are no longer the biggest source of emissions for us, though it remains significant and will fluctuate depending on the production volumes. Our emissions from the transport went up in 2024, even though we continued with the same strategy that helped us to optimise our logistics and decrease the emissions from transport in 2023. This is a piece of feedback that we are going to investigate closer to see what can be done to transport our goods in a smarter way. We are happy to see that our emissions from business travel are continuously going down. Although business travels are not the biggest source of emissions caused by Zaptec, it is worth mentioning that decreased emissions in that category were only possible thank to the employees who were willing to rethink the way they travel and prioritise differently.

How can we reduce our emissions?

We are committed to work towards reaching net zero emissions in line with the Paris Agreement, and collaboration with different stakeholders will be crucial to achieve that. Our actions to reduce our emissions include the following and more: we are working on increasing use of recycled materials in our chargers, collaborating with our manufacturing partners producing products with lower emissions, optimizing transportation and continuing to travel smarter.

We are working, in cooperation with an external partner, at emissions reductions plan and sustainability-related KPIs to ensure continuous monitoring of our environmental impact. We also wish to engage in educating our customers and encouraging them to use more renewable energy sources. Therefore, another important step towards emissions reduction will be to educate our end-users about the fact that the energy-mix used with our products makes a big difference in emissions.

While we include a few highlights, the complete set of our 2024 GHG accounts can be found in the appendix on page 20.

03 Update from the CEO +

  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +

09 Sustainability ↓

General Environment Social Governance

35 Board of directors report + 40 Financial statements +

Supporting UN goals

We continue to support the UN Sustainable Development Goals. The double materiality analysis, carried out as part of the preparation for CSRD reporting, is expected in the long run to further strengthen our understanding of Zaptec's opportunities and impact, leading to improved alignment with the UN Sustainable Development Goals.

How we support the UN Development Goals

Recognizing where we have the most significant impacts and opportunities, we have identified the following UN Sustainable Development Goals to be most suitable for us.

  • 03 Update from the CEO +
  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +

09 Sustainability ↓

General Environment Social Governance

35 Board of directors report + 40 Financial statements +

Circularity: Refurbishing process

Our commitment to our refurbishing process goes beyond simply repairing products. Each fault provides valuable insights that help us refine our designs and improve product quality. By learning from these failures, we can enhance durability, optimize manufacturing, and further improve our refurbishment success rate. Sustainability is at the core of our mission, and we strive to extend the lifespan of as many chargers as possible, reducing waste and maximising resource efficiency.

In 2024, we enhanced our refurbishment process to ensure that our refurbished chargers meet Grade A standards, which means - functioning and looking as good as new. We continuously analyse and refine our refurbishment techniques, implementing stricter quality controls and more efficient testing procedures to maximize the number of chargers we can restore. Chargers that could not be refurbished were responsibly recycled at the Stena recycling facility.

2500 Between 2024 and 2025, we've successfully refurbished 3562 charging stations and responsibly recycled 1794 units. →

2023

2024

Appendix - GHG Report 2023

03
Update from the CEO +
04
This is Zaptec +
05
2024 in review +		 Scope Greenhouse Gas
Protocol Category		 Emissions Unit Percentage
of emissions
calculated
with spend
data input		 Percentage
of emissions
calculated
with activity
data input
08 Financial Summary +
09
Sustainability ↓		 Cooling 2,92 tCO2e 0,00% 100,00%
General Electricity (market-based) 67,65 tCO2e 17,77% 82,23%
Environment Scope 2 Electricity (location-based) 31,94 tCO2e
Social
Governance
35
Board of directors report +
40
Financial statements +		 Heat 19,60 tCO2e 0,00% 100,00%
Purchased goods and services 28253,94 tCO2e 100,00% 0,00%
Fuel- and Energy-Related
Activities		 17,42 tCO2e 9,12% 90,88%
Upstream transportation and
distribution		 181,17 tCO2e 1,93% 98,07%
Waste generated in operations 0,08 tCO2e 0,00% 100,00%
Scope 3 Business travel 365,65 tCO2e 49,76% 50,24%
Employee commuting 66,53 tCO2e 0,00% 100,00%
Use of sold products 12447,90 tCO2e 0,00% 100,00%
End-of-life treatment of sold
products		 0,04 tCO2e 0,00% 100,00%
Investments 1,94 tCO2e 0,00% 100,00%

Appendix - GHG Report 2024

Scope Greenhouse Gas
Protocol Category		 Emissions Unit Percentage
of emissions
calculated
with spend
data input		 Percentage
of emissions
calculated
with activity
data input
Scope 2 Cooling -* tCO2e
Electricity (market-based) 151,4 tCO2e 10,16% 89,,84%
Electricity (location-based) 18,51 tCO2e 38,94% 61,06%
Heat 38,1 tCO2e 0,05% 99,95%
Scope 3 Purchased goods and services 12542,9 tCO2e 0,00% 100,00%
Fuel- and Energy-Related
Activities		 20,4 tCO2e 0,00% 100,00%
Upstream transportation and
distribution		 383,9 tCO2e 48,80% 51,22%
Waste generated in operations 0,093 tCO2e 0,00% 100,00%
Business travel 164,1 tCO2e 54,11% 45,89%
Employee commuting 64,8 tCO2e 0,00% 100,00%
Use of sold products 19897,3 tCO2e 0,00% 100,00%
End-of-life treatment of sold
products		 32,2 tCO2e 100% 0,00%
Investments 0 tCO2e

*reported together with electricity

Mapping of minerals

  • 03 Update from the CEO +
  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +

09 Sustainability ↓

General Environment Social Governance

35 Board of directors report + 40 Financial statements +

  • Zaptec joined the Responsible Minerals Initiative (RMI) in September 2023. Since then, we've diligently gathered data on conflict minerals from our Tier 1 and 2 suppliers on their smelters and refiners. Utilizing the Conflict Minerals Reporting Template (CMRT) ensures our supply chain's transparency. Our commitment extends to revised Minerals and Environmental policies, which are readily accessible on our website.
  • The sourcing department in Zaptec has been working with mapping and assessing the minerals in Zaptec Go and Zaptec Pro to be able to increase the use of fair mined minerals in our products and identify where recycled minerals can be used. Our plan includes the following:
    1. Mapping minerals used within our main products, Zaptec Pro and Zaptec Go. This has included creating a list of all minerals, and map recycled and/or fair minerals.
    1. Conducting a risk analysis connected to environmental and social issues.
    1. Identifying focus minerals and attention minerals to put on the watchlist.
    1. Creating a roadmap for each of the focus- and attention minerals.
    1. Conducting a risk analysis and creating a risk mitigating plan.
    1. Implementing the risk mitigation plan.

As per today, we are working on a risk mitigating plan, a roadmap for high-risk materials, that will include actions that are risk mitigating and supporting opportunities arising from human rights and labour issues while minimising environmental damage and increase in emissions.

As minerals are critical for the green energy transition and, consequently, for Zaptec products, they are also linked to various risks and challenges including human rights violations, the funding of armed conflicts, the scarcity of high-risk minerals, and the environmental impact of extraction. We want to demonstrate that we are doing our utmost to address these issues. In order to map the minerals, our approach was:

1/ To split our Zaptec Go and Zaptec Pro bills of material between the different commodity and focusing mainly on electronic components.

2/ Searching among the Electronic assembly the minerals known for being critical raw material* (including Heavy Rare Earth Elements (HREE), Light Rare Earth Elements (LREE), Platinum-Group Metals (PGM), 3TG (Tantalum, Tungsten, Tin & Gold).

3/ Reducing the scope based on their relevance and usage within Zaptec core products (weight of the components in the charger, global demand etc.).

03 Update from the CEO + 04 This is Zaptec + 05 2024 in review +

08 Financial Summary +

09 Sustainability ↓

General

Environment

Social

Governance

35 Board of directors report + 40 Financial statements +

Electronic within our bill of material

We can count at least almost 300+ unique part number in total for our two core products (Zaptec Go 2 and Zaptec Pro) and electronics accounts for 76% of it and for 40% of the weight of the charger (*this information is subject to change as we are still in the process of gathering information).

# unique part Weight (gr)
Electronics 76 % 40 %
Mechanical 13 % 60 %
Commmodities 11 % 0 %

Minerals relevance

We have started the process of identifying minerals that we would consider as high risk and under a watchlist, but that list is subjected to evolve in 2025. Highrisk minerals in our understanding are minerals that are most often linked to armed-conflicts and related human rights abuses.

Our risk analysis has included analysing the following;

  • *Human rights risk *Environmental risk *Industry demand *Supply chain risk *Availability of recycled and/or fair mined materials
  • *Country of origin materials analysis
High Risk Minerals Cobalt (Co), Copper (Cu), Gold (Au), Iron (Fe), Nickel (Ni), Silver (Ag), Tin (Sn), Tungsten (W), Zinc (Zn), Tantalum
Watchlist Crystalline Silica, Indium, Kaolin, Magnesium (Mg), Manganese (Mn), Talc, Titanium (Ti), Chromium (Cr)
Other Minerals i.e Cerium, Dysproosium, Erbium, Europium, Fluorspar, Galdolinium, Germanium, Graphite etc

Additionally, we are further investigating the use of minerals used within the semiconductors (Gallium, Palladium, Titanium, Fluorine, Germanium etc.).

of high risk and watchlist minerals are recyclable (*incl. Both - partially and fully recyclable minerals)

2024 Material Achievements

03 Update from the CEO +

04 This is Zaptec +

05 2024 in review +

08 Financial Summary +

09 Sustainability ↓

General

Environment

Social

Governance

35 Board of directors report +

40 Financial statements +

Recycled aluminium has been the chosen material for the heatsink used in the new home charger Zaptec Go 2.

The charging cables are now being delivered in cardboard boxes instead of plastic.

The Zaptec Chill cable holder is made from recycled plastic sourced from production waste material.

In 2025, we will begin using recycled plastic for our new product, the Zaptec Pro Backplate Cover, which will be made from excess production material.

23

  • 03 Update from the CEO +
  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +

09 Sustainability ↓

General Environment Social Governance

35 Board of directors report + 40 Financial statements +

Transparency Act and Modern Slavery Act Social

We believe that understanding our impact on the world and people is essential to managing it. Zaptec reports annually, in line with Norwegian legislation, on the Norwegian Transparency Act. In 2024, we updated our Human Rights Policy and, accordingly, our expectations towards suppliers to ensure alignment with the UK's Modern Slavery Act. A report presenting findings from our supply chain in 2024, in accordance with both Acts, will be published in June 2025.

Health and safety

In 2024, there were two reported incidents, both classified as minor. Zaptec continues to make strides in health and safety management, and while we have yet to meet our overall standard, we are now closer than ever. We are currently pleased with the safety measures in all high-risk areas of our operations and are shifting our focus to lower-risk areas.

Some key points in Health & Safety for 2024 were:

  • Enhanced Health and Safety training for all high-risk employees.
  • Comprehensive compliance reviews to ensure adherence to relevant legal and regulatory requirements.
  • More thorough risk assessments of HSE (Health, Safety, and Environment) risks.
  • Three safety inspections conducted.
  • Third-party audit of Zaptec's HSE management system.

24

  • 03 Update from the CEO + 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +

09 Sustainability ↓

Our people strategy and working environment

People and Culture

At Zaptec, we are proud to have a team of highly motivated and skilled Zapiens who support each other in achieving our shared goals. We foster a culture of curiosity, always seeking new and improved solutions while maintaining a strong commitment to continuous learning and growth.

Last year, we successfully completed a year-long leadership program and provided training in the SAFe Agile framework. Building on this commitment to growth, we have now partnered with Coursera, a leading online learning platform. Through their collaboration with top universities and industry leaders, Coursera offers access to over 7,000 courses—an incredible resource for our employees. This partnership aligns with our vision of building a high-performing company by fostering skill development and a proactive mindset.

At Zaptec, our people and work environment are our highest priorities. We strive to foster a workplace where everyone can thrive, regardless of gender, orientation, background, or age. Fairness and inclusivity are fundamental to our culture, and we maintain a strict zero-tolerance policy against discrimination.

We fully comply with local labor laws in all the countries where we operate, and our commitment to a positive work environment is reinforced through clear internal guidelines outlined in our Employee Handbook. This resource provides detailed information on workplace policies, health and safety, and employee rights. Additionally, Zaptec's Working Environment Committee (WEC) plays a key role in safeguarding and continuously improving working conditions.

We are committed to maintaining a professional and respectful workplace. Any form of discrimination, harassment, or inappropriate behavior—whether involving employees, customers, vendors, contractors, or business partners—is strictly prohibited.

  • 03 Update from the CEO +
  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +

09 Sustainability ↓

General Environment Social Governance

35 Board of directors report + 40 Financial statements +

Whistleblowing channels

Zaptec has not recorded any whistleblower incidents in 2024. To ensure transparency and trust, we have a clear whistleblowing procedure accessible to all employees.

Additionally, we have invested in dedicated whistleblower software, which will soon be rolled out across the organization. As part of this initiative, line managers will receive specialized training to handle potential cases effectively. Our goal is to create a workplace where employees feel confident speaking up, knowing their concerns will be heard and addressed, while also strengthening their role in shaping the future of EV charging and our company.

Mental and physical health

At Zaptec, we prioritize the well-being of our employees by fostering a supportive and healthy work environment. To ensure both mental and physical wellness, we regularly assess and refine our policies to provide the best possible support. Our commitment to employee well-being includes:

  • Welfare leaves
  • Comprehensive health insurance
  • Flexible working arrangements
  • A rewards and recognition program
  • Engaging sports and social activities

By investing in these initiatives, we aim to create a workplace where employees feel valued, motivated, and empowered to thrive.

People Policies Recruitment Policy

We believe that attracting and retaining the right talent is essential to building a sustainable and inclusive workplace. Our People & Culture mission is to ensure a fair, transparent, and engaging recruitment process that provides a positive experience for all candidates.

We are continuously improving our job postings and hiring practices to attract a diverse range of applicants. This includes using inclusive language, structured assessments, and unbiased evaluation methods to ensure equal opportunities for all. We strive to build teams that reflect a broad range of backgrounds, experiences, and perspectives.

Sustainability in recruitment also means investing in employee development and fostering an environment where people feel valued, supported, and able to grow within Zaptec. These are principles we embed in our hiring processes.

Pay Policy

At Zaptec, we are committed to ensuring equal pay for equal work, regardless of race, gender, ethnicity, age, religion, or other non-job-related factors. Maintaining pay equity is essential to fostering a fair and inclusive workplace, eliminating wage disparities, and promoting diversity. By upholding these principles, we create a work environment where all employees feel valued and respected.

03 Update from the CEO +

  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +

09 Sustainability ↓

General

Environment

Social

Governance

35 Board of directors report + 40 Financial statements +

Great Place to Work and Employee Feedback

The Great Place to Work survey is conducted annually, first launched in 2023. In 2024, we achieved an impressive overall score of 86%, reinforcing that Zaptec is truly a great place to work.

To continuously improve our workplace culture, we complement the annual survey with ongoing employee feedback initiatives:

  • Quarterly eNPS surveys to gauge overall employee satisfaction and engagement.
  • Pulse surveys for new hires to ensure a smooth onboarding experience.
  • Individual stay-on interviews with each new employee to gather insights and enhance retention.

By actively listening to our employees, we strive to maintain a supportive and thriving work environment.

03 Update from the CEO +

  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +

09 Sustainability ↓

General Environment Social Governance

35 Board of directors report + 40 Financial statements +

Diversity, equity and inclusion

At Zaptec, we believe that diversity, equity, and inclusion are fundamental to fostering innovation, creativity, and long-term success. By embracing diverse perspectives, experiences, and backgrounds, we strengthen our company and enhance our ability to thrive in an ever-evolving world.

We recognize that building an inclusive workplace is an ongoing journey, and we are committed to contin uous improvement. Today, Zaptec proudly represents 32 different nationalities reflecting our dedication to cultivating a dynamic and multicultural work environ ment where everyone feels valued and empowered.

