Zaptec AS

Earnings Release • May 7, 2025

Q1 2025 Financial Results 7th May 2025

Building momentum with improved KPIs

Increased revenue and EBITDA

2 Strong order intake and solid backlog visibility

Recognized as largest home charging provider in Europe in 2024

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Ongoing ramp-up of new products in large markets

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Controlled Opex focused on innovation and sales

Further reduced inventory and improved liquidity

Agenda

Financials Q1 2025

Market, strategy and outlook

Financial highlights

Revenue 347 +16% vs. Q1 2024

Order intake 366

+20% vs. Q1 2024

Order backlog 507

+12% vs. Q1 2024

Gross margin 39% vs. 38% in Q1 2024

OPEX 120 vs. 115 in Q1 2024

EBITDA 14 vs. -2 in Q1 2024

Revenue up 16% – strong outlook for continued growth in 2025 vs 2024

Order intake up 20%, increasing firm order backlog to 507 MNOK – Q2 orders expected to secure a significant portion of H2 revenue

Order intake, MNOK

Gross margin impacted by stronger NOK – outlook for improvement from realizing lower COGS and Zaptec Go 2 ramp-up

EBITDA improved from Q1 2024 – strong outlook supported by the scalability of the business model

EBITDA, MNOK

Agenda

Financials Q1 2025

Market, strategy and outlook

EV market recovering – 20% growth in Europe in Q1

Plug-in vehicle sales Q1 2025 vs Q1 2024 (%)

Denmark				51%
Norway				46%
Germany				40%
United Kingdom				37%
Europe			20%
EU			15%
Sweden			13%
Switzerland		-1%
Benelux		-3%
France	-21%

Source: ACEA. Sum of battery electric and plug-in hybrid electric vehicles.

European EV sales expected to grow ~23% per year next decade despite uncertainty

Source: Strategy& (PwC) EV market outlook 2025.

Executing the strategic roadmap for value creation

Zaptec named Europe's top home charging provider in 2024 by independent EV market expert

Home chargepoint market shares 2024 across nine European countries (%)

Source: LCP Delta. Markets included: Belgium, France, Germany, Italy, Netherlands, Norway, Spain, Sweden and UK

Rising installation rates reflect continued strong demand, laying the foundation for future growth

Zaptec chargers installed (thousand)

Ramping up Zaptec Go 2 and Zaptec Pro M&E – significant production capacity secured

Momentum builds in Benelux after successful Zaptec Go 2 launch and ongoing growth

Secured breakthrough contracts with key players in the UK – set for accelerating deliveries in Q2

Revenue, MNOK

Germany ramp-up ongoing with new products, expanding through new and existing partners

Revenue, MNOK

Controlled Opex – focused on driving product innovation and sales across Europe

Opex, MNOK

Additional progress towards inventory normalization

Positive cash flow improving available liquidity to 327 MNOK – robust financing in place to navigate future market conditions

Available liquidity, MNOK

Q1 summary: KPIs improving further

• Increased revenue and EBITDA
• Strong order intake and backlog visibility
• Named largest home charger provider in Europe
• Controlled Opex focused on innovation and sales
• Reduced inventory and improved liquidity

Outlook: On track for 2025

• EV market recovery underway
• Retained strong position in core markets with momentum building in Benelux, UK and Germany
• Ramping up production and deliveries of new products targeting major European markets
• Continued outlook for profitable growth