Zaptec AS — Earnings Release 2024

May 7, 2024

Zaptec ASA: First quarter 2024 financial results

Zaptec ASA: First quarter 2024 financial results

Zaptec emerges as one of the leaders in the European market.

Zaptec continues to grow in a temporarily challenging market in the Nordics, with an executive strategy emphasising patience and forward-looking investments to focus on long-term growth and sustainable development.

Macroeconomic trends have proven to be a significant factor affecting results in the first quarter, while the company has proactively strengthened its position in the market.

"I see that Zaptec is well positioned, now as the market leader in the Nordics and third in Europe. With the ever-increasing demand for electric vehicles (EV) and stricter regulations requiring lower emissions from 2025, in addition to the upcoming release of several new affordable EV models in the coming quarters, the market for EV chargers is expected to quadruple in the coming years," says Kurt Østrem, CEO of Zaptec.

Zaptec will focus on key markets such as the United Kingdom, the Netherlands, France, and Germany to capitalise on this growth, where demand is expected to be exceptionally high.

"We stand by our promise to be a long-term and sustainable player in the transition to electric mobility, and we continue to follow our strategy of delivering quality products in a market with strict safety requirements. Over ten per cent of all chargers sold in Europe in 2023 were Zaptec chargers. This demonstrates that we are strongly positioned for further growth," says Østrem.

Highlights

• 300 million NOK revenue in Q1, 14% growth

• Order intake of 306 mill NOK

• Order backlog of 452 mill NOK

• Gross margin of 38%

• Opex of 115 mill NOK

• EBITDA of -2 mill NOK

For further information, please contact:

Kurt Østrem, CEO, Zaptec ASA

Tel: + 47 40 40 47 00, e-mail: kurt@zaptec.com

Eirik Fjellså Hærem, CFO & Deputy CEO, Zaptec ASA

Tel: +47 95 72 21 45, e-mail: efh@zaptec.com

Kristian Sæther, Finance Director & IR, Zaptec ASA

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

About Zaptec

Zaptec began its journey in 2012 and had a breakthrough in 2017 when the first electric vehicle charger was produced for a market in a country with mature electric vehicle development. Since then, there have been years of milestones for the company, most recently in 2023, with half a million chargers produced and charging technology patented.