28

Female Male

Total

Manager positions Temporary employees Part time employees Voluntary turnover Total employees
8 32 1 1 3 4 5 11 55 138
Female Male Female Male Female Male Female Male Female Male

03 Update from the CEO +

04 This is Zaptec +

05 2024 in review +

08 Financial Summary +

09 Sustainability ↓

General Environment Social Governance

35 Board of directors report + 40 Financial statements +

Supply chain Governance

Approach to sustainable Supply Chain Management Zaptec still utilize the three-step approach to

Pre-qualification process

sustainable supply chain management:

In 2024, the supplier questionnaire of Human Rights was integrated in our Supplier Evaluation Form. Further, we also assess our suppliers on cyber security and information security. Our Supplier Code of Conduct has been distributed to all Tier 1, Tier 2 and identified Tier 3 suppliers in 2024.

Description of Zaptec's Supply Chain The electronics supply chain is complex and consists of a lot of tiers, and can often look like this:

Update from the CEO + This is Zaptec + 2024 in review + 08 Financial Summary +

09 Sustainability ↓

General Environment Social Governance

35 Board of directors report + 40 Financial statements +

Supplier follow-up

Building on pre-qualification responses, Zaptec adopts an educational approach, recommending areas for improvement to suppliers and encouraging better procurement practices with lower-tier suppliers. For instance, we may offer insights into our tool and pro cess choices to facilitate our suppliers' adoption of sustainable practices.

Using a risk-based approach, we prioritise risks through the RBA Risk Assessment Platform, spend analysis, and the evaluation of our supplier assessment form. Identified suppliers are assessed annually.

Collaboration with the industry

Zaptec is a member of the Responsible Business Al liance (RBA), which gives us the possibility of sharing sustainability data with competitors and the suppliers. We have the aim of inspiring more of our suppliers to become members of RBA.

of Zaptec suppliers that we have found on the RBA platform have accepted our invitation to connect and share sustainability data.

  • 03 Update from the CEO +
  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +

09 Sustainability ↓

General Environment Social Governance

35 Board of directors report + 40 Financial statements +

2024 KPIs status

Tier 1 Supplier Code of Conduct Compliance 94% compliance in Tier 1*. One supplier did not confirm compliance. However, this supplier is a member of the Responsible Business Alliance and have adopted RBAs Code.

*For those suppliers that have not confirmed compliance, Zaptec executes the following activity

  • Check if they are an RBA member, and have adopted the RBA Supplier Code of Conduct
  • Check the suppliers code of conduct, and identifies areas where they are not in compliance with Zaptec`s code of conduct
  • Foster learning, and encourage suppliers to revise their supplier code of conduct

Tier 2 Supplier Code of Conduct Compliance

Current mapping of suppliers with whistleblower channel at 85%. The suppliers who do not have an implemented whistleblower channel has been encouraged to use RBAs whistleblower channel or implement their own.

67% Tier 1

Tier 2 58%

40% of the identified suppliers in RBA has accepted our trading relationship request (Also includes requests to Tier 3 suppliers)

Supply Chain 2025 focus areas and goals

  • Implementation of category sourcing recognizing industry risk and allowing the sourcing personnel to dive deeper within their category.
  • In 2025 the sourcing department will work on increasing the supply chain resilience. Our first step towards this was implementing category responsibilities within the team to allow us to dive deeper within the respective category and strengthen the knowledge of industry risk. Furthermore, as part of the minerals mapping, the supply risk of the minerals will also be mapped in addition to social- and environmental risk.
  • We will start to map environmental and social risks in the different tiers in our supply chain and how to mitigate those.
  • Direct engagement with suppliers to foster learning and having a pragmatic approach.
  • We will continue our collaboration with the industry through the Responsible Business Alliance.

We will continue to work towards 100% compliance from our Tier 1 and Tier 2 suppliers on our Supplier Code of Conduct.

We will continue to work towards having 100% of our Tier 1 electronics suppliers and 50% of our Tier 2 electronics suppliers as RBA-members.

03 Update from the CEO +

  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +

09 Sustainability ↓

General Environment Social Governance

35 Board of directors report + 40 Financial statements +

Cybersecurity

At Zaptec, cybersecurity has always been a top priority. In today's world, where we face increasing threats from geopolitical tensions and conflicts, it is more important than ever to stay vigilant and proactive in protecting our digital assets.

The new NIS2 directive, which aims to enhance the security of network and information systems across the EU, is a welcome development that will keep companies on their toes and ensure a higher standard of cybersecurity.

In 2024, we focused on updating our existing processes and policies to ensure compliance with NIS2.

This involved updating our documentation, implementing new processes and policies, and conducting thorough supplier evaluations to meet the new requirements.

Many of these updates were carried out with the assistance of third-party experts, ensuring that our measures were not only compliant but also aligned with industry best practices.

In addition to these updates, we placed a strong emphasis on user awareness and training. We believe that well-informed and vigilant employees are crucial to maintaining a strong cybersecurity posture. Our employees undergo regular training programs to enhance their awareness of cybersecurity threats and best practices.

Our commitment to cybersecurity is reflected in our continuous improvement initiatives. We have established comprehensive information security practices, conducted regular risk assessments, and engaged third-party experts to provide independent assessments and audits.

By staying ahead of regulatory changes and continuously improving our security measures, we are well-positioned to protect our customers data and maintain their trust.

The Board of Directors

03 Update from the CEO +

Content

  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +

09 Sustainability ↓

General

35 Board of directors report + 40 Financial statements +

The Audit Committee holds primary responsibility for ESG; however, ESG matters have remained a key focus in Zaptec ASA board meetings throughout 2024.

Key ESG-related discussions included:

  • A Sustainability Governance Preparedness Assessment conducted by Deloitte.
  • The outcomes of Zaptec's Double Materiality Assessment, identifying material topics across Environmental, Social, and Governance areas.
  • Zaptec's work on Environmental Product Declarations (EPDs).
  • Pre-assurance activities performed by Zaptec's auditor, KPMG.
  • Preparations for estimating Zaptec's GHG emissions data for 2024.
  • Defining climate reduction targets for 2025.

Additionally, Board Chair Ingelin Drøpping, Vice Chair Stig Christiansen, and CFO & Deputy CEO Eirik Fjellså Hærem attended Euronext's Driving Sustainability Strategy at Board Level course.

Looking ahead to 2025, ESG matters will continue to be integrated into board meetings to provide insights, facilitate discussions on Zaptec's sustainability initiatives, and ensure proactive monitoring of the evolving regulatory landscape.

For further details, please refer to the Board of Directors' report included in this 2024 Annual Report and the company's Transparency Act Report, available on Zaptec's website.

Board of directors report

with other matters that, according to the law or the Articles of Association, fall within its responsibility.

For other matters, the provisions of the Norwegian

Zaptec develops and sells charging systems for electric vehicles. The Group's business idea and strategy is to be Europe's leading company in the development and sale of chargers, charging systems, and services

Management of the Group

is a public limited liability company.

from time to time, are referred to.

Operation and locations

for electric vehicle charging.

  • 03 Update from the CEO +
  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +
  • 09 Sustainability +
  • 35 Board of directors report 40 Financial statements +

The group's name is Zaptec ASA. Its parent company The annual General Meeting shall approve the annual accounts and report, including the distribution of dividends. Furthermore, the General Meeting shall deal Public Limited Liability Companies Act, as amended The Group includes, in addition to Zaptec ASA, the following subsidiaries: Zaptec Charger AS Zaptec IP AS Zaptec Power AS Zaptec Sverige AB Zaptec Danmark ApS Zaptec U.K. Ltd Zaptec Deutschland GmBH Zaptec Schweiz AG Zaptec Netherlands B.V. Zaptec France SAS

Zaptec Italia S.r.l Zaptec Charger, INC. Zaptec Austria, GmbH

Production of charging units and equipment is outsourced to Westcontrol, and takes place in Tau, Norway and to Sanmina Corporation with production facilities in Gunzenhausen, Germany.

The main office is in Sandnes, Norway. However, the Group also has sales organizations in Oslo, Sweden, Denmark, UK, France, Germany, Switzerland, the Netherlands and Italy. There are no employees in the following legal entities; Zaptec IP AS, Zaptec Power AS, Zaptec Charger, INC. and Zaptec Austria, GmbH.

Comments related to the financial statement

The board believes that the annual accounts give a true and fair view of the Group's assets and liabilities, financial position, and results.

The Group's turnover declined 11% in 2024, however, its gross profit margin increased from 38% in 2023 to 39% in 2024. The Group has an equity ratio of 56% and a sufficient liquidity position. As of 31 December 2024, the Group had 318 MNOK in available liquidity, including a 300 MNOK overdraft facility. The development in turnover, profit margin, and equity ratio is as expected.

The Group's operating profit was KNOK 21 318, compared to an operating profit of KNOK 13 207 in 2023.

The Group's growth and investments are in line with the previously communicated outlook; however, the ramp-up of sales in certain markets has been behind expectations due to the prolonged time frames for adapting the Group's product offerings to relevant regulatory laws and regulations and a weak EV market during most of 2024.

Update from the CEO + This is Zaptec + 2024 in review + 08 Financial Summary + Sustainability +

35 Board of directors report

40 Financial statements +

The parent company had no operating revenue in 2024 with total expenditures of KNOK 14 809. Following interest income from group companies of KNOK 57 579 and other financial expenses of KNOK 20 347 for the year, the net financial items amounted to KNOK 37 248. Overall, this led to KNOK 22 439 net profit before tax, and an annual result after tax of KNOK 16 417.

Share capital and own shares

The share capital is NOK 1,312,811.85, divided into 87,520,790 freely tradable shares, each having a nominal value of NOK 0.015. As of 31.12.2024, Zaptec ASA held 78 776 own shares.

Outlook

There is a strong correlation between sale of electric vehicles and demand for charging infrastructure. In 2024, the transition to electric vehicles from petrol, diesel and hybrid vehicles continued. However, number of vehicles sold overall declined due to high interest rates and weaker purchasing power. In the years to come, mass-market adoption of electric vehicles is expected across Europe which is forecasted to translate into strong demand for Zaptec Go and Zaptec Pro. The Group is currently adapting both products to fit with the majority of the electric vehicle market going forward.

Zaptec has a clear strategy direction and is working decisively to be optimally positioned in this fast-moving and growing EV landscape. Its goal is to be a leading player and create value by delivering on its vision "We change our world with cutting-edge charging solutions."

In general, there are significant uncertainties related to the Board of Director's evaluation of the future of the Group, as the Group's operational and financial activities may be substantially impacted by factors outside the Group's and the Board of Director's control.

Risk factors

Component souring risk

The Group may experience component shortages which may impact both global EV production and the Group's production of EV charging systems. If the Group is unable to source key components to its EV production, this could decrease the Group's revenue, which could adversely affect the Group's business, financial condition, results of operations, cash flow and/ or prospects.

IP risk

In the opinion of the Board of Directors, the Group's most important competitive advantage is its advanced and sophisticated technology for electric car chargers. Any failure to protect the Group's proprietary rights adequately, including but not limited to competitive actions from former employees, could result in (i) loss of key-employees, suppliers or customers of the Group and (ii) the Group's competitors offering similar products, potentially resulting in the loss of some of the Group's competitive advantage and a decrease in the Group's revenue, which would adversely affect the Group's business, financial condition, results of operations, cash flow and/or prospects.

Financial risk

The Group has to date focused on the European market, but it's current strategy is to grow and expand beyond Europe. The Group's ability to implement its strategy and achieve its business and financial objectives is subject to a variety of factors, many of which are beyond the Group's control. Further, acquisitions (if made) may involve significant risks. The Group's failure to execute its business strategy or to manage its growth effectively could adversely affect the Group's business, financial condition, results of operations, cash flow and/or prospects. In addition, there can be no guarantee that even if the Group successfully implements its strategy, it would result in the Group achieving its business and financial objectives.

Update from the CEO + This is Zaptec + 2024 in review + 08 Financial Summary + Sustainability +

35 Board of directors report 40 Financial statements +

Credit and liquidity risk

Depending on the balance between supply and demand, which fluctuates over time, the Group either sells its products on a continuous basis, or operates with order reserves, or products in stock. Currently the Group has order reserves due to a surplus of orders compared to its production. However, there is a risk that the Group in the future may experience a lack of order reserves combined with higher future purchase commitments towards its suppliers, as production levels are set to increase going forward. If the number of chargers ordered by the Group significantly deviates from the number of orders received from the Group's customers, the Group may incur unnecessary costs related to such purchases (in the event that the demand for the Group's products is lower than expected) or inability to meet the demand and thereby suffer loss of potential income (in the event that the demand for the Group's products is higher than expected).

Market risk

Significant changes in users' preferences away from the Group's offerings and towards competing car chargers or a decline in the market for electric cars are factors that may negatively affect the Group's business, financial condition, results of operations, cash flow and/or prospects. The Group operates in a market that is competitive, fragmented and rapidly changing. The Group expects to continue to experience

competition from existing and new competitors, some of which are more established and who may have (i) greater capital and other resources, (ii) more superior brand recognition than the Group, and/or (iii) more aggressive pricing policies. There is no assurance that the Group will be able to compete successfully in such a competitive marketplace.

Personnel risk

The Group is highly dependent upon retaining and attracting qualified personnel. The loss of a key person might impede the achievement of the development and commercial objectives. Any failure to retain or attract such personnel could result in the Group not being able to successfully implement its strategy, which could have a material and adverse effect on the Group's business, financial condition, results of operations, cash flows and prospects.

Climate risk

The Group has mapped its scope 1,2 and 3 emissions for 2022-2024, and established systems to do so annually.

Social and Corporate Governance

Refer to our homepage for information on social and corporate governance policies: https://www.zaptec.com/company/investor-relations/ corporate-governance

Research and development activities

The Group's core electric vehicle charging hardware products were launched before 2024: Zaptec Pro in 2016 and Zaptec Go in 2021. Ongoing work during 2024 was undertaken to further develop Zaptec Pro and Zaptec Go to meet certain requirements in targeted segments in current and potential new markets. Further, there is continuous ongoing work to scale and improve the company's software solutions.

The working environment and the employees

The group's sick leave was 1444 days in 2024, which amounted to 3.3% of total working hours. No serious occupational accidents or accidents that resulted in major property damage or personal injury have occurred or been reported during the year. The working environment is considered good, and ongoing measures for improvements are implemented.

Cash flow

The deviation between operational cash flow and operating results can be explained by the Group's growth strategy.

The Group's cash flow from operational activities is generally reinvested to continue its future growth efforts. The Group's investments are related to the development of its electric vehicle charging systems, and operational expenses are mainly due to the building of the organization in new markets.

Update from the CEO + This is Zaptec + 2024 in review + 08 Financial Summary + Sustainability + Board of directors report

40 Financial statements +

Going concern

In accordance with the Accounting Act § 3-3a, the Board of Directors of Zaptec ASA confirms that the financial statements have been prepared under the assumption of going concern. This assumption is supported by the Group's solid financial position and long-term forecasts. As of the end of 2024, the Group maintained a strong financial standing, with total liabilities of 534 MNOK and total equity of 679 MNOK. Trade payables accounted for 139 MNOK of the debt, while the Group held a net cash position of 18 MNOK. Additionally, financial flexibility was enhanced in Q4 2024 through the extension of its 300 MNOK credit facility under improved terms.

Liability insurance

The Group has Directors & Officers' liability insurance that covers Directors and executive management. The coverage's total limit is 25 MNOK.

Social responsibility

Transparency Act

The Group is a member of the Responsible Business Alliance, which allows it to gain more insights and the ability to strategically work with human rights in the supply chain. The Group has set up routines to regularly conduct human rights due diligence and disclosure, with the 2024 report available on the website.

The 2025 report will be released no later than 30 June 2025.

Equality

The Group aims to treat every employee and business partner equally. This is becoming important with expansions abroad, where differences are more significant than where we come from. In 2023, the Group implemented the UN Human Rights Policy to protect and defend human rights and, in addition, joined the Responsible Business Alliance to join efforts with the rest of the electronics industry.

As per end of the year 2024, the Group had 193 employees, of which 55 (28%), were female. The proportion of women in management and Board of Directors was 12.5% and 60%, respectively.

The average salary for women and men in full-time positions amounted to NOK 868.547 and NOK 1 063 367, respectively.

The Group has 7 employees in part-time positions. The Group's policy is that work of equal value should provide equal pay. The Group works actively, purposefully, and systematically for gender equality within the business. When recruiting, both internally and externally, personal qualifications take precedence over gender. The underrepresented gender will to a greater extent be encouraged to apply. In this way, the Group will try to increase the proportion of women in the job categories where this is particularly low.

