Zaptec AS — Earnings Release 2021

Jan 28, 2022

Q4 2021

Anders Thingbø – CEO Kurt Østrem – CFO

Zaptec by the numbers

6 sales companies

100.000+

charging stations sold

annual revenue growth 2021

market share in multiuser systems (Norway)

≈400.000

Parking spaces with infrastructure for further Zaptec Pro chargers

employees

Highlights Q4

• High revenue growth
• Strong gross margin
• EBITDA level record high, glimpse of our scaling business model
• European Electric Vehicles markets continue to grow
• Order backlog from Q3 delivered
• Significant retail agreements for Zaptec Go
• Export share continue to increase

Key numbers

MNOK/%	Q4-21	Q4-20	YTD 2021	YTD 2020
Revenues	193	79	489	220
Export Share	49%	31%	45%	26%
Gross margin	51%	39%	44%	38%
Operating expenses	521	19	128	53
EBITDA adj.	471	11	87	30
EBITDA Margin (%)	24%	14%	18%	14%
Available liquidity	3092	273	3092	273

1. Adjusted for salary benefit and social cost on share option program of MNOK 9.4

2. Including funds and available overdraft facility of 50 MNOK

EV markets Scandinavia and Switzerland

• European EV markets continue to grow Q4-21
• EV registrations in Norway, Denmark, Sweden and Switzerland
• 16% increase in Q4-21 compared to Q4-20
• 53% higher in 2021 compared to 2020 -

Source: Energi og Klima. Swissinfo.ch

EV markets UK and Germany

• 300.000 EVs sold in Q4- 21 in UK and Germany, or an increase of 16% compared to Q4-20

• 73% increase in number of new registrations in 2021 compared to last year in UK and Germany

International expansion

• The export share was 49% in Q4 21 (31% in Q4 20)
• Our largest export markets were Sweden, Denmark, Switzerland and Iceland

Export share

Sales companies

• In addition to Norway, there are six sales companies located in the UK, Sweden, Switzerland, France, Germany and Denmark
• Highly competent teams
• Continuous quarterly growth with increasing revenue on an annual basis

Making our charging systems compliant

Zaptec Pro for commercial charging Housing cooperatives, public parking, workplaces etc.

Zaptec Pro charging system Zaptec Portal cloud solution Charge365 smart payment

Zaptec Go for home charging Single-family home

Zaptec Go charger Zaptec mobile app Zaptec Eco Mode

Mass distribution strategy for Zaptec Go

• Zaptec Pro has a selective distribution model, dominated by professional installers
• We have entered into new wholesaler, retail and energy company distribution agreements for Zaptec Go in Scandinavia which has produced a double digit market share
• The energy company Tibber bundle Zaptec Go with value added energy services offering consumers reduced energy bills in a 100% digital experience
• Our goal is to build mass distribution in multiple channels for Zaptec Go in all markets to deliver a double digit market share in all markets, within 2024

Zaptec Pro installations

• We contracted 1485 new Pro installations (878 in Q420)
• 10.500 large buildings are now equipped with Zaptec Pro in Europe
• A typical Zaptec Pro installation is a multi-family home or an office building
• Typically 10-15% of the parking bays are equipped with a charging station. All parking bays will be prepared with Zaptec infrastructure and represent at future income for our company

Production uptime decent in Q421, but not satisfactory

• Order backlog from the third quarter delivered in Q421
• Bottlenecks in the supply chain, especially low delivery of a single source microprocessor for energy metering in both our chargers
• Microprosessor supplier opened new factory in February 2022 increasing production volumes
• Chinese lockdown policy expected to be softer
• In January 2022 our production partner Westcontrol opened its new production facility
• Zaptec has signed an additional production contract with Sanmina corporation, starting deliveries Q3-Q422

Outlook 2022

The EV market will continue to grow strongly with double digits.

We expect an improved access to components. Temporary value chain bottlenecks may postpone deliveries of EV´s and chargers.

We have contracted significant production volumes for 2022 exceeding 1 billion NOK in revenues.

Target EBITDA margin in the range of 15-20%

Q & A

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, 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 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