Zaptec AS — Earnings Release 2022

Feb 15, 2023

Zaptec ASA: Fourth quarter 2022 financial results

Zaptec ASA: Fourth quarter 2022 financial results

Zaptec continued its growth in the fourth quarter of 2022, where revenues increased by 29% compared to the fourth quarter of 2021. The company made strategic investments in organization and product development in new and vital growth markets, which reflects the reduced quarterly result.

– During the fourth quarter of 2022, we have invested in important growth markets, mainly in markets such as Germany and the UK, which have an estimated annual growth in electric car sales over the next four years of around 15-20%. We're convinced that the investments are necessary for our long-term success, even though it has harmed the result in the fourth quarter. The goal is for Zaptec to continue to deliver the best quality of our products in all markets, says the CEO of Zaptec, Peter Bardenfleth-Hansen.

The CEO elaborates that the company has invested significant sums in setting itself up for further growth, most recently with a presence in the Benelux markets and towards obtaining product approval from the German and British authorities. Zaptec charge points are now compliant with UK regulations, meaning that Zaptec is ready to compete in the home charger segment against British players.

– We have recently signed contracts with large housing developers in the UK. The country's legal requirement for smart chargers for all new homes confirms a need for safe charging stations that deliver high quality. The smart chargepoint regulation also saves the power grid from an unnecessary load, says Bardenfleth-Hansen.

Highlights from Q4 2022:

• Strong revenue growth to 249 MNOK, an increase of 29% from Q4 2021

• Order intake of 276 MNOK, 85% up from Q4 2021

• Gross margin of 38%

• EBITDA of -23 mill NOK, equivalent to -9.2% margin

Please refer to the attached Q4 2022 report and presentation for further details.

For more information:

Peter Bardenfleth-Hansen, CEO, Zaptec ASA

Tel: +47 40 10 31 78, e-mail: pbh@zaptec.com

Kristian Sæther, Finance Manager & IR, Zaptec ASA

Tel: + 47 90 70 85 12, e-mail: investor@zaptec.com

About Zaptec ASA:

Zaptec is a technology company within Electric vehicle (EV) charging systems in Europe. The company develops EV charging systems for multi and single-family homes and office buildings. The product portfolio enables large number of charging points at a low cost and includes Zaptec Pro, Zaptec Go, Charge365 payment services, Charging columns, Zaptec Portal, and Zaptec Sense. The company accelerates the electrification of the transport sector to assist European countries in reducing CO2 emissions from light-duty cars.