Equal opportunities and discrimination

The Group actively promotes equality, ensures equal opportunities and rights, and prevents discrimination based on ethnicity, national origin, descent, skin color, language, religion, and outlook on life. To this end, the company has established recruitment routines.

Human rights

The Group has a Human Rights policy aligned with the United Nations Guiding Principles on Business and Human Rights. Our policy is also reflected in our suppliers' code of conduct. We aim to protect workers and reassure them that they work according to reasonable and considerate standards, free from exploitation and unfair business practices. The Group seeks to follow a combination of national rules with those provided by being a member of the Confederation of Norwegian Enterprise.

The Confederation of Norwegian Enterprise is also a member of the UN Global Compact, building on the ten principles. Zaptec has been a member of the Responsible Business Alliance and the Responsible Minerals Initiative since 2023.

Update from the CEO + This is Zaptec + 2024 in review + 08 Financial Summary + Sustainability +

35 Board of directors report 40 Financial statements +

Anti-corruption

The Group works to comply with high standards of anti-corruption work. We aim to cease cases of corruption, extortion, bribery, and grey zone cases. We aim to have our subcontractors participate in implementing the Anti-Corruption Principles by working closely with them. The Group is also scaling up operations by onboarding more support in the supply chain and operations.

The Group has Ethical Rules regulating gifts and other economic advantages in its employee handbook. In case of uncertainty, the CFO is available to reply to questions for review. The company also operates with red periods regarding the purchase and sale of stocks.

Working environment

To comply with the principles of working with subcontractors to verify their actions, the Group is collecting reports from our Norwegian factory assembling the products assessing their subcontractors' delivery of the material and the parts for the production process. The Group is documenting the reports we receive through our documentation system.

In addition, we have brought HR in-house, which ensures closer control of adhering to HR. The Group has strict protections for the employees in place, and we provide a collaborative working environment. This is outlined in our Employee Handbook, which also includes protections for whistleblowers, both working on permanent and temporary contracts.

Climate Change

The Group has mapped its scope 1,2 and 3 emissions annually since 2022. The results of 2024 GHG emissions are included in the sustainability section of Zaptec's Annual Report for 2024.

Allocation of net income

The Group had a net loss of -3 236 KNOK which the Board of Directors has proposed to be attributed to:

Dividend KNOK 0
Retained earnings KNOK -3 236
Net income allocated KNOK -3 236

Zaptec ASA had a net profit for 2024 of 16 417 KNOK which the Board of Directors has proposed to be attributed to:

Dividend KNOK 0
Retained earnings KNOK 16
417
Net income allocated KNOK 16
417

Sandnes, 25.03.2025

Member of the board Member of the board Member of the board

Ingelin Drøpping Kurt Østrem Stig Harry Christiansen Chairman of the board General manager Member of the board

Jennifer Jacobs Dungs Gunnar Hviding Karoline Nystrøm

  • 03 Update from the CEO +
  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +
  • 09 Sustainability +
  • 35 Board of directors report +

40 Financial statements ↓

Consolidated financial statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA)

Consolidated financial statements

Consolidated statement of profit or loss 41
Consolidated statement of comprehensive income 41
Consolidated statement of financial position 42
Consolidated statement of cash flows 43
Consolidated statement of changes in equity 44

Notes

Note 1 - Basis of preparation 45
Note 3 - Critical accounting estimates and judgements 47
Note 4 - Risk Management 47
Note 5 - Segment information 51
Note 6 - Revenues from contracts with customers 54
Note 7 - Employee benefit expenses 56
Note 8 - Financial income and expense 61
Note 9 - Income tax 61
Note 10 - Earnings per share 62
Note 11 - Intangible assets and goodwill 62
Note 12 - Property, plant and equipment 63
Note 13 - Right of use assets and lease liabilities 64
Note 14 - Inventories 64
Note 15 - Trade receivables 65
Note 16 - Cash and cash equivalents 65
Note 17 - Shareholders and shareholders information 66
Note 18 - Provisions 66
Note 19 - Loans and borrowings 67
Note 20 - Trade payables and other current liabilities 67
Note 21 - Notes supporting the cash flows 68
Note 22 - Other current assets 68
Note 23 - Consolidated companies 69
Note 24 - Government grants 69
Note 25 - Related party transactions 69
Note 26 - Events after the reporting date 69

Consolidated statement of profit or loss

Content

Update from the CEO + This is Zaptec + 2024 in review + 08 Financial Summary + Sustainability +

35 Board of directors report + 40 Financial statements ↓ Consolidated financial statement (Group) Notes to the consolidated financial statement (Group)

financial statement (Zaptec ASA)

Parent financial statement (Zaptec ASA) Notes to the parent

In NOK 1000 Note 2024 2023
Operating income
Revenues from contracts with customers 5,6 1 266 988 1 402 408
Other operating income 5 0 24 182
Total operating income 1 266 988 1 426 590
Operating expenses
Cost of inventories 5 775 743 891 290
Employee benefit expenses 5,7 242 072 247 962
Depreciation and amortisation expense 5,11,12,13 33 952 29 918
Other operating expenses 5,7,18 193 902 244 213
Total operating expenses 1 245 669 1 413 383
Operating profit/loss 21 318 13 207
Financial income and expenses
Finance income 8 2 764 13 897
Finance expense 8 26 851
Net financial income (+) and expenses (-) -24 087
Profit (+)/loss (-) before tax -2 769
Tax expense (+)/benefit (-) 9 468
Profit (+)/loss (-) after tax -3 236
Total profit/loss attributable to:
Owners of the parent -3 236
Non-controlling interest 0 3 115
10 782
23 990
1 761
22 228
22 228
Basic earnings per shares 10 -0,037 0,259

Consolidated statement of comprehensive income

In NOK 1000 Note 2024 2023
Profit (+)/loss (-) for the period -3 236 22 228
Items that will or may be reclassified to profit or loss:
Exchange gains arising on translation of foreign
operations 4 283 19 147
Total comprehensive income 1 046 41 375
Total comprehensive income attributable to:
Owners of the parent 1 046 41 375
Non-controlling interest 0 0
Consolidated statement of financial position Consolidated statement of financial position
Content In NOK 1000 Note 12/31/2024 12/31/2023 In NOK 1000 Note 12/31/2024 12/31/2023
ASSETS EQUITY AND LIABILITIES
03
Update from the CEO +
04
This is Zaptec +		 Goodwill and intangible assets Equity
05
2024 in review +		 Goodwill 11 81 734 79 171 Share capital 17 1 313 1 313
08 Financial Summary + Other intangible assets 11 101 930 80 320 Treasury shares -1 -3
Share premium 646 945 646 945
09
Sustainability +		 Deferred tax asset Other paid in equity 20 851 14 982
35
Board of directors report +		 Deferred tax asset 9 37 219 29 898 Foreign exchange reserve 36 686 28 960
40
Financial statements ↓		 Other reserves -27 212 -27 373
Tangible assets Total equity 678 581 664 823
Consolidated financial Property, plant and equipment 12,19 14 490 15 118
statement (Group) Right-of-use assets 13 41 079 52 741 Non-current liabilities
Notes to the consolidated Other non-current assets 4 392 5 189 Deferred tax 9 5 475 7 127
financial statement (Group) Long-term lease liabilities 13 36 453 43 762
Parent financial Total non-current assets 276 844 262 437 Long-term deferred income 6 59 626 53 908
statement (Zaptec ASA) Long-term provisions 7,18 574 21 234
Notes to the parent Inventories Total non-current liabilities 102 127 126 031
financial statement (Zaptec ASA) Inventories 14,19 491 779 447 348
Current liabilities
Receivables Trade payables 4,20 138 963 244 604
Trade receivables 15,19 170 404 186 045 Short-term loans and borrowings 19 159 971 0
Short-term lease liabilities 13 6 439 9 064
Other current assets Deferred income 6 28 227 19 818
Other current assets 22 95 521 122 081 Tax payable 9 10 412 20 984
Other current liabilities 20 65 264 74 228
Cash and cash equivalents Short-term provision 18 22 309 0
Cash and cash equivalents 16 177 744 141 643 Total current liabilities 431 585 368 698
Total current assets 935 448 897 117 Total liabilities 533 713 494 730
TOTAL ASSETS 1 212 293 1 159 554 TOTAL EQUITY AND LIABILITIES 1 212 293 1 159 554

Consolidated statement of financial position

Consolidated statement of cash flows

Content In NOK 1000 Note 2024 2023
Cash flow from operating activities
Update from the CEO + Profit (+)/loss (-) before tax -2 769 23 990
This is Zaptec + Taxes paid -20 984 -11 107
2024 in review + Depreciation and amortisation expense 11,12,13 33 952 29 918
Shared based payment expense 7 5 869 8 127
08 Financial Summary + Finance income 8 0 13 897
Sustainability + Finance expense 8 18 680 -3 818
Board of directors report + Change in trade receivables 15 15 641 -69 708
Change in inventories 14 -44 430 -356 560
Financial statements
↓		 Change in trade payables -105 641 98 547
Consolidated financial Change in other accrual items 64 357 47 053
statement (Group) Net cash flow from operating activities -35 325 -219 661
Notes to the consolidated
financial statement (Group) Cash flow from investment activities
Parent financial Capitalized intangible assets 11 -39 383 -13 601
statement (Zaptec ASA) Purchases of property, plant and equipment 12 -5 010 -64 776
Notes to the parent Proceeds from sale of PP&E 0 7 570
financial statement (Zaptec ASA
)		 Advances/loans to suppliers 22 -22 819 35 849
Net cash flow from investment activities -67 212 -34 958
Cash flow from financing activities
Repayment of loans and borrowings 19 0 -29 229
Draw down on credit facility 19 159 971 0
Lease liabilities 13 -8 651 37 587
Interest on lease liabilities 8,13 -2 442 -703
Interest on debts and borrowings 8,19 -11 366 0
Purchase of treasury shares 17 0 -2 180
Sale of treasury shares 1 125
Proceeds from equity 0 287 927
Net cash flow from financing activities 138 638 293 402
Net change in cash and cash equivalents 36 100 38 782
Cash and cash equivalents at start of period 141 643 102 862
Cash and cash equivalents at end of period 177 744 141 643

Consolidated statement of changes in equity

Content In NOK 1000 Share Capital Tresury
shares		 Share
premium		 Other paid in
capital		 Foreign
exchange
reserve		 Other equity Total equity
holders of
the parent		 Non
controlling
interest		 Total equity
03
Update from the CEO +
1 January 2023 1 146 0 359 185 6 855 10 480 -52 849 324 817 0 324 817
04
This is Zaptec +		 Profit (+)/loss (-) after tax 0 0 0 0 0 22 228 22 228 0 22 228
05
2024 in review +		 Other comprehensive Income 0 0 0 0 18 479 668 19 147 0 19 147
08 Financial Summary + Purchase of treasury shares 0 -3 0 0 0 -2 180 -2 184 0 -2 184
09
Sustainability +		 Capital increase 166 0 287 761 0 0 0 287 927 0 287 927
Share based payments 0 0 0 8 127 0 0 8 127 0 8 127
35
Board of directors report +		 Differences from earlier periods* 0 0 0 0 0 4 760 4 760 0 4 760
40
Financial statements ↓		 31 December 2023 1 313 -3 646 945 14 982 28 960 -27 373 664 823 0 664 823
Consolidated financial
statement (Group)		 1 January 2024 1 313 -3 646 945 14 982 28 960 -27 373 664 823 0 664 823
Profit (+)/loss (-) after tax 0 0 0 0 0 -3 236 -3 236 0 -3 236
Notes to the consolidated
financial statement (Group)		 Other comprehensive Income 0 0 0 0 7 726 -3 443 4 283 0 4 283
Sale of treasury shares 0 2 0 0 0 1 123 1 125 0 1 125
Parent financial Share based payments 0 0 0 5 869 0 0 5 869 0 5 869
statement (Zaptec ASA) Differences from earlier periods** 0 0 0 0 0 5 717 5 717 0 5 717
Notes to the parent
financial statement (Zaptec ASA)		 31 December 2024 1 313 -1 646 945 20 851 36 686 -27 212 678 581 0 678 581

* Relates to shared services booked in Zaptec Charger AS and not in Zaptec Deutchland GmbH at 31 December 2022 of ingoing balance. ** Relates to differences in opening balance in Denmark and Switzerland versus consolidated financial statement for 2023.

Notes

Content

03 Update from the CEO +

04 This is Zaptec +

05 2024 in review +

  • 08 Financial Summary +
  • 09 Sustainability +

35 Board of directors report +

40 Financial statements ↓

Consolidated financial statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA)

Note 1 - Basis of preparation

The principal accounting policies adopted in the preparation of the consolidated financial statements are set out in the following section. The policies have been consistently applied to all the years presented, unless otherwise stated.

The consolidated financial statements are presented in NOK, which is also the functional currency of the parent. Amounts are rounded to the nearest thousand, unless otherwise stated.

These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS®) as adopted by the EU and are prepared under the basis of going concern.

The preparation of financial statements in compliance with adopted IFRS requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The areas where significant judgments and estimates have been made in preparing the financial statements and their effect are disclosed in Note 3.

The annual report was approved by the Board of Directors and the Chief Executive Officer on the 25th of March 2025 and will be presented for approval at the Annual General Meeting on 11th of June 2025.

Note 2 - Accounting policies

Basis of measurement

The consolidated financial statements have been prepared on a historical cost basis, except for the following items (refer to individual accounting policies for details):

  • Financial investments – fair value through profit or loss (Note 4)

Revenue

Performance obligations and timing of revenue recognition

The majority of the Group's revenue is derived from selling goods with revenue recognised at a point in time when control of the goods has transferred to the customer. This is generally when the goods are delivered to the customer, as the Group's general delivery term is Incoterms DAP.

Once a charging station is sold to the end user, the charger is included a subscription service for connectivity. This element is considered to be a performance obligation and is recognised as deferred income and will be accrued over 5 years.

There is limited judgement needed in identifying when the point of control passes: once physical delivery of the products to the agreed location has occurred, the Group no longer has physical possession of the product and the Group will have a present right to payment (as a single payment on delivery) and retains none of the significant risks and rewards of the goods in question.

Goods sold by the Group include warranties which require the group to either replace or mend a defective product during the warranty period if the goods fail to comply with agreed-upon specifications. In accordance with IFRS 15, such warranties are not accounted for as separate performance obligations and hence no revenue is allocated to them.

Determining the transaction price

The Group's revenue is derived from fixed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those fixed prices.

Transaction price on the element of connectivity, which is recognised as deferred income, is based on estimation of cost price for connectivity during the period of delivery obligation, in addition to a margin for handling the service on behalf of the customer.

Allocating amounts to performance obligations

For most contracts (point in time), there is a fixed unit price for each product sold, with reductions given for bulk orders placed at a specific time. Therefore, there is no judgement involved in allocating the contract price to each unit ordered in such contracts (it is the total contract price divided by the number of units ordered). Where a customer orders more than one product line, the Group is able to determine the split of the total contract price between each product line by reference to each product's standalone selling prices (all product lines are capable of being, and are, sold separately).

However, chargers for both home and pro segment are sold with 4G connectivity which implies an obligation to deliver connectivity within a certain timeframe after product delivery (over time). Deferred revenue recognition and calculation of transaction price on the performance obligation related to 4G is based on estimates of future related expenses.

Basis of consolidation

Where the company has control over an investee, it is classified as a subsidiary. The company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.

The consolidated financial statements present the results of the company and its subsidiaries ("the Group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

Goodwill

Goodwill represents the excess of the cost of a business combination over the Group's interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired.

Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued, plus the amount of any non-controlling interests in the acquiree plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. Direct costs of acquisition are recognised immediately as an expense.

Impairment of non-financial assets (excluding inventories and deferred tax assets)

Impairment tests on goodwill are performed annually. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly.

Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash inflows; its cash generating units ('CGUs'). Goodwill is allocated on initial recognition to each of the Group's CGUs that are expected to benefit from a business combination that gives rise to the goodwill.

Impairment charges are included in profit or loss. An impairment loss recognised for goodwill is not reversed.

