Zaptec AS — Earnings Release 2022

Aug 25, 2022

Q2 2022

Peter Bardenfleth-Hansen – CEO Kurt Østrem – CFO

Zaptec by the numbers

130.000+

charging stations sold

6 sales companies

84% Increase in order intake from Q2-21

70% Export share

≈400.000 Parking spaces with

infrastructure for further Zaptec Pro chargers

120 employees

Zaptec's CEO: The man who introduced Tesla to the Nordic region And what key take away is relevant for Zaptec?

"In a competitive environment it is important to stay focused on the goal and not take any shortcuts. Not least, you need to have a clear vision that the whole organisation understands. When everyone is aligned then teamwork and a collective responsibility becomes second nature. That is the recipe for success," he says. Read more about Peters background and future visions at

Zaptec.com.

Highlights Q2 - 2022

• Strong purchase orders registration of 218 MNOK, up 84%
• Revenue growth of 65% despite production stop whole of April
• Production going forward secured and second production partner Sanmina on track
• Export share of 70%
• Gross margin of 42%
• •Adjusted EBITDA of 7.7 MNOK

Key numbers

MNOK/%	Q2-22	Q2-21	YTD 2022	YTD 2021	250
Revenues	151.5	92.1	283.7	165.2	200
Export Share	70%	41%	69%	40%
Gross margin	41.9%	35.8%	43.9%	34.7%	150
Operating expenses	55.81	21.2	107.7	40.1	100
EBITDA adj.	7.71	11.7	16.8	17.3	50
EBITDA Margin (%)	5.1%	12.8%	5.9%	10.4%
Available liquidity	245.32	286.2	245.3	286.2	0

45 47 49 79 73 92 131 193 132 152 - 50 100 150 200 250 0 50 100 150 200 250 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Quarterly revenue and order intake (MNOK) Norway Export Order intake

Market development

• European expansion continues, country manager for Benelux signed
• Zaptec Germany signed with ChargeGuru, providing Germany-wide platform of certified installers
• Zaptec Denmark signed reseller agreements with NRGI and KW Bruun

EV markets Scandinavia and Switzerland

• 7% decrease in Q2-22 compared to Q2-21
• 1% increase in the first half year compared to the same period last year

Source: ofv.no, bilstatistik.dk, powercircle.org, Swissinfo.ch

EV markets UK and Germany

• 221 240 EVs sold in Q2-22, a decrease of 9% compared to Q2-21

International expansion

• The export share was 70% (41% in Q2-21)
• Our largest export markets were Sweden, Denmark, Switzerland and Iceland

1527 car parks ready to go with Zaptec Pro same car park several months- or years later which may add to demand.

We managed to prepare a total of 1527 car parks with Zaptec Pro chargers during the quarter. That is up from 1470 car park installations last quarter.

There are several parking possibilities in each car park, where typically 20% is equipped with a Zaptec charger.

As the EV demand increase, the car park owner can add multiple Zaptec Pro chargers to the

Subscription for payment services

Charge365

• Our payment service solution for Proend-customers in Norway is steadily increasing, now with more than 13000 active unique users

Zaptec Park

• To expand into new markets quickly, Zaptec entered into an agreement with Monta to provide end customers the best and most flexible payment solution • Zaptec Park was launched in Sweden
• in June, and further expansion in other European countries during autumn 2022

Production

• Components are back in stock and production is increasing at Westcontrol
• Action taken both technically and within supply chain to prevent further delays
• Additional production partner Sanmina on track
• Backlog of Zaptec Go expected to be eliminated by Q3-22, and Zaptec Pro by Q1-23.

Outlook

• Shift towards e-mobility remains resolute and unchanged
• rate of minimum 70%
• Long term target EBITDA margin remains in the range of 15-20%

Cautionary Statement Regarding Forward-Looking Statements

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, 2020. 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 we will achieve or accomplish these expectations, beliefs or projections