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Zaptec AS
Investor Presentation • Aug 20, 2025
3796_rns_2025-08-20_fd328a18-8363-40dd-9cb1-34dc49231670.pdf
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Zaptec
Q2 2025
Quarterly update
| Update from the CEO |
|---|
| 04 | Highlights |
|---|---|
| 05 | Financial summary |
| 06 | Market development |
| 07 | Stories |
| 08 | Executing the strategy |
| 11 | Outlook |
| 12 | Half-year report |
| 16 | Financial statements |
03 Update from the CEO →
- 04 Highlights
- 05 Financial Summary
- 06 Market Development
- 07 Stories
- 08 Executing the strategy
- 11 Outlook
- 12 Half-year report
- 16 Financial Statements
Delivering as planned
Dear shareholders,
Overall, the second quarter marked another steady step forward for Zaptec. The highlight was the continued improvement across key KPIs: increasing sales, improved earnings, strong order intake, and a rise in installation rates. Inventory levels are coming down, liquidity is strengthening, and we're entering the second half of the year with solid tailwinds.
Another highlight in the quarter was our return to Europe's leading trade fair for charging infrastructure. Compared to our debut in Munich in 2023, this year marked a turning point: Industry players came to us, competitors examined our chargers, and partners initiated conversations. Zaptec is clearly earning its place as a respected and influential player in the European market.
At the same time, we're pushing ahead with high pace and ambition in our product development. Our innovation efforts are accelerating, enabling us to enter new markets and customer segments. With the new Zaptec Go 2 now available, we're ramping up production to meet growing demand, and it's just the beginning.
We're entering a new growth phase as the EV market gains speed. Market expansion is top of mind as we continue to work with new and existing customers to scale our solutions in the large European markets. We have strong tailwinds in the Benelux market and are working hard to increase our market share in the UK, France and Germany.
Thank you for your continued trust and support.
Kurt Østrem
Q2 highlights
• Quarterly revenue of 383 MNOK
• Order intake of 445 MNOK
• Order backlog of 567 MNOK
• Gross margin of 41%
• Opex of 112 MNOK
• EBITDA of 44 MNOK
• Available liquidity 466 MNOK
• Inventory reduced by 68 MNOK
- 03 Update from the CEO
- 04 Highlights →
- 05 Financial Summary
- 06 Market Development
- 07 Stories
- 08 Executing the strategy
- 11 Outlook
- 12 Half-year report
- 16 Financial Statements
Key financial figures
| MNOK/% | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 |
|---|---|---|---|---|
| Revenues | 383 | 341 | 730 | 641 |
| Export Share | 79% | 79% | 79% | 77% |
| Gross margin | 41% | 38% | 40% | 38% |
| Opex | 112 | 98 | 232 | 213 |
| EBITDA | 44 | 34 | 58 | 32 |
| EBITDA Margin (%) | 11% | 10% | 8% | 5% |
| Available liquidity* | 466 | 250 | 466 | 250 |
Quarterly revenue and order intake (MNOK)
03 Update from the CEO
- 04 Highlights
- 05 Financial Summary →
- 06 Market Development
- 07 Stories
- 08 Executing the strategy
- 11 Outlook
- 12 Half-year report
- 16 Financial Statements
Financial summary
The quarterly revenue in Q2 was 383 MNOK compared to 341 MNOK in the same period last year. The backlog of firm orders amounted to 567 MNOK by the end of Q2 2025, following a strong order intake of 445 MNOK.
The export share was 79% in the second quarter com-
The gross margin in the quarter was 41%, compared to
Total employee benefit expenses and other operating expenses in the second quarter were 112 MNOK, versus
pared to 79% in the same period last year.
39% in the same period last year.
98 MNOK in the same period last year.
Revenue
Export share
Gross margin
Opex
EBITDA
EBITDA in the first quarter was 44 MNOK compared to 34 MNOK in the same period last year.
Available Liquidity
The cash balance with total cash, available overdraft facility, deposits, and other funds at the end of June 2025 was 466 MNOK, compared to 250 MNOK at the end of Q2 2024. During the second quarter, Zaptec cleared all external debt, leading to a 166 MNOK net cash position at the end of June.
Inventory
Inventory was 388 MNOK in the second quarter of 2025, a decrease of 68 MNOK compared to the previous quarter. This development was another step towards normalized inventory levels in 2025.
- 03 Update from the CEO
- 04 Highlights
- 05 Financial Summary
- 06 Market Development →
- 07 Stories
- 08 Executing the strategy
- 11 Outlook
- 12 Half-year report
- 16 Financial Statements
EV market continues to strengthen
The strong development in EV sales in 2025 continued in the second quarter.
In Europe overall, plug-in vehicle sales figures were 27% higher than in the same period last year. Driving electric is emerging as an affordable alternative for an increasing number of Europeans backed by significant investment in charging infrastructure. This trend is expected to continue in the next ten years with market growth of over 20% pa assumed by most industry experts.
Plug-in vehicle sales in Q2 2024 vs Q2 2025
Source: ACEA. ACEA. Plug-in vehicles: Battery electric and plug-in hybrid electric vehicles
6
- 03 Update from the CEO
- 04 Highlights
- 05 Financial Summary
- 