  • 03 Update from the CEO +
  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +
  • 09 Sustainability +
  • 35 Board of directors report +

40 Financial statements ↓

Consolidated financial statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA)

Foreign currency

Transactions in foreign currency are converted at the exchange rate at the time of the transaction. Monetary items in foreign currency are converted into the component`s functional currency using the statement of financial position date's exchange rate. Non-monetary items measured at historical exchange rates expressed in foreign currency are converted into functional currency using the exchange rate at the time of the transaction. Gains and losses from exchange rate changes are recognized in the consolidated statement of profit and loss on an ongoing basis during the accounting period.

Assets and liabilities in foreign operations are converted from functional currency to presentation currency (NOK) using the statement of financial position date's currency rate. Revenues and expenses in foreign operations converted into NOK using quarterly average currency rates. The translation difference because of the conversion of foreign operations is recognised in other comprehensive income. Accumulated translation differences in equity are recycled into profit or loss upon divestment of foreign operations.

Receivables and financial assets

These assets arise principally from the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest. Apart from trade receivables the assets are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment.

The Group's financial assets measured at amortised cost comprise of trade receivables, other current receivables and cash and cash equivalents in the consolidated statement of financial position.

Cash and cash equivalents includes cash in hand and deposits held at call with banks. Bank overdrafts are shown within loans and borrowings in current liabilities on the consolidated statement of financial position.

Financial liabilities

The Group classifies its financial liabilities into one of two categories, the Group's accounting policy for each category is as follows:

Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.

Other financial liabilities

Bank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of financial position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Share capital

Financial instruments issued by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.

The Group's ordinary shares are classified as equity instruments.

Share-based programs

Where equity settled share options and shares are awarded to employees, the fair value of the options and shares at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options and shares that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied.

Where the terms and conditions of options and shares are modified before they vest, the increase in the fair value of the options and shares, measured immediately before and after the modification, is also charged to the consolidated statement of comprehensive income over the remaining vesting period.

Employer contribution payable is accrued over the vesting period based on the intrinsic value of the options.

Leases

The Group recognizes a right-of-use asset and a lease liability for all leases, except for leases of low-value assets. Lease liabilities are measured at the present value of future lease payments, discounted using the rate implicit in the lease, or if not available, the Group's incremental borrowing rate. Only variable lease payments based on an index or rate are included in the lease liability measurement. Other variable payments are expensed as incurred.

The lease term includes the non-cancellable period and any extension options if reasonably certain to be exercised. The initial lease liability includes:

  • Expected payments under residual value guarantees
  • Exercise price of purchase options, if reasonably certain
  • Penalties for termination, if applicable

Right-of-use assets are initially measured at the lease liability amount, adjusted for lease incentives, payments made before commencement, and initial direct costs. Lease liabilities are subsequently increased by interest and reduced by payments. Right-of-use assets are amortized on a straight-line basis over the lease term or the asset's remaining economic life, whichever is shorter.

Adjustments to the lease liability are made for changes in the lease term or variable payments, with corresponding adjustments to the right-of-use asset. If the asset is reduced to zero, further reductions are recognized in profit or loss.

Internally generated intangible assets (development costs)

Expenditure on internally developed products is capitalised if it can be demonstrated that:

  • It is technically feasible to develop the product for it to be sold
  • Adequate resources are available to complete the development
  • There is an intention to complete and sell the product
  • The Group is able to sell the product
  • Sale of the product will generate future economic benefits, and
  • Expenditure on the project can be measured reliably

Capitalised development costs are amortised over the periods the Group expects to benefit from selling the products developed. The amortisation expense is included within the " Depreciation and amortization expense" in the consolidated statement of profit or loss.

Development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects are recognised in the consolidated statement of profit or loss as incurred.

Provisions

The Group has recognised provisions for liabilities of uncertain timing or amount including those for warranty claims and provision for employer's tax related to share based incentive program. The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date, discounted at a pre-tax rate reflecting current market assessments of the time value of money and risks specific to the liability.

Note 3 - Critical accounting estimates and judgements

The Group makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Significant estimates:

  • Deferred revenue recognition and calculation of transaction price on
  • performance obligation related to 4G (note 6)
  • Impairment of trade receivables (note 15)
  • Impairment of inventory (note 14)
  • Provision for warranty claims (note 18)

Note 4 - Risk Management

  • The Group is exposed through its operations to the following financial risks: - Credit risk
  • Interest rate risk
  • Foreign exchange risk
  • Other market price risk
  • Liquidity risk, and
  • Operational risk

In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.

There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.

(i) Principal financial instruments

The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:

  • Trade receivables
  • Other receivables
  • Cash and cash equivalents
  • Trade and other payables
  • Bank overdrafts
  • Floating-rate bank loans

Inventories

Treasury shares

tax asset.

Taxes

Inventories are initially recognised at cost, and subsequently at the lower of cost (FIFO principle) and net realisable value after. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

The tax expense in the Consolidated statement of profit and loss includes both current tax payable and changes in deferred tax/ deferred tax assets.

Current tax constitutes the expected tax payable on the year's taxable result at the applicable tax rates in the consolidated statement of financial

Tax payable and deferred tax/ deferred tax assets are calculated at the tax

Items of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost includes directly attributable costs.

Depreciation on assets under construction does not commence until they are complete and available for use. Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value

Consideration paid/ received for the purchase/ sale of treasury shares is recognised directly in equity. Any excess of the consideration received on the sale of treasury shares over the weighted average cost of the shares

Deferred tax/ deferred tax assets are calculated on the basis of the temporary differences that exist between accounting and tax bases of assets and liabilities, as well as tax losses carried forward at year end. Net deferred tax assets are recognized to the extent that there is convincing evidence that there will be taxable income available to utilize the deferred

position and any corrections of tax payable for previous years.

rate applicable in different jurisdictions.

Property, plant and equipment

over their expected useful economic lives.

sold is credited to retained earnings.

Government grants

Government grants received on capital expenditure are generally deducted in arriving at the carrying amount of the asset purchased. Grants for expenditure are netted against the cost incurred by the Group. Where retention of a government grant is dependent on the Group satisfying certain criteria, it is initially recognised as deferred income. When the criteria for retention have been satisfied, the deferred income balance is released to the consolidated statement of comprehensive income or netted against the asset purchased.

(ii) Financial instruments by category

2024

Content Financial assets Financial liabilities
In NOK 1000 Fair value Amortized cost Fair value Amortized cost Total
03
Update from the CEO +		 Assets
04
This is Zaptec +		 Other non-current assets 392 392
05
2024 in review +		 Trade receivables 170 404 170 404
Other current assets 95 521 95 521
08 Financial Summary + Cash and cash equivalents 177 744 177 744
09
Sustainability +		 Total 444 061 444 061
35
Board of directors report +
40
Financial statements ↓		 Liabilities
Short-term loans and borrowings 159 971 159 971
Consolidated financial Trade payables 138 963 138 963
statement (Group) Other current liabilities 22 309 22 309
Notes to the consolidated Total 321 243 321 243
financial statement (Group)
Parent financial Net financial assets and liabilities at 31 December 444 061 -321 243 122 818

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA)

2023
Financial assets Financial liabilities
In NOK 1000 Fair value Amortized cost Fair value Amortized cost Total
Assets
Other non-current assets 4 872 317 5 189
Trade receivables 186 045 186 045
Other current assets 122 081 122 081
Cash and cash equivalents 141 643 141 643
Total 4 872 450 085 454 957
Liabilities
Trade payables 244 604 244 604
Other current liabilities 74 228 74 228
Total 318 832 318 832
Net financial assets and liabilities at 31 December 4 872 450 085 -318 832 136 125

03 Update from the CEO +

  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +
  • 09 Sustainability +
  • 35 Board of directors report +

40 Financial statements ↓

Consolidated financial statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA)

(iii) Financial instruments not measured at fair value

Financial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings.

Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value.

General objectives, policies and processes

The Board has overall responsibility for the determination of the Group's risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group's finance function.

The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. Further details regarding these policies are set out below:

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices.

Further disclosures regarding trade receivables are provided in Note 15.

Market risk

Market risk arises from the Group's use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk).

Interest rate risk

The Group's interest rate risk arises in both the short and medium-term perspective as The Group's borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities.

Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk.

As per 31.12.2024 the Group`s borrowings is mainly an overdraft facility. The terms are explained in details in Note 19.

Foreign exchange risk

Foreign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency.

The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency.

The main currency risk relates to the long term borrowings in USD to Sanmina Corp. from Zaptec Charger AS , performance obligation related to purchases from Sanmina and sale in foreign currency. These are the only items which has been included in the below sensitivity tables.

USD 1 000 2024 2023
Non-interest bearing loan 3 838 3 315
Purchase obligation 5 921 46 041

Effect in profit before tax with change in foreign exchange rate USD/NOK:

10% increase -208 4 936
10% decrease 208 4 604

As of 31 December the group holds following investments in shares:

NOK 1 000 2024 2023
Switch Ev Ltd 0 4 872
Total 0 4 872

Zaptec ASA invested in 31 619 (1.9%) shares in Switch EV Ltd in 2022 for GBP 400 000. The booked value of the shares in Switch EV Ltd. has in 2024 been written down to zero.

Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation.

At year end the company had available 140 MNOK in undrawn overdraft facility and 178 MNOK in cash and cash equivalents.

Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors.

The Group is comitted to purchase obligations amounting to 208 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina.

The table below shows the maturity structure of the Group's financial liabilities:

Content

2024

2023

In NOK 1000 Cash flows including interest
03
Update from the CEO +		 Carrying
amount		 Less than 3
Months		 3-12 Months 1-2 Years 2-5 Years After 5 years
04
This is Zaptec +		 Loans and borrowings with interest 159 971 0 159 971 0 0 0
Trade payables 138 963 138 963 0 0 0 0
05
2024 in review +		 Lease liabilities including interest 42 892 1 480 4 958 12 563 13 068 10 823
08 Financial Summary + Other current liabilities 65 264 27 073 38 191 0 0 0
09
Sustainability +		 Total 407 090 167 516 203 120 12 563 13 068 10 823

Less than 3

Trade payables 244 604 244 604 0 0 0 0 Lease liabilities including interest 65 178 2 861 8 193 9 389 22 945 21 791 Other current liabilities 74 228 61 553 12 672 0 0 0 Total 384 011 309 018 20 865 9 389 22 945 21 791

In NOK 1000 Cash flows including interest Carrying amount

35 Board of directors report +

40 Financial statements ↓

Consolidated financial
statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA)

Operational risk

Operational risk is the risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can't be avoided as it is part of the daily business activity of a company.

In 2024 the Group had two main suppliers, Westcontrol and Sanmina.

Capital Disclosures

The Group's objectives when maintaining capital are:

  • To safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and

Months 3-12 Months 1-2 Years 2-5 Years After 5 years

  • To provide an adequate return to shareholders by pricing products and services commensurately with the level of risk

The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

Note 5 - Segment information

Content

03 Update from the CEO +

  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +
  • 09 Sustainability +
  • 35 Board of directors report +

40 Financial statements ↓

Consolidated financial statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA) 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.

Other

Consist of all other legal entities in the group.

01.01 - 31.12.2024

In NOK 1000 Zaptec
Charger AS		 Zaptec
Sverige AB		 Zaptec
Schweiz AG		 Zaptec
Danmark ApS		 Other Adjustments
and eliminations		 Total
Operating income
Revenues from contracts with
customers 369 534 339 309 237 811 148 427 185 493 -13 586 1 266 988
Revenues from internal sales 590 710 0 0 0 1 750 -592 460 -0
Revenues from Marketing 0 46 0 0 1 532 -1 578 0
Revenues from shared services 6 851 7 715 0 736 10 144 -25 446 0
Revenue from TP adjustment 82 878 0 0 0 0 -82 878 0
Other operating income 1 930 0 0 0 732 -2 662 0
Total operating income 1 051 904 347 070 237 810 149 163 199 650 -718 610 1 266 988
Operating expenses
Cost of inventories 739 900 258 926 112 695 112 686 135 001 -583 464 775 743
Employee benefit expenses 151 445 19 679 36 834 9 473 45 635 -20 994 242 072
Depreciation and amortisation
expense 16 224 73 0 0 673 16 982 33 952
Other operating expenses 131 881 15 952 20 344 16 235 43 759 -34 269 193 902
Total operating expenses 1 039 450 294 630 169 872 138 394 225 068 -621 745 1 245 669
Operating result 12 454 52 440 67 938 10 769 -25 418 -96 865 21 318

Financial statements (Group) 51

01.01 - 31.12.2023

Content In NOK 1000 Zaptec
Charger AS		 Zaptec
Sverige AB		 Zaptec
Schweiz AG		 Zaptec
Danmark ApS		 Other Adjustments
and eliminations		 Total
03
Update from the CEO +		 Operating income
04
This is Zaptec +		 Revenues from contracts with
customers		 499 772 398 972 278 868 138 913 87 260 -1 377 1 402 408
05
2024 in review +		 Revenues from internal sales 590 483 0 0 0 1 750 -592 233 0
08 Financial Summary + Revenues from Marketing 2 853 0 0 0 0 -2 853 0
09
Sustainability +		 Revenues from shared services 2 647 7 512 1 070 1 796 22 556 -35 580 0
Revenue from TP adjustment 79 116 0 0 0 0 -79 116 0
35
Board of directors report +		 Other operating income 0 0 0 0 24 182 0 24 182
40
Financial statements ↓		 Total operating income 1 174 871 406 484 279 937 140 709 135 748 -711 159 1 426 590
Consolidated financial
statement (Group)		 Operating expenses
Cost of inventories 882 282 298 111 133 995 100 276 54 740 -578 113 891 290
Notes to the consolidated
financial statement (Group)		 Employee benefit expenses 146 897 17 179 30 180 9 964 38 048 5 695 247 962
Parent financial Depreciation and amortisation
expense		 13 102 39 0 0 1 779 14 999 29 918
statement (Zaptec ASA) Other operating expenses 146 885 60 709 94 023 23 466 28 837 -109 707 244 213
Notes to the parent Total operating expenses 1 189 166 376 038 258 198 133 706 123 404 -667 126 1 413 383
financial statement (Zaptec ASA)
Operating result -14 296 30 446 21 739 7 003 12 344 -44 033 13 207

Adjustments and eliminations

01.01 - 31.12.2024

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.

03 Update from the CEO +

Content

  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +
  • 09 Sustainability +
  • 35 Board of directors report +

40 Financial statements ↓

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) -592 460 -589 034 0 0 0
Elimination of employee benefits
allocated (2)		 -37 672 0 -17 805 0 -21 627
IFRS 16 adjustments (3) 0 0 0 10 136 -11 093
GAAP-adjustment to inventory (4) 0 4 661 0 0 0
Amortization of excess values (5) 0 0 0 6 845 0
Gains on internal transactions (6) 0 1 021 0 0 0
Share-based incentive program (7) 0 0 5 550 0 0
Provision for warranty claims (8) 0 0 0 0 2 160
IFRS 15 adjustments (9) -14 127 0 0 0 0
Transfer pricing adjustment -74 892 0 0 0 0
Other 540 -112 -8 739 0 -3 709
Total -718 610 -583 464 -20 994 16 982 -34 269

01.01 - 31.12.2023

Revenues from Employee benefit Depreciation and Other operating
In NOK 1000 internal sales Cost of inventories expenses amortisation expense expenses
Elimination of internal sales(1) -592 233 -584 086 0 0 -1 750
Elimination of employee benefits
allocated (2)		 -85 580 0 -11 494 0 -108 535
IFRS 16 adjustments (3) 0 0 0 9 165 -9 770
GAAP-adjustment to inventory (4) 0 -5 825 0 0 0
Amortization of excess values (5) 0 0 0 5 834 0
Gains on internal transactions (6) 0 13 176 0 0 0
Share-based incentive program (7) 0 0 9 480 0 0
Provision for warranty claims (8) 0 0 0 0 0
IFRS 15 adjustments (9) -38 762 0 0 0 0
Other 5 416 -1 378 7 709 0 10 348
Total -711 159 -578 113 5 695 14 999 -109 707

(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) As part of the increased activity outside of Norway, Zaptec Charger AS has provided significant services to other subsidiaries. The amount charged for these services is presented as reduction of cost in the financial statement of Zaptec Charger. The amount is eliminated on consolidation.

