Zaptec AS — Investor Presentation 2022

Nov 9, 2022

Q3 2022

Peter Bardenfleth-Hansen CEO Kurt Østrem CFO

Update from the CEO

Peter Bardenfleth-Hansen

Q3 highlights

Strong revenue growth of 73% to 226 MNOK and 58% increase in order intake to 233 MNOK compared to Q3 2021

Continued international expansion including opening of subsidiary in the Netherlands. Export share increased to 70% vs 56% in Q3 2021

Gross margin 38.8% and EBITDA of 14.9 MNOK

Electrification continues to be a predictable megatrend with increasing EV adoption in all markets, however vehicle sales weakened in some countries as macroeconomic outlook worsened

Launched software prototype with Plug&Charge functionality for seamless charging (without credit card/app) and future-proof vehicle-to-grid (V2G) capability

Successful Sanmina test production and ramp-up of production at Westcontrol, combined with components sourced to deliver significant growth

Key financial figures Q3 2022

MNOK/%	Q3'22	Q3'21	YTD'22	YTD'21
Revenue	226.1	131.0	509.9	296.2
Export share	70%	56%	69%	47%
Gross margin	38.8%	44.8%	41.6%	39.2%
Opex	72.8	41.5	185.7	85.8
EBITDA	14.9	17.2	26.6	30.2
EBITDA margin	6.6%	13.1%	5.2%	10.2%
Liquidity	264.71	248.7	264.7	248.7

Quarterly revenue and order intake (MNOK)

Increasing addressable market Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric

Electric vehicle market shares are rising, driven by key trends:

Governments seek and incentivise emission reductions

Automakers transition to electric to remain relevant

Customers demand environmentally friendly solutions

Favourable development in total cost of ownership compared to internal combustion engine vehicles

Increased availability of charging infrastructure

Electric vehicle market shares

Vehicle (PHEV) share of total new vehicle sales 2021

Despite slowdown in vehicle sales, electric vehicle adoption countinues across Europe

Over the first three quarters of 2022, the EU new vehicle sales dropped 9.9%

However, the EV adoption continues with EV market share increasing 1.6%-points from 18.8% in Q3'21 to 20.4% in Q3'22

The YTD'22 EV market share of 19.2% represents a 3.1%-points increase from 16.1% YTD'21 11.9%

EV market share in EU is increasing over time

Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric Vehicle (PHEV) share of total new vehicle sales in the European Union

Source: European Automobile Manufacturers' Association (ACEA)

New EV sales in Zaptec's core areas New EV Sales

EV sales in Zaptec's largest current markets: Norway, Sweden, Denmark and Switzerland

• 5% decrease YTD 2022 vs YTD 2021
• 17% decrease in Q3 2022 vs Q3 2021
• 16% decrease in in Q3 2022 vs Q2 2022

EV sales in new key markets going forward: Germany and UK

• 6% increase YTD 2022 vs YTD 2021
• 8% increase in Q3 2022 vs Q3 2021
• 20% increase in in Q3 2022 vs Q2 2022

Fast-paced international growth

Subsidiaries established where EV adoption is increasing; Sweden, Denmark, UK, Germany, Switzerland, France, Benelux

Distributors in place across Western Europe; new subsidiaries to follow in additional countries

US entry strategy being finalized

Sales outside Norway, MNOK

Agreements signed in Q3

Several new partners and customer agreements were signed in Q3, many of which chose Zaptec due to its superior safety and high-quality offerings:

The New Zaptec Pro software prototype enables seamless EV charging

In Q3, we invested NOK 5 million in software company Switch EV and launched a new software prototype making Zaptec one of the first EV charging manufacturers to provide complete endto-end implementation and compatibility of Plug&Charge functionality with ISO 15118 for AC charging.

Additional production partner in Germany

To support growth and reduce the risk associated with capacity and the component market, Zaptec's second production partner Sanmina Corporation started the production lines during Q3.

Product market compliance and material contracts in UK

Large addressable market; 68 mill population, increasing EV adoption and high EV readiness1

Zaptec Pro and Zaptec Go are now compliant with UK EV charging regulatory requirements and Zaptec Park payment solution is launched in UK.

Zaptec has built a strong UK organization with 16 FTEs in place

Several significant contracts signed for both Zaptec Pro and Zaptec Go deliveries

Recurring revenue potential from payment services and Switch EV strategic partnership

Successful launch of Zaptec Park payment service in Sweden in June

Soft launched in Denmark and UK in Q3

Preparing for launch in other countries

Over 16000 charge points with Charge365 payment service installed to date in Norway

800 new installations of Zaptec Pro with Charge365 subscription added in Q3

Switch EV partnership highlights Zaptec as AC charging frontrunner to explore full scope of ISO 15118

Unlocking Plug&Charge and future bi-directional charging possibilities

Potential for attractive recurring revenue via Switch EV sales channels

Investment highlights

Increasing addressable market, driven by strong electrification trends

Technology leading, award-winning Electric Vehicle charging systems1

Unique user-friendly power balancing hardware and software

Superior safety features and high-quality products certified at the highest level2

Strong growth and ramp-up for full-scale European expansion; UK products in compliance with local regulations, Germany and France to follow.

Component sourcing in place and Sanmina production ramp-up on track

¹ Examples: Zaptec Go awarded best home charger by Norwegian Automobile Association (NAF) April 2022 and winner of Red Dot Design Award 2022 ² Examples: 5-year warranty with extension options vs. 3-year industry standard, TÜV SÜD testing of Zaptec Pro and Zaptec Go 14

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.

we will achieve or accomplish these expectations, beliefs or projections

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