Zaptec AS — Investor Presentation 2021

Nov 12, 2021

Q3 2021 Presentation

¹ Zaptec

Zaptec

Zaptec by the numbers	3
Highlights Q3	4
Key numbers	5
EV markets	6
International expansion	8
Operational summary	10
Outlook	13

Zaptec by the numbers

charging stations installed

6

sales companies

110%+

revenue growth YTD Q3 2021

~50%

market share in multi-user systems (Norway)

~350.000

parking spaces with infrastructure for further Zaptec Pro chargers

75 employees

³ Zaptec *Estimate

Highlights Q3

• Strong revenue growth and even stronger purchase order registrations
• Significantly strengthened gross margin
• Positive contribution from the Swiss subsidiary
• A continued increase in export share as projected
• 999 new Pro installations
• Considerable new subscriptions for automatic payment services
• Preparations for the company to be listed on the main list on Oslo Stock Exchange 2022 initiated

Key numbers

MNOK/%	Q3-21	Q3-20	YTD 2021	YTD 2020
Revenues	131.0	48.6	296.2	140.7
Export Share	47%	27%	43%	23%
Gross margin	44.8%	34.7%	39.2%	37.0%
Operating expenses	35.8	11.8	75.8	33.5
EBITDA adj.	22.91	5.1	40.1	18.7
EBITDA Margin (%)	17.5%	10.5%	13.5%	13.3%
Available liquidity	232.4	45.0	232.4	45.0

1 Adjusted for salary benefit and social cost on share option program of MNOK 23.1 in the third quarter

EV markets

Norway, Denmark, Sweden and Switzerland

110 000

82 500

55 000

The demand in electric vehicle (EV) markets continued to grow in Q3-21 in Norway, Denmark, Sweden and Switzerland, with 114 379 EVs sold.

New Car Sales, Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric Vehicle (PHEV)

EV markets

UK and Germany

The electric vehicle markets in UK and Germany were strong in Q3-21, with 245 553 EVs sold. The German market is positively influenced by the many new electric car models launched by domestic car manufacturers.

New Car Sales, Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric Vehicle (PHEV)

International

expansion

The export share increased from 27% in Q3 20 to 47% in Q3 21.

Our largest export markets was Switzerland, Sweden, Denmark and Iceland.

⁸ Zaptec Export sales per quarter Q3 2021: 47% Q2 2021: 41% Q1 2021: 38% Q4 2020: 31% Q3 2020: 27% Q2 2020: 24% Q1 2020: 20%

Almost one-third of export to Switzerland

Key to further European expansion.

Zaptec Pro is the chosen charging system for large Swiss insurance and real estate owners with rental properties with parking facilities, representing several hundred thousand parking spaces equipped with EV charging going forward.

As for the electric vehicle market, it is still growing strongly in Zaptec's key markets.

999 new Zaptec Pro installations

• Up 476 compared to Q3 2020
• Secure a large future revenue stream
• Installed Pro systems in 10.000 buildings and parking facilities in Europe
• 3 times more charging points and faster charging with Zaptec Pro

112 new subscriptions for automatic payment services

• 1200 contracts altogether, representing about 2000 large properties
• 7500 new users during Q321, altogether 27.000 registered users
• Expand payment services in all markets in first half 2022
• System operator to offer hassle free charging with payed services
• Over the next 3 years build a portfolio of value added services in the residential and office building markets in Europe
• Future recurring revenue stream in the Pro market

Technology Development to become compliant with country specific requirements

• Germany, UK and France with country-specific technical and legal requirements
• We expect that this work will be finalised in the next 2-3 quarters
• Continue our long term development of charging technology

Going forward we expect revenue growth to continue with the growth in EV market shares in Europe. The export revenue share will increase as we see higher EV adoption especially in Sweden, Switzerland and Denmark and as we start sales in Germany and the UK.

Our strategic focus will continue to be geographic expansion in multi- and single family home charging markets with a system operator business model with low capital expenditure and a continous technological development to deliver recurring revenues and higher customer values.

¹³ Zaptec

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¹⁴ Zaptec

Disclaimer – 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