(3) Lease payment are expenses 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 an additional reduction of the carrying amount of inventory in line with local GAAP. In the consolidated IFRS statement these reductions are reversed.

(5) Excess value from the acquisition of Zaptec Schweiz AG is included on group level.

(6) Gains on internal transaction of inventory (downstream sales).

(7) Share-based incentive program, ref. note 7

(8) Provision for warranty claims, ref. note 18

(9) IFRS 15 adjustments, ref note 6

Note 6 - Revenues from contracts with customers

Content

03 Update from the CEO +

  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +
  • 09 Sustainability +
  • 35 Board of directors report +

40 Financial statements ↓

Consolidated financial statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA)

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 5

Set out below is the disaggregation of the Group's revenue from contracts with customers:

01.01 - 31.12.2024

Segments

Zaptec Zaptec Zaptec Zaptec
In NOK 1000 Charger AS Sverige AB Schweiz AG Danmark ApS Other Total
Product sales 369 534 339 309 237 811 148 427 171 907 1 266 988
Total operating income 369 534 339 309 237 811 148 427 171 907 1 266 988

By business area - Geographical distribution

Norway 295 188 0 0 0 -13 586 281 601
Sweden 22 899 339 309 0 0 0 362 208
Switzerland 0 0 237 811 0 0 237 811
Denmark 0 0 0 148 427 0 148 427
Iceland 7 781 0 0 0 0 7 781
Finland 26 208 0 0 0 0 26 208
Belgium 0 0 0 0 22 311 22 311
Poland 1 735 0 0 0 0 1 735
Netherlands 0 0 0 0 102 335 102 335
Ireland 6 691 0 0 0 0 6 691
Deutschland 0 0 0 0 6 721 6 721
UK 74 0 0 0 43 183 43 257
Portugal 4 211 0 0 0 0 4 211
France 0 0 0 0 10 942 10 942
Rest of Europe 1 925 0 0 0 0 1 925
Other 2 823 0 0 0 0 2 823
Total operating income 369 534 339 309 237 811 148 427 171 906 1 266 988

Timing of revenue recognition

Goods transferred at a point in time 356 072 339 309 237 811 148 427 171 907 1 253 526
Goods and services transferred over time* 13 462 0 0 0 0 13 462
Total operating income 369 534 339 309 237 811 148 427 171 907 1 266 988

*Consists of deferred revenue related to IFRS 15, for more information see below.

01.01 - 31.12.2023

Segments

Content
In NOK 1000 Zaptec
Charger AS		 Zaptec
Sverige AB		 Zaptec
Schweiz AG		 Zaptec
Danmark ApS		 Other Total The table below shows the movement in deferred
Product sales 499 772 398 972 278 868 138 913 85 883 1 402 408 income during 2024 (IFRS 15).
03
Update from the CEO +		 Other 0 0 0 0 24 182 24 182
04
This is Zaptec +		 Total operating income 499 772 398 972 278 868 138 913 110 065 1 426 590 Deferred income
05
2024 in review +		 31.12.2024
08 Financial Summary + By business area - Geographical distribution In NOK 1000
09
Sustainability +		 Norway 433 038 0 0 0 29 773 462 811 Opening balance 73 726
Sweden 23 593 398 972 0 0 0 422 566 Movement 14 127
35
Board of directors report +		 Switzerland 0 0 278 868 0 0 278 868 Closing balance 87 853
40
Financial statements ↓		 Denmark 2 809 0 0 138 913 0 141 722
Iceland 9 331 0 0 0 0 9 331
Consolidated financial
statement (Group)		 Finland 17 343 0 0 0 0 17 343 The Group has a performance obligation related to
Belgium 975 0 0 0 0 975 4G connectivity, which is recognized as revenue over
Notes to the consolidated
financial statement (Group)		 Poland 1 174 0 0 0 0 1 174 time. The transaction price is determined based on an
estimated future price on 4G connectivity. As goods and
Netherlands 2 007 0 0 0 50 572 52 579 services are transferred over time, revenue is allocated
Parent financial Ireland 2 396 0 0 0 0 2 396 and recognized progressively throughout the product`s
statement (Zaptec ASA) Deutschland 0 0 0 0 5 253 5 253 five-year warranty period, with discounting applied over
the same period. Future estimated obligations related to
Notes to the parent UK 6 0 0 0 24 390 24 395 4G connectivity are recognized as deferred income.
financial statement (Zaptec ASA) Portugal 6 406 0 0 0 0 6 406
Rest of Europe 383 0 0 0 77 459
Other 310 0 0 0 0 310
Total operating income 499 772 398 972 278 868 138 913 110 065 1 426 590
Timing of revenue recognition
Goods transferred at a point in time 461 010 398 972 278 868 138 913 110 065 1 387 828
Goods and services transferred over time* 38 762 0 0 0 0 38 762
Total operating income 499 772 398 972 278 868 138 913 110 065 1 426 590

Closing balance 87 853 The Group has a performance obligation related to 4G connectivity, which is recognized as revenue over time. The transaction price is determined based on an estimated future price on 4G connectivity. As goods and services are transferred over time, revenue is allocated and recognized progressively throughout the product`s five-year warranty period, with discounting applied over

*Consists of deferred revenue related to IFRS 15, for more information see below.

Note 7 - Employee benefit expenses

Content

Update from the CEO + 03
----------------------- ---- -- -- -- -- --

04 This is Zaptec +

05 2024 in review +

08 Financial Summary +

09 Sustainability +

35 Board of directors report +

40 Financial statements ↓

Consolidated financial
statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA)

Payroll costs
In NOK 1000 2024 2023
Salaries 165 413 175 666
Share based payment expense excluded payroll tax 5 869 8 127
Payroll tax 23 111 22 046
Other benefits 47 679 42 123
Total 242 072 247 962
Average full-time employees 193 183

2024

Board of directors

Board Share based
In NOK 1000 fee Bonus payment Other benefits Total
Ingelin Drøpping 395 0 0 0 395
Stig H. Christiansen 630 0 0 0 630
Jennifer Jacobs Dungs 295 0 0 0 295
Gunnar Hviding* 0 0 0 0 0
Karoline Nystrøm* 0 0 0 0 0
Christian Rangen** 300 0 0 0 300
An Joanna De Pauw** 350 0 0 0 350
Total 1 970 0 0 0 1 970
Share based
Chief executive officer and CFO Salary Bonus
payment		 Other benefits Total
Kurt Østrem*** 3 557 0 2 526 221 6 304
Eirik Fjellså Hærem**** 2 141 0 939 14 3 094
Total 5 698 0 3 464 235 9 397

* Member of the board from 12.07.2024

** Member of the Board up until 12.07.2024

*** CFO and acting CEO in the period 01.01.2024-22.02.2024. Appointed as CEO 22.02.2024.

**** Appointed as CFO and Deputy CEO 29.02.2024

Share based
Others in management Salary Bonus payment Other benefits Total
Kristian Sæther 1 451 0 1 317 14 2 783
Joris Laponder* 2 384 459 0 119 2 962
Knut Braut 1 977 0 1 976 114 4 067
Lasse Hult 1 530 0 1 317 9 2 857
Anna-Karin Andersen** 1 727 0 1 174 4 2 905
Trude Rekkedal Schulberg 1 265 0 464 14 1 743
Total 10 334 459 6 248 273 17 315

35 Board of directors report +

40 Financial statements ↓

Content

Update from the CEO + This is Zaptec + 2024 in review + 08 Financial Summary + Sustainability +

Consolidated financial statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA)

*Part of management from 01.08.2024
-- -- ------------------------------------- -- -- -- --

**Left company 09.08.2024

2023

Board of directors

Board Share based
In NOK 1000 fee Bonus payment Other benefits Total
Stig H. Christiansen 500 0 0 0 500
Ingelin Drøpping 350 0 0 0 350
Christian Rangen 250 0 0 0 250
Jennifer Jacobs Dungs 250 0 0 0 250
An Joanna De Pauw 250 0 0 0 250
Total 1 600 0 0 0 1 600
Share based
Chief executive officer and CFO Salary Bonus payment Other benefits Total
Peter Bardenfleth-Hansen* 3 630 0 0 9 674 13 304
Kurt Østrem (CFO and interim CEO)** 2 641 0 1 484 231 4 356
Total 6 271 0 1 484 9 905 17 660

*Peter Bardenfleth-Hansen left the company 01.10.2023.

Settlement of MNOK 9.5 is included in other benefits. The settlement has been accounted for as payroll. **Acting CEO and CFO up until 22.02.2024.

Content

03 Update from the CEO +

  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +
  • 09 Sustainability +
  • 35 Board of directors report +

40 Financial statements ↓

Consolidated financial statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA)

Others in management Salary Bonus Share based Kristian Sæther 1 397 0 989 48 2 434

Eirik Fjellså Hærem 1 505 200 685 22 2 412
Knut Braut 1 551 0 1 868 126 3 545
Lasse Hult 1 396 0 989 175 2 560
Anna-Karin Andersen 1 632 0 899 5 2 536
Trude Rekkedal Schulberg* 671 0 397 12 1 080
Pål Tumyr** 1 308 0 0 31 1 340
Total 9 460 200 5 827 419 15 906

*Enrolled 01.05.2023

** Left the company 30.11.2023

Pension

The group is required to provide an occupational pension scheme pursuant to the Act relating to Mandatory Occupational Pensions. The group's pension schemes comply with the requirements under that law. This year's pension cost of 12.4 MNOK is recognised in the consolidated statement of profit and loss and included in Other benefits.

Remuneration to auditors

2024 2023
2 632 2 225
1 513 888
4 144 3 113

All amounts exclude VAT.

Loans and guarantees to management and leading employees

The group does not have any loans or guarantees to management and leading employees.

Share-based compensation

Share-based incentive program for all employees

As of 01.01.2022 The Group implemented a share-based incentive program. Under the program all employees are entitled to a bonus equal to 20% of the employees' annual salary at 01.01.2022. The shares are allocated immediately and are vested over the vesting period, but can not be sold before 01.01.2025. Under the program the number of shares received is fixed at 01.01.2022. The number of shares equals 20% of the annual salary less withholding tax divided by the share price of Zaptec ASA based on average stock price last 15 days of 2021. Allocated shares for 2022 is 69 220.

payment Other benefits Total

As part of the scheme the employee will receive a cash bonus equal to hers/ his income tax payable triggered by the program. If the employee leaves before 01.01.2025 the shares received should be returned to the company without consideration. The cash portion would not be returned. The cash settlement and the employees tax payable has both been expensed in 2022.

The share portion is accounted for as an equity settled share-based payment program with immediate allocating to the employee that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2025). Fair value is measured by using the actual average stock price of the last 15 days of 2021. The provision for the cash portion is based on the estimated income tax trigged by the actual transfer of the share at each reporting date.

As of 01.01.2023 The Group implementet a new share-based incentive program for new employees in 2022. Under the program all employees are entitled to a bonus equal 20% of the annual salary at 31.12.2022. The shares will be allocated to the employees after the three year vesting period, i.e. shortly after 01.01.2026. Under the program the number of shares received is fixed at 01.01.2023. The number of shares equals 20% of the annual salary divided by the share price of Zaptec ASA based on average stock price last 15 days of 2022.

The share portion is accounted for as an equity settled share-based payment program, that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2026). Fair value is measured by using the actual average stock price of the last 15 days of 2022.

The company operates two equity-settled share-based remuneration schemes for key management:

Share-based incentive program for management

As of 01.01.2022 the group implemented a share-based incentive program for management. Under the program key management are granted a right to receive a defined number of shares after a vesting period. The vesting period running until 01.01.2025. A total of 322 629 rights to receive shares has been granted under this program as of 31.12.2024.

The program is accounted for as a equity settled share-based payment program with a 3 year vesting period, that is the fair value of the equity instruments at grant date will be expensed over the vesting period. Fair value is measured by using the actual average stock price of the last 15 days of 2021.

* The expense for social security contribution is accrued based on the share price at grant date. As a result of the significant reduction of the Zaptec share the provision has been reduced during 2022. Provision for not vested instruments is also recognised, and are expensed over the vesing period.

Share-based payment program for key management and board of directors (Stock option program)

2024 2023
03
Update from the CEO +		 In NOK 1000 Weighted average
exercise price		 Number Weighted average
exercise price		 Number
04
This is Zaptec +		 Outstanding at 1 January 13.25 500 000 13.25 600 000
05
2024 in review +		 Granted during the year 0.00 0 0.00 0
08 Financial Summary + Forfeited during the year 0.00 0 0.00 0
Exercised during the year 0.00 0 11.25 100 000
09
Sustainability +		 Lapsed during the year 15.25 50 000 0.00 0
35
Board of directors report +		 Outstanding at 31 December 13.25 450 000 13.58 500 000
40
Financial statements ↓		 Vested at 31 December 450 000 500 000

As of 31.12.2024 The Group had employee stock options agreements with 2 employees, CEO Kurt Østrem and CTO Knut Braut. The agreements have vesting periods ranging from 12-24 months from October 2020, they grant the employees purchase rights of 1.100.000 shares at a share price ranging from NOK 11.25 to NOK 15.25. As of 31.12.2024 remaining stock options is 400 000 shares. All of these stock options can be excercised as of 31.12.2024.

One board member, Stig H. Christiansen holds stock options as of 31.12.2024. The agreement have vesting periods ranging for 6.4 - 18.4 months from 18.06.2021, which grant the board member purchase rights of 50 000 shares at a share pricing of NOK 11.25.

Consolidated financial statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA)

The following information is relevant in the determination of the fair value of options granted during the year
under :
2024 2023
Option pricing model used Black
Black-Scholes Scholes
Share price at date of grant * *
Strike * *
Contractual life (in days) * *
Expected life (in days) * *
Expected volatility * *
Risk-free interest rate * *
Fair value at grant date (average) * *

* No new options granted

2024
Content Name Role Share options Strike (NOK) Vesting period end Expiration date
Kurt Østrem CEO 100 000 11.25 10/6/2020 12/31/2025
Kurt Østrem CEO 100 000 13.25 10/6/2021 12/31/2025
03
Update from the CEO +		 Kurt Østrem CEO 100 000 15.25 10/6/2022 12/31/2025
04
This is Zaptec +		 Knut Braut CTO 100 000 15.25 10/6/2022 12/31/2025
05
2024 in review +		 Stig H. Christiansen Board member 50 000 11.25 12/31/2022 12/31/2025

The employees have not paid any premium when acquiring the options. A provision is made for future obligations related to employer contribution from the option program. The provision is based on the intrinsic value of the options as of year-end and proportional to the vesting of the option granted. As of 31.12.2024 the provision for employer contribution is 0 MNOK (0 MNOK for 2023).

All sale or purchase of treasury shares are related to options and/or the share-based incentive programs.

Total share-based payment expense is charged to the consolidated statement of profit and loss with the following amount:

In NOK 1 000 2024 2023
Share-based incentive program for all
employees		 4 711 4 711
Share-based incentive program for
management		 1 157 3 415
Total share based payment expense excluded
social security costs		 5 868 8 127
Payroll tax expense -318 1 353
Total share based payment expense 5 550 9 479

2023 Name Role Share options Strike (NOK) Vesting period end Expiration date Kurt Østrem* CFO and interim CEO 100 000 11.25 10/6/2020 12/31/2024 Kurt Østrem* CFO and interim CEO 100 000 13.25 10/6/2021 12/31/2024 Kurt Østrem* CFO and interim CEO 100 000 15.25 10/6/2022 12/31/2024 Knut Braut CTO 100 000 15.25 10/6/2022 12/31/2024 Kurt Aadnøy Former employee 50 000 15.25 10/6/2022 12/31/2024 Stig H. Christiansen Chairman 50 000 11.25 12/31/2022 2/28/2024

* CFO and acting CEO in the period 02.10.2023-31.12.2023

08 Financial Summary + 09 Sustainability +

Parent financial statement (Zaptec ASA) Notes to the parent

35 Board of directors report + 40 Financial statements ↓ Consolidated financial statement (Group) Notes to the consolidated financial statement (Group)

financial statement (Zaptec ASA)

During the year zero options was exercised.

2024 2023
2 764 7 569
0 6 328
2 764 13 897
11 366 0
2 442 759
12 597 2 356
447 0

Update from the CEO + This is Zaptec + 2024 in review + 08 Financial Summary + Sustainability +

35 Board of directors report + 40 Financial statements ↓ Consolidated financial statement (Group) Notes to the consolidated financial statement (Group)

financial statement (Zaptec ASA)

Parent financial statement (Zaptec ASA) Notes to the parent

Note 9 - Income tax
In NOK 1000 2024 2023
Income tax expense
Current income tax 10 412 19 306
Changes in deferred tax -9 943 -17 545
Total income tax expense (+)/benefit (-) 468 1 761

Temporary differences and tax positions

Intangible assets -10 527 -16 994
Property plant and equipment 7 383 6 827
Right of use assets 41 079 52 741
Inventories 17 805 2 333
Receivables -3 135 11 767
Lease liabilities -42 892 -53 600
Provisions 19 925 20 922
Deferred revenue 87 853 73 726
Other differences 9 102 12 330
Total temporary differences and tax
positions		 126 592 110 052
Tax losses carried forward 12 504 11 526
Temporary differences and tax
positions not included in the basis
for deferred tax 32 086 -15 091
Basis for deferred tax 139 896 106 487
Net deferred tax asset 22% 31 745 22 771

The deferred tax assets is mainly due to deferred revenue, provision for warranty claims, inventory and tax losses carried forward in Norwegian entities. The carried forward loss is expected to be utilized going forward as the Group is expected to have a taxable income going forward.

There is no time limit of the tax losses carried forward. Tax losses not included in the basis for deferred tax relates to subsidiaries where there a still uncertainty about the availability of future tax income that can utilise these losses.

Specification in the statement of financial position

Deferred tax asset 37 219 29 898
Deferred tax 5 475 7 127
Net deferred tax 31 745 22 771

Tax payable in the statement of financial position

Current income tax payable 10 412 19 303
Prepaid tax 0 1 680
Net tax payable 10 413 20 984
In NOK 1000 2024 2023
Reconciliation of effective tax rate
Result before tax -2 769 23 990
Income tax based on applicable tax
rate (22%)		 22% -609 5 278
Effect from foreign currency and
different tax rates		 451 681
Changes in not recognized tax loss
carried forward		 -75 -125
Not deductible expenses employee
share options		 0 0
Note deductible expenses 702 582
Tax loss in foreign subsidiaries 0 0
Goodwill 0 0
Not taxable income 0 -4 654
Total income tax expense (+)/
benefit (-)		 468 1 761
Effective tax rate -16,9 % 7,3 %

Note 10 - Earnings per share

Content

Update from the CEO + This is Zaptec + 2024 in review + 08 Financial Summary + Sustainability +

Basic earnings per share is based on the earnings attributable to shareholders of the company and the weighted average number of ordinary shares outstanding for the year, less ordinary shares purchased by the company and held as treasury shares.

04
This is Zaptec +		 In NOK 1000 2024 2023
05
2024 in review +		 Net profit or loss for the year attributable to
owners of the parent company		 -3 236 22 228
08 Financial Summary + Adjustments for basic earnings 0
09
Sustainability +		 Earnings used in basic EPS -3 236 22 228
35
Board of directors report +		 Adjustments for diluted earnings 0
40
Financial statements ↓		 Earnings used in diluted EPS -3 236 22 228
Consolidated financial No. of shares outstanding as at 1 January 87 520 790 76 409 678
statement (Group) Share issue during the year 0 11 111 112
Notes to the consolidated No. of shares outstanding as at 31 December 87 520 790 87 520 790
financial statement (Group) Weighted average number of shares
Parent financial
statement (Zaptec ASA)		 outstanding through the year used in basic EPS 87 520 790 85 724 747
Notes to the parent
financial statement (Zaptec ASA)		 Potential shares relating to employee share
options		 887 595 1 014 846
Weighted average number of shares used in
diluted EPS		 88 408 385 86 739 593
Basic earnings per shares -0,037 0,259

Diluted earnings per shares -0,037 0,256

Note 11 - Intangible assets and goodwill

2024

In NOK 1000 Developement cost
/ Patents		 Goodwill Customer relations Webshop Total
Acquisition cost 1 January 135 613 79 171 31 956 749 247 489
Additions 39 383 0 0 0 39 383
Foreign currency effects 4 2 564 378 0 2 946
Acquisition cost 31 December 175 000 81 734 32 333 749 289 817
Acc. amortisation and impairments 1 January 73 037 0 14 961 0 87 998
Amortisation charge 11 307 0 6 845 0 18 153
Disposals 0 0 0 0 0
Foreign currency effects 0 0 0 0 0
Acc. amortisation and impairments 31 December 84 345 0 21 806 0 106 151
Carrying amount 31 December 90 654 81 734 10 526 749 183 664

2023

In NOK 1000 Developement cost
/ Patents		 Goodwill Customer relations Webshop Total
Acquisition cost 1 January 122 012 69 638 29 275 749 221 674
Additions 13 601 0 0 0 13 601
Foreign currency effects 0 9 533 2 681 0 12 214
Acquisition cost 31 December 135 613 79 171 31 956 749 247 489
Acc. amortisation and impairments 1 January 58 227 0 8 347 0 53 017
Amortisation charge 8 893 0 6 614 0 15 507
Disposals 5 917 0 0 0 5 917
Foreign currency effects 0 0 0 0 0
Acc. amortisation and impairments 31 December 73 037 0 14 961 0 87 998
Carrying amount 31 December 62 576 79 171 16 995 749 159 491
Expected economic life 2-10 years Indefinite 5 years Indefinite
Amortization plan Linear None* Linear None
  • 03 Update from the CEO +
  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +
  • 09 Sustainability +
  • 35 Board of directors report +

40 Financial statements ↓

Consolidated financial statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA) Goodwill and Webshop is tested for impairment annualy. For 2024 no impairment triggers are identified and no impairment has been performed. See below for more information regarding the impairment test of Goodwill.

Intangible assets relate to capitalized development and the purchase of customer relationships. The amortization period is based on the best estimate for useful life for the assets.

Development costs is internally generated development of products consisting of both costs of material and services and cost of employee benefits. In the financial year ended 2024 the Group invested 39,4 MNOK in development/patents. The main development project in 2024 was the Zaptec GO2 project. The remaining investments where distributed among several other project including Sense P1, Eichrecht, OCPP and software development projects.

The goodwill and customer relationships are allocated to the Zaptec Schweiz AG CGU for the impairment test.

Goodwill assets by segment or CGU

In NOK 1000 Goodwill Total
Zaptec Schweiz AG 81 734 81 734

Impairment test of goodwill and intangible assets

Goodwill is allocated to the Group's cash flow generating units as shown above. The recoverable amount of the cash-generating units is calculated based on the value of the asset for the business (value of use).

The impairment tests are based on budgets for next year with a projection based on long-term strategic plans. Management has set budgeted figures for 2025 based on previous performance and expectations for market developments. Growth rates for the period 2026 are in accordance with management's long-term plan and are used as projections of budgeted figures for 2024. After 2028, 1,5% perpetual growth is based on cash flows in the year 2027. The discount rate used is after tax and reflects specific risks to the relevant operating segment/CGU.

Impairment test of Zaptec Schweiz AG CGU

The Zaptec Schweiz AG CGU consist of all operations in the Zaptec Schweiz AG and is identical to the swiss segment. The impairment test shows that the calculated value in use estimated usage value is higher than the carrying amount. The calculation, is based on a model with budgeted/ projected cash flows for a period of five years with residual value after year five. The cash flows estimate includes estimated annual growth in revenues based on business plan with 15%, which is reduced to a 1,5% perpetual growth from 2027 (which is the long-term inflation estimate for Switzerland). Gross margin is based on actual gross margin for 2024, and then reducing the gross margin with 5% each year as it is expected that gross margin will be reduced in the future. A WACC of 22,20% is used for the value in use calculation for 2023. In 2023 the WACC used was 24,69%. The input data for the WACC is gathered from representative sources, peer groups etc., and this is used to determine best estimate. All parameters were set to reflect the long-term period of the assets and time horizon of the forecast period of the cash flows.

Key inputs for the WACC for the CGU:

-Risk free rate: Average risk free rate in Switzerland in 2024 -Beta (equity): Assuming no external debt in the company (therefore unlevered beta from peer group is used). -Market risk premium: The market risk premium is based on empirical data for risk premium.

-Company specific premium: The company specific premium is based on the size of the Groups specific premium minus risk free rate -Capital structure: Equity ratio of 100%.

Sensitivity

The management do not believe that any reasonable change in a key assumption would cause the CGU's recoverable amount to fall below the carrying amount.

Impairment testing showed that headroom for the CGU is >31%. An additional sensitivity analysis was performed. The sensitivity analysis showed that with a terminal growth rate of 0% or an increase in the WACC of 1% the VIU was still above the carrying amount for the CGU.

Impairment - test results and conclusion The VIU exceeds carrying amount for the CGU. The impairment test did not indicate a requirement for write-down.

Note 12 - Property, plant and equipment

In NOK 1000 2024 2023
Acquisition cost 1 January 26 340 15 061
Additions 5 010 11 392
Additions business combinations 0 0
Disposals 0 -131
Foreign currency effects 44 18
Acquisition cost 31 December 31 394 26 340
Accumulated depreciation and
impairments 1 January 11 223 6 047
Depreciation 5 681 5 176
Impairments 0 0
Accumulated depreciation and
impairments 31 December 16 904 11 223
Carrying amount 31 December 14 490 15 118
Economic life 3 - 10 year 3 - 10 year
Depreciation method Linear Linear

Note 13 - Right of use assets and lease liabilities

Content

03 Update from the CEO + 04 This is Zaptec +

  • 05 2024 in review +
  • 08 Financial Summary +
  • 09 Sustainability +
  • 35 Board of directors report +

40 Financial statements ↓

Right of use assets
2024
In NOK 1000 Vehicles Land and
buildings		 Total
1 January 3 357 49 385 52 741
Additions 0 0 0
Disposals 0 -1 721 -1 721
Additions through business
combinations		 0 0 0
Depreciation -1 799 -8 337 -10 136
Foreign currency effects 195 194
31 December 1 753 39 326 41 079
2023
In NOK 1000		 Vehicles Land and
buildings		 Total
1 January 3 214 12 496 15 709
Additions 2 335 51 049 53 384
Disposals 0 -7 570 -7 570
Additions through business
combinations		 0 0 0
Amortisation -2 566 -6 599 -9 165
Foreign currency effects 374 9 383
31 December 3 357 49 385 52 741

Economic life/lease term 5 - 15 year 3 - 7 year Amortisation method Straight line Straight line

Lease liabilities

Undiscounted lease payments and year of payment

In NOK 1000 2024 2023
Less than 1 year 7 609 10 592
1-3 years 11 942 16 168
3-5 years 10 575 10 911
more than 5 years 19 672 24 918
Total 49 797 62 589

Changes in lease liabilities

In NOK 1000 2024 2023
1 January 52 826 15 942
Additions 0 53 191
Disposals -2 269 -7 570
Interest expenses 2 442 703
Lease payments -11 093 -9 770
Foreign currency effects 986 330
31 December 42 892 52 826
In NOK 1000 2024 2023
Current lease liabilities 6 439 9 064
Non-current lease liabilities 36 453 43 762
Total 42 892 52 826

The lease contracts do not include any restrictions with regards to the Group's dividend policy or financing opportunities.

Lease payment expensed

In NOK 1000 2024 2023
Expensed lease payment for short-term
leases and low value leases 16 425 9 207
Total 16 425 9 207

Note 14 - Inventories

The inventory consists solely of finished goods (acquired goods produced for the group for resale).

In NOK 1000 2024 2023
Finished goods 490 237 441 060
Goods in transit to end user 5 528 6 288
Inventory obsolescence provision -3 987 0
Total 491 779 447 348

Total current purchase obligations of EV chargers from Westcontrol and Sanmina amounts to 208 MNOK from January 2025 till June 2025.

The Group has a balance at the end of 2024 of 491 MNOK versus 447 MNOK in the end of 2023. Cost of goods sold in the consolidated statement of profit and loss amounted to 776 MNOK in 2024 (891 MNOK in 2023). Measures are taken to adapt production to a normalized level of inventory in the long term. The stock consists only of current goods and inventory writedowns recognized as an expense amount to 4 MNOK.

As part of the assessment of carrying value of inventory, we evaluate the following:

  • General assessment of market and demand
  • Average cost price compared to last cost price
  • Sales price compared to average cost price
  • Slow moving stock items

Note 15 - Trade receivables

In NOK 1000 2024 2023
Accounts receivables at face value as of 31.12 183 507 218 929
Invoiced, not earned -9 096 -19 163
Less: Provision for impairment of accounts receivables -4 007 -13 721
Total 170 404 186 045
Receivables written off during the year 0
Collected on receivables written of in prior periods 0 0
Changes in provision during the year 9 714 -13 325
Changes in provision and write off during the year 9 714 -13 325

In 2023 a high amount for one specific customer was provisioned for, in 2024 the group received payment from parts of the receivable, and hence the rest of the provision has been recognized as credit loss in 2024.

Method for assessing credit losses

For trade receivables the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

Overdue trade receivables:

0 - 30 31 - 60 61 - 90 Over 90
In NOK 1000 Days Days Days Days Total
Trade receivables 26 330 11 131 3 844 12 501 53 805

Trade receivables are non-interest bearing and are generally on terms of 30-45 days.

Note 16 - Cash and cash equivalents

The Group's cash and cash equivalents consists of bank balances and withholding tax.

In NOK 1000 2024 2023
Cash and cash equivalents 177 744 141 643
Including restricted funds of:
Restricted funds for employee withholding tax 5 806 4 930

Content

03 Update from the CEO +

  • 04 This is Zaptec +
  • 05 2024 in review +

08 Financial Summary +

- 09 Sustainability +

35 Board of directors report +

40 Financial statements ↓

Consolidated financial statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA)

Note 17 - Shareholders and shareholders information

Share capital at 31 December:

Main shareholders at 31 December:

State Street Bank

Zaptec ASA -

Others (less than

Content

03 Update from the CEO +

04 This is Zaptec +

05 2024 in review +

08 Financial Summary +

09 Sustainability +

35 Board of directors report +

40 Financial statements ↓

Consolidated financial statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA)

Number of
shares Face value Book value
Ordinary shares 87 520 790 0.015 1 312 812
Total 87 520 790 1 312 812

VALINOR AS 10 400 000 11,88% 11,88% Nordnet Bank AB 8 289 955 9,47% 9,47% Avanza Bank AB 5 524 734 6,31% 6,31% Skandinaviska Enskilda Banken AB 4 535 094 5,18% 5,18% Danske Bank A/S 4 020 418 4,59% 4,59% VPF DNB NORGE SELEKTIV 3 320 464 3,79% 3,79% VERDIPAPIRFONDET DNB SMB 3 237 658 3,70% 3,70% Morgan Stanley & Co. Int. Plc. 2 909 347 3,32% 3,32% KONTRARI AS 2 500 000 2,86% 2,86% Saxo Bank A/S 2 331 029 2,66% 2,66% CLEARSTREAM BANKING S.A. 2 020 249 2,31% 2,31% MUST INVEST AS 1 554 726 1,78% 1,78% LYNGNESET INVEST AS 1 510 000 1,73% 1,73% WALEN 1 477 959 1,69% 1,69% The Bank of New York Mellon SA/NV 1 435 391 1,64% 1,64% Nordea Bank Abp 1 290 639 1,47% 1,47% LABOREMUS INDUSTRIER AS 1 200 000 1,37% 1,37% ØSTREM INVEST AS 1 130 000 1,29% 1,29%

Number of shares

Ownership interest

Voting rights

Number of
shares		 Portion of
equity
Treasury shares 01.01.2024 186 425 0,213 %
Purchase of treasury shares 0 0,000 %
Allocated to management and employees -107 649 -0,123 %
Treasury shares 31.12.2024 78 776 0,090 %

Stocks and options owned by members of the board and management:

Name Position Numbers
of shares		 Options
Kurt Østrem CEO 1 130 000 300 000
Stig H. Christiansen Board member 50 000 50 000
Knut Braut CTO 210 000 100 000
Lasse Hult CMO 50 000 0
Anna-Karin Andersen* CCO 47 884 0
Eirik Fjellså Hærem CFO and deputy CEO 100 000 0
Total 1 587 884 450 000

*CCO up until 09.08.2024

Note 18 - Provisions

The company have a provision for warranty claims of 22.3 MNOK at period end, a change of 4,7 MNOK compared to period end 2023. There has not been any used or reversed provision in the period. However, during 2024 14,5 MNOK (12,8 MNOK in 2023) has been expensed over profit and loss statement in other operating expenses related to warranty claims.

The warranty expense accrual is based on historical returns of products and projected towards the end of warranty period.

Estimated warranty acrual for products are recognised when products are sold. The accrual is based on historical statistics regarding failure rate and expenses for repair.

Provision for warranty claims was classified as long term in 2023, this is corrected in 2024 for both years and has been reclassified as short-term provision according to IAS 1.69d for 2024 and 2023.

The remaining long term provisions is related to the long-term incentive program for employees.

*The treasury shares are purchased/sold for use in the company's share-based
program.

and Trust Comp 1 115 593 1,27% 1,27% UBS Switzerland AG 1 017 966 1,16% 1,16%

Treasury shares* 78 776 0,09% 0,09%

1% ownership) 26 620 792 30,42% 30,42% Total 87 520 790 100,00% 100,00%

  • 03 Update from the CEO +
  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +
  • 09 Sustainability +
  • 35 Board of directors report +

40 Financial statements ↓

Consolidated financial statement (Group)

Notes to the parent financial statement (Zaptec ASA)

Note 19 - Loans and borrowings

In NOK 1000 2024 2023
Short-term loans and borrowings 159 971 0
Guaranties pledges as security 2 500 2 500

Secured in the following assets, book value:

Property, plant and equipment 13 604 14 199
Inventories 442 791 393 848
Trade receivables 141 823 64 409
Total 598 218 472 456

The Group has an overdraft facility of 300 MNOK with a draw down of 160 MNOK at period end. The interest rate is 6,45 % of overdraft.

The terms are as follows:

  • Short term overdraft facility. - Annual maturity, will be renewed automatically when a credit rating is performed.

Security:

ended 31 December 2024.

The financial covenants are as follows:

if the company is taken of the stock exchange.

subsidiaries without approval from the bank.

other activa without written approval from the lender.

  • First priority pledge in inventory, accounts receivables and machinery/ equipment in Zaptec ASA. Face value of 350 MNOK of each pledged item.

-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

  • IP-rights shall not be transferred or sold between the borrower and/or

  • 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 minimun 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

The Group has complied with all covenants as at, and for the twelve months

  • 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 7 there are no transactions with related parties.

Note 20 - Trade payables and other current liabilities

In NOK 1000 2024 2023
Trade payables 138 963 244 604

Other current liabilities

VAT 16 322 26 221
Accrued expenses 10 277 12 029
Public taxes 19 691 13 967
Holiday pay 14 239 11 593
Other short term liabilities 4 735 10 419
Other current liabilities 65 263 74 228
Total 204 226 318 832

Note 21 - Notes supporting the cash flows

Content

Parent financial statement (Zaptec ASA) Notes to the parent

financial statement (Zaptec ASA)

01.01 - 31.12.2024

In NOK 1000 Non-current Current
03
Update from the CEO +		 Loans and
borrowings		 Lease liabilities Loans and
borrowings		 Lease liabilities Total
04
This is Zaptec +		 At 1 January 0 43 762 0 9 064 52 826
Cash flows
05
2024 in review +		 Down payment of loans 0 0 0 0 0
08 Financial Summary + New loans 0 0 0 0 0
09
Sustainability +		 Net change in overdraft facility 0 0 159 971 0 159 971
Net lease payments 0 0 0 -8 651 -8 651
35
Board of directors report +		 Non-cash flows
40
Financial statements ↓		 Changes from business combinations 0 0 0 0 0
Consolidated financial Termination of lease agreement 0 0 0 0 0
statement (Group) New lease agreement 0 0 0 0 0
Notes to the consolidated
financial statement (Group)		 Reclassification short/long term 0 -6 439 0 6 439 0
Foreign exchange effect 0 -870 0 -413 -1 283
At 31 December 0 36 453 159 971 6 439 202 863
Parent financial

Note 22 - Other current assets

Breakdown of other current assets:

In NOK 1000 2024 2023
Loan to finance inventory* 43 569 35 849
VAT refund 19 203 52 842
Other 32 749 33 390
Total 95 521 122 081

* The Group has not identified any impairment indicators related to the loans to Sanmina.

01.01 - 31.12.2023

In NOK 1000 Non-current Current
Loans and
borrowings		 Lease liabilities Loans and
borrowings		 Lease liabilities Total
At 1 January 0 10 528 29 229 5 414 45 171
Cash flows
Down payment of loans 0 0 -29 229 0 -29 229
New loans 0 0 0 0 0
Net change in overdraft facility 0 0 0 0 0
Net lease payments 0 0 0 -9 270 -9 270
Non-cash flows
Changes from business combinations 0 0 0 0 0
Termination of lease agreement 0 0 0 0 0
New lease agreement 0 45 824 0 0 45 824
Reclassification short/long term 0 -12 590 0 12 590 0
Foreign exchange effect 0 0 0 330 330
At 31 December 0 43 762 0 9 064 52 826

Note 23 - Consolidated companies

Content

The following companies are included in the consolidated financial statements:

Legal company Association Head office Currency Ownership
Zaptec ASA Parent Stavanger NOK
03
Update from the CEO +		 Zaptec Charger AS Subsidiary Stavanger NOK 100%
04
This is Zaptec +		 Zaptec IP AS Subsidiary Stavanger NOK 100%
05
2024 in review +		 Zaptec Power AS Subsidiary Stavanger NOK 100%
Zaptec Sverige AB Subsidiary Stockholm SEK 100%
08 Financial Summary + Zaptec Denmark ApS Subsidiary Copenhagen DKK 100%
09
Sustainability +		 Zaptec Deutchland GmbH Subsidiary München EUR 100%
35
Board of directors report +		 Zaptec U.K. Ltd Subsidiary Broseley GBP 100%
40
Financial statements ↓		 Zaptec Schweiz AG Subsidiary Zürich CHF 100%
Zaptec France SAS Subsidiary Paris EUR 100%
Consolidated financial Zaptec Netherlands B.V. Subsidiary Amsterdam EUR 100%
statement (Group) Zaptec Italia S.r.l Subsidiary Milan EUR 100%

Note 24 - Government grants

Government grants have been received in relation to R&D project through SkatteFunn. The amount reduces the costs related to the projects.

Note 25 - Related party transactions

Apart from transaction with key management and board members included in Note 7 there are no transactions with related parties.

Note 26 - Events after the reporting date

No events after reporting date.

Zaptec Charger AS is funding group entitites in the startup phase with loans.

Notes to the parent financial statement (Zaptec ASA)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

03 Update from the CEO +

  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +
  • 09 Sustainability +
  • 35 Board of directors report +

40 Financial statements ↓

Consolidated financial statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA)

Consolidated statements

Zaptec ASA

Income statement 71
Balance sheet 71
Balance sheet 71
Statement of cash flows 72

Notes

Note 1 - Accounting principles 73
Note 2 - Remuneration to the board and auditor 74
Note 3 - Specification of other operating costs 76
Note 4 - Intercompany items between companies
in the same group 76
Note 5 - Financial income and expense 76
Note 6 - Income tax 77
Note 7 - Equity 78
Note 8 - Subsidiaries and investments in shares 78
Note 9 - Cash and cash equivalents 79
Note 10 - Shareholders and shareholders information 79
Note 11 - Loans and borrowings 80
Note 12 - Events after the reporting date 81

Income statement

Content

Update from the CEO + This is Zaptec + 2024 in review + 08 Financial Summary + Sustainability +

35 Board of directors report + 40 Financial statements ↓ Consolidated financial statement (Group) Notes to the consolidated financial statement (Group)

financial statement (Zaptec ASA)

Parent financial statement (Zaptec ASA) Notes to the parent

In NOK 1000 Note 2024 2023
Operating expenses
Employee benefit expenses 2 2 132 1 859
Other operating expenses 2,3 12 677 6 689
Total operating expenses 14 809 8 548
Operating loss -14 809 -8 548
Financial income and expenses
Interest income from group
companies		 4 57 579 22 086
Other financial income 5 16 21 340
Other financial expenses 5 20 347
Net financial income (+) and
expenses (-)		 37 248 43 415
Profit (+)/loss (-) before tax 22 439 34 867
Tax expense (+)/benefit (-) 6 6 022 3 013
Profit (+)/loss (-) after tax 16 417 31 854
Allocated to
Other equity 7 16 417 31 854
Total allocated 16 417 31 854

Balance sheet

In NOK 1000 Note 12/31/2024 12/31/2023
ASSETS
Deferred tax asset
Deferred tax asset 6 22 71
Non-current financial assets
Investments in subsidiaries 8 207 140 185 962
Convertible loans to group
companies		 4 723 976 533 675
Investments in shares 8 0 4 872
Total non-current assets 931 138 724 580
Debtors
Other short-term receivables 1 559 3 301
Short term receivables from
group companies 4 21 854 6 281
Cash and cash equivalents
Cash and cash equivalents 9 912 10 917
Total current assets 24 325 20 499
955 463 745 079

Balance sheet In NOK 1000 Note 12/31/2024 12/31/2023 EQUITY AND LIABILITIES Equity Share capital 7, 10 1 313 1 313 Treasury shares 7, 10 -1 -3 Share premium 7 646 945 646 945 Other paid in equity 7 36 057 30 188 Other equity 7 80 055 62 515 Total equity 764 368 740 957 Liabilities Other provision 2 0 218 Total provisions 0 218 Current liabilities Short-term loans and borrowings 11 159 971 0 Trade payables 2 678 594 Tax payable 6 0 2 186 Short-term public dues 94 0 Group contribution 4 27 151 0 Other current liabilities 1 200 1 125 Total current liabilities 191 095 3 904

Total Equity and Liabilities 955 463 745 079

Total liabilities 191 095 4 123

Sandnes, 25.03.2025

Ingelin Drøpping Kurt Østrem Stig Harry Christiansen Chairman of the board General manager Member of the board

Jennifer Jacobs Dungs Gunnar Hviding Karoline Nystrøm

Member of the board Member of the board Member of the board

Statement of cash flows

Content

03
Update from the CEO +		 In NOK 1000 Note 2024 2023
04
This is Zaptec +		 Cash flow from operating activities
05
2024 in review +		 Profit (+)/loss (-) before tax 22 439 34 867
08 Financial Summary + Finance income -57 579
09
Sustainability +		 Write down of financial investments 4 872
Change in accounts payables 2 084 -5 667
35
Board of directors report +		 Share based payment expense 2 5 869 0
40
Financial statements ↓		 Change in other accrual items 6 974 8 369
Consolidated financial Net cash flow from operating activities -15 341 37 570
statement (Group)
Notes to the consolidated Cash flow from investment activities
financial statement (Group) Change in convertible intercompany loans 4 -140 187 -348 785
Parent financial Change in intercompany receivables -15 573 28 372
statement (Zaptec ASA) Net cash flow from investment activities -155 760 -320 413
Notes to the parent
financial statement (Zaptec ASA) Cash flow from financing activities
Draw down on credit facility 11 159 971 0
Purchase of treasury shares 7 0 -2 180
Sale of treasury shares 7 1 125 0
Proceeds from equity 0 287 927
Net cash flow from financing activities 161 096 285 747
Net change in cash and cash equivalents -10 005 2 904
Cash and cash equivalents at start of period 10 917 8 013
Cash and cash equivalents at end of period 912 10 917

Notes

Content

03 Update from the CEO +

  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +
  • 09 Sustainability +
  • 35 Board of directors report +

40 Financial statements ↓

Consolidated financial statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA)

Note 1 - Accounting principles

Basis of preparation

The financial statements have been prepared in accordance with the Norwegian Accounting Act and generally accepted accounting principles in Norway.

Subsidiaries and investment in associates

Subsidiaries and investments in associates are valued at cost in the company accounts. The investment is valued as cost of the shares in the subsidiary/associate, less any impairment losses. An impairment loss is recognised if the impairment is not considered temporary, in accordance with generally accepted accounting principles. Impairment losses are reversed if the reason for the impairment loss disappears in a later period.

Dividends, group contributions and other distributions from subsidiaries are recognised in the same year as they are recognised in the financial statement of the provider. Which under NGAAP normally is in the financial year it relates to, even if it is approved by the general meeting after the financial year. If dividends/group contribution exceed withheld profits after the acquisition date, the excess amount represents repayment of invested capital, and the distribution will be deducted from the recorded value of the acquisition in the balance sheet for the parent company.

Classification and valuation of balance sheet items

Non-current assets are assets intended for long-term ownership or use. All other assets are current assets. Receivables that fall due for payment within one year shall not be classified as non-current assets. Similar criteria applies to liabilities.

Current assets are valued at the lower of acquisition cost and fair value.

Non-current assets are written down to fair value upon any impairment that is expected not to be temporary. Long-term debt is recognised at nominal value at transaction date.

Group receivable and other receivables

Group receivable and other current receivables are recorded in the balance sheet at face value less provisions for doubtful accounts. Provisions for doubtful accounts are based on an individual assessment of the different receivables. For the remaining receivables, a general provision is estimated based on expected loss.

Foreign currency translation

Transactions in foreign currency are translated at the rate applicable on the transaction date. Monetary items in a foreign currency are translated into NOK using the exchange rate applicable on the balance sheet date.

Share-based option agreement

Where equity settled share options are awarded to the management, the fair value of the options at the date of grant is charged to the income statement over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a nonvesting condition is not satisfied.

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to financial statement over the remaining vesting period.

Taxes

The tax expense consists of the tax payable and changes to deferred tax. Deferred tax/tax assets are calculated on all differences between the book value and tax value of assets and liabilities. Deferred tax is calculated as 22 percent of temporary differences and the tax effect of tax losses carried forward. Deferred tax assets are recorded in the balance sheet when it is more likely than not that the tax assets will be utilized.

Taxes payable and deferred taxes are recognised directly in equity to the extent that they relate to equity transactions.

Cash flow statement

The cash flow statement is presented using the indirect method. Cash and cash equivalents includes cash and bank deposits.

Note 2 - Remuneration to the board and auditor

Content
03 Update from the CEO +
---- ----------------------- -- -- -- --
  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +
  • 09 Sustainability +
  • 35 Board of directors report +

40 Financial statements ↓

Consolidated financial
statement (Group)
Payroll costs through profit and loss
In NOK 1000 2024 2023
Remuneration to the board 1 970 1 600
Payroll tax -7 98
Remuneration to nomination committee 170 161
Total 2 132 1 859

Remuneration to the board

2024

Share based
In NOK 1000 Board fee Bonus payment Other benefits Total
Stig H. Christiansen 630 0 0 0 630
Ingelin Drøpping 395 0 0 0 395
Jennifer Jacob Dungs 295 0 0 0 295
Gunnar Hviding* 0 0 0 0 0
Karoline Nystrøm* 0 0 0 0 0
Christian Rangen** 300 0 0 0 300
An Joanna De Pauw** 350 0 0 0 350
Total 1 970 0 0 0 1 970

2023

Share based
In NOK 1000 Board fee Bonus payment Other benefits Total
Stig H. Christiansen 500 0 0 0 500
Ingelin Drøpping 350 0 0 0 350
Jennifer Jacob Dungs 250 0 0 0 250
Christian Rangen 250 0 0 0 250
An Joanna De Pauw 250 0 0 0 250
Total 1 600 0 0 0 1 600

* Member of the board from 12.07.2024

** Member of the Board up until 12.07.2024

In 2024 the company employed 0 man-years.

Kurt Østrem is the general manager in Zaptec ASA. He is compensated through Zaptec Charger AS. His salary is specified in the table below:

CEO and CFO Salary Bonus Share
based
payment		 Other
benefits		 Total
Kurt Østrem * 3 557 0 2 526 221 6 304
Eirik Fjellså
Hærem**		 2 141 0 939 14 3 094
Total 5 698 0 3 464 235 9 397

* CFO and acting CEO in the period 01.01.2024-22.02.2024. Appointed as CEO from 22.02.2024.

** Appointed as CFO and Deputy CEO 29.02.2024

Pension liabilities

The company has no employees and is not liable to maintain an occupational pension scheme under the Mandatory Occupational Pensions Act.

Remuneration to auditors for 2024

In NOK 1000
Statutory audit 868
Other non-auditing services 1 513
Total 2 381
All amounts exclude VAT.

Parent company financial statements (Zaptec ASA) 74

Share-based compensation

Share-based payment program for board of directors (Stock option program)

The company operates a equity-settled share-based remuneration schemes for board of directors.

03 Update from the CEO +

Content

04 This is Zaptec +

05 2024 in review +
---- ------------------
  • 08 Financial Summary +
  • 09 Sustainability +

35 Board of directors report +

40 Financial statements ↓

Consolidated financial statement (Group)

Notes to the parent financial statement (Zaptec ASA)

2024 2023
Weighted average exercise price Number Weighted average exercise price Number
Outstanding at 1 January 11.25 50 000 11.25 150 000
Granted during the year 0 0 0 0
Forfeited during the year 0 0 0 0
Exercised during the year 0 0 11,25 100 000
Lapsed during the year 0 0 0 0
Outstanding at 31 December 11.25 50 000 11.25 50 000
Vested at 31 December 0,00 50 000 11,25 50 000

During the year zero options were exercised.

The following information is relevant in the determination of the fair value of options granted during the year under :

2024 2023
Option pricing model used Black-Scholes Black-Scholes
Share price at date of grant * *
Strike * *
Contractual life (in days) * *
Expected life (in days) * *
Expected volatility * *
Risk-free interest rate * *
Fair value at grant date (average) * *

* No new options granted

Stig H. Christiansen (Chairman) holds stock options as of 31.12.2024. The agreement have vesting periods ranging for 6.4 - 18.4 months from 18.06.2021, which grant the board member purchase rights of 50 000 shares at a share pricing of NOK 11.25.

Share-based incentive program for all employees

As of 01.01.2022 The Group implemented a share-based incentive program. Under the program all employees are entitled to a bonus equal to 20% of the employees' annual salary at 01.01.2022. The shares are allocated immediately and are vested over the vesting period, but can not be sold before 01.01.2025. Under the program the number of shares received is fixed at 01.01.2022. The number of shares equals 20% of the annual salary less withholding tax divided by the share price of Zaptec ASA based on average stock price last 15 days of 2021. Allocated shares for 2022 is 69 220.

As part of the scheme the employee will receive a cash bonus equal to hers/ his income tax payable triggered by the program. If the employee leaves before 01.01.2025 the shares received should be returned to the company without consideration. The cash portion would not be returned. The cash settlement and the employees tax payable has both been expensed in 2022 in Zaptec ASA's subsidiaries.

The share portion is accounted for as an equity settled share-based payment program with immediate allocating to the employee that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2025). Fair value is measured by using the actual average stock price of the last 15 days of 2021. The provision for the cash portion is based on the estimated income tax trigged by the actual transfer of the share at each reporting date.

The share portion is accounted in Zaptec ASA as an increase in investment i subsidiaries and equity. Recharge transaction is accounted for as a receivable to subsidiaries and decrease in subsidaries. Employer contribution payable is based on the intrinsic value of the shares at the reporting date. The employees in the subsidiaries receives shares from Zaptec ASA. The share portion is recorded in the subsidiaries as increase in payroll costs, and increase in liabilities to parent company.

As of 01.01.2023 The Group implementet a new share-based incentive program for new employees in 2022. Under the program all employees are entitled to a bonus equal 20% of the annual salary at 31.12.2022. The shares will be allocated to the employees after the three year vesting period, i.e. shortly after 01.01.2026. Under the program the number of shares received is fixed at 01.01.2023. The number of shares equals 20% of the annual salary divided by the share price of Zaptec ASA based on average stock price last 15 days of 2022.

  • 03 Update from the CEO +
  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +
  • 09 Sustainability +
  • 35 Board of directors report +

40 Financial statements ↓

Consolidated financial statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA) The share portion is accounted for as an equity settled share-based payment program, that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2026). Fair value is measured by using the actual average stock price of the last 15 days of 2022.

Share-based incentive program for management

As of 01.01.2022 the group implemented a share-based incentive program. Under the program key management are granted a right to receive a defined number of shares after a vesting period. The vesting period running until 01.01.2025. A total of 440 000 rights to receive shares has been granted under this program as of 31.12.2022.

The program is accounted for as a equity settled share-based payment program with a 3 year vesting period, that is the fair value of the equity instruments at grant date will be expensed over the vesting period. Fair value is measured by using the actual average stock price of the last 15 days of 2021.

Share-based payment expense is charged to the income statements the following amount, where the option program is charged in Zaptec ASA and share-based incentive program is charged in subsidiaries of Zaptec ASA:

In NOK 1000 2024 2023
Share-based incentive program for all
employees		 4 711 4 711
Share-based incentive program for
management 1 157 3 415
Total share based payment expense 5 868 8 126

Note 3 - Specification of other operating costs

In NOK 1000 2024 2023
Rental cost 463 398
Other operating costs 1 719 1 935
Consultants 10 495 4 356
Total other operating expense 12 677 6 689

Note 4 - Intercompany items between companies in the same group

Receivables

In NOK 1000 2024 2023
Convertible loans to companies in the same group 723 976 533 675
Other short-term receivables within the group 21 854 6 281
Total 745 831 539 956

Liabilities

In NOK 1000 2024 2023
Other short-term liabilities within the group 0 1 125
Group contributon 27 151 0
Total 27 151 1 125

All the subsidiaries are listed in Note 8.

Note 5 - Financial income and expense

In NOK 1000
Finance income 2024 2023
Other finance income 16 184
Foreign currency gain 0 0
Gain on realization of shares 0 21 156
Total finance income 16 21 340
Finance expense 2024 2023
Interest on debts and borrowings 11 366 0
Write down of other financial assets 4 872 0
Other finance expense 4 109 11

Total finance expense 20 347 11

Note 6 - Income tax

Content

Update from the CEO + This is Zaptec + 2024 in review + 08 Financial Summary + Sustainability +

35 Board of directors report + 40 Financial statements ↓ Consolidated financial statement (Group) Notes to the consolidated financial statement (Group)

financial statement (Zaptec ASA)

Parent financial statement (Zaptec ASA) Notes to the parent

In NOK 1000 2024 2023
Income tax expense
Current income tax 5 974 2 182
Too much/little allocated previous years 0 3
Changes in deferred tax 49 827
Total income tax expense (+)/benefit (-) 6 022 3 013
Temporary differences and tax positions
Tangible assets 75 74
Accounts receivables -177 -177
Provisions 0 -218
Total temporary differences and tax
positions		 -102 -321
Tax losses carried forward 0 0
Basis for deferred tax -102 -321
Net deferred tax asset 22% -22 -71
In NOK 1000 2024 2023
Taxable income
Result before tax 22 439 34 867
Permament differences 4 933 -21 156
Change in temporary differences -218 15
Application of loss to be brought
forward		 0 -3 792
Group contribution -27 152 0
Taxable income 0 9 935
Tax payable in the statement of financial position
Current income tax payable 5 974 2 186
Tax effect on group contribution -5 974 0

Net tax payable 0 2 186

In NOK 1000 2024 2023
Reconciliation of effective tax rate
Result before tax 22 439 34 867
Income tax based on applicable tax rate
(22%)		 22% 4 937 7 671
Tax effect on permanent differences 1 085 -4 654
Too much/to little allocated previous
year		 0 -3
Total income tax expense (+)/benefit (-) 6 022 3 013
Effective tax rate 26,8 % 8,6 %
In NOK 1000 2024 2023
Specification of permanent differences
Other permanent differences 4 933 -21 156
Total permanent differences 4 933 -21 156

Note 7 - Equity

statement (Group) Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA) Notes to the parent

financial statement (Zaptec ASA)

Content In NOK 1000 Share Capital Share premium Not registered
capital		 Other paid in
capital		 Other equity Total equity
03
Update from the CEO +		 Equity 1 January 2023 1 146 359 185 0 22 061 32 839 415 231
04
This is Zaptec +		 Profit (+)/loss (-) after tax 31 854 31 854
Purchase of treasury shares -2 180 -2 180
05
2024 in review +		 Capital increase 167 287 760 287 927
08 Financial Summary + Share based payments 8 126 8 126
09
Sustainability +		 Equity 31 December 2023 1 313 646 945 0 30 187 62 513 740 957
35
Board of directors report +		 Profit (+)/loss (-) after tax 16 417 16 417
Sale of treasury shares 1 125 1 125
40
Financial statements ↓		 Share based payments 5 869 5 869
Consolidated financial 31 December 2024 1 313 646 945 0 36 056 80 055 764 368

Note 8 - Subsidiaries and investments in shares

Subsidiary Head office Currency Ownership Carrying amount Equity Result
Zaptec Charger AS Stavanger NOK 100% 204 290 68 496 -50 717
Zaptec IP AS Stavanger NOK 100% 2 849 4 374 582
Zaptec Power AS Stavanger NOK 100% 1 5 535 247
Total 207 140 78 405 -49 888

The shares in Zaptec Power AS has been written down to 1 NOK in accordance with "NRS Nedskrivning av anleggsmidler". There is no activity in this company per 31.12.2024.

Carrying amount
Subsidiation Head office Ownership (NOK)
Switch EV Ltd. London 1,9 % 0

Zaptec ASA invested in 31 619 (1.9%) shares in Switch EV Ltd in 2022 for GBP 400 000. The booked value of the shares in Switch EV Ltd. has in 2024 been written down to zero.

Note 9 - Cash and cash equivalents

Content

03 Update from the CEO +

04 This is Zaptec +

05 2024 in review +

08 Financial Summary +

09 Sustainability +

35 Board of directors report +

40 Financial statements ↓

Consolidated financial statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA)

Funds standing on the tax deduction account (restricted
funds) are NOK 71 000.

Note 10 - Shareholders and shareholders information

Share capital at 31 December:

Number of
shares Face value Book value
Ordinary shares 87 520 790 0.015 1 312 812
Total 87 520 790 1 312 812

Stocks and options owned by members of the board and management in Zaptec Charger AS:

Name Position Numbers
of shares		 Options
Kurt Østrem CEO 1 130 000 300 000
Stig H. Christiansen Board member 50 000 50 000
Knut Braut CTO 210 000 100 000
Lasse Hult CMO 50 000 0
Eirik Fjellså Hærem CFO and deputy CEO 100 000 0
Total 1 540 000 450 000

Main shareholders at 31 December:

Number of
shares		 Ownership
interest		 Voting rights
VALINOR AS 10 400 000 11,88% 11,88%
Nordnet Bank AB 8 289 955 9,47% 9,47%
Avanza Bank AB 5 524 734 6,31% 6,31%
Skandinaviska Enskilda Banken AB 4 535 094 5,18% 5,18%
Danske Bank A/S 4 020 418 4,59% 4,59%
VPF DNB NORGE SELEKTIV 3 320 464 3,79% 3,79%
VERDIPAPIRFONDET DNB SMB 3 237 658 3,70% 3,70%
Morgan Stanley & Co. Int. Plc. 2 909 347 3,32% 3,32%
KONTRARI AS 2 500 000 2,86% 2,86%
Saxo Bank A/S 2 331 029 2,66% 2,66%
CLEARSTREAM BANKING S.A. 2 020 249 2,31% 2,31%
MUST INVEST AS 1 554 726 1,78% 1,78%
LYNGNESET INVEST AS 1 510 000 1,73% 1,73%
WALEN 1 477 959 1,69% 1,69%
The Bank of New York Mellon SA/NV 1 435 391 1,64% 1,64%
Nordea Bank Abp 1 290 639 1,47% 1,47%
LABOREMUS INDUSTRIER AS 1 200 000 1,37% 1,37%
ØSTREM INVEST AS 1 130 000 1,29% 1,29%
State Street Bank and Trust Comp 1 115 593 1,27% 1,27%
UBS Switzerland AG 1 017 966 1,16% 1,16%
Zaptec ASA - Treasury shares* 78 776 0,09% 0,09%
Others (less than 1% ownership) 26 620 792 30,42% 30,42%
Total 87 520 790 100% 100,00%

Note 11 - Loans and borrowings

In NOK 1000 2024 2023
Short-term loans and borrowings 159 971
Guaranties pledges as security 2 500
Secured in the following assets, book value (from the subsidiary Zaptec Charger AS):
Property, plant and equipment 13 604
Inventories 442 791
Trade receivables 141 823

35 Board of directors report +

Content

Update from the CEO + This is Zaptec + 2024 in review + 08 Financial Summary + Sustainability +

40 Financial statements ↓

Consolidated financial statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA)

Zaptec ASA has an overdraft facility of 300 MNOK with a draw down of 160 MNOK at period end. The interest rate is 6,45 % of overdraft.

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 minimun 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 twelve months ended 31 December 2024.

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 7 there are no transactions with related parties.

Note 12 - Events after the reporting date

Content

03 Update from the CEO +

04 This is Zaptec +

05 2024 in review +

08 Financial Summary +

09 Sustainability +

35 Board of directors report +

40 Financial statements ↓

Consolidated financial statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA) No events after reporting date.

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

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, 2024. 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.

-

-

The Key Audit Matter How the matter was addressed in our audit
The inventories have a carrying value of
NOK 491.8 million after deducting an
obsolescence provision of NOK 3.99 million.
Given the high pace of product development
and strong focus on innovation in the industries
where the group operates, management must
continuously assess the relevance and market
demand for their products, especially
considering existing purchase obligations tied to
inventory and a decline in demand in 2024.
Management uses significant judgement in
assessing the obsolescence provision for any
unrecoverable inventory.
The combination of these factors: the substantial
inventory size, rapid innovation, purchase
obligation and decline in market demand in
2024, makes obsolescence of inventories a key
audit matter of our audit.		 Our audit procedures in this area included:
· Evaluating management's process and
controls over inventory obsolescence.
· Inspecting management's assessment
of obsolescence to understand their
rationale for the provision, including
performing a retrospective review of the
prior year's provision to assess the
accuracy of management's previous
obsolescence estimates.
· Recalculating the company's inventory
obsolescence calculation, assessing the
expected future development of its
inventory, obtaining the company's 2025
budget, and comparing expected future
sales with current inventory levels and
purchase obligations to suppliers
· Performing a separate evaluation of
inventory obsolescence based on three
criteria: slow-moving items, the last
purchase price in the group is below the
average booked value, and a sales price
lower than the average booked value;
· Assessing whether the provision of
obsolescence performed by
management is in line with IAS 2; and
· Assessing the adequacy and
appropriateness of the disclosures in the
financial statements related to
obsolescence of inventories.
The Kev Audit Matter How the matter was addressed in our audit
The Group's revenue, which comprise revenue
from sale of chargers and service of		 Our audit procedures in this area included:

-

-

-

-

-

  • 03 Update from the CEO +
  • 04 This is Zaptec +
  • 05 2024 in review +
  • 08 Financial Summary +
  • 09 Sustainability +
  • 35 Board of directors report +

40 Financial statements ↓

Consolidated financial statement (Group)

Notes to the consolidated financial statement (Group)

Parent financial statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA)

Statement by the board of directors and chief executive officer

Pursuant to the Norwegian Securities Trading Act section § 5-5 with pertaining regulations, we hereby confirm that, to the best of our knowledge, the company's financial statements for the period 1 January to 31 December 2024 have been prepared in accordance with IFRS Accounting Standards, as endorsed by the EU, and in accordance with the requirements for additional information provided for by the Norwegian Accounting Act. The information presented in the financial statements gives a true and fair picture of the company's liabilities, financial position and results overall. To the best of our knowledge, the Board of Directors' yearly report, gives a true and fair picture of the development, performance and financial position of the company, and includes a description of the principal risk and uncertainty factors facing the company.

Chairman of the board General manager Member of the board

Jennifer Jacobs Dungs Gunnar Hviding Karoline Nystrøm Member of the board Member of the board Member of the board

Ingelin Drøpping Kurt Østrem Stig Harry Christiansen

Zaptec

2024

Annual Report

Zaptec ASA P.O. Box 163 4068 Stavanger, Norway www.zaptec.com

The signatures in this document are legally binding. The document is signed using Penneo™ secure digital signature. The identity of the signers has been recorded, and are listed below.

"By my signature I confirm all dates and content in this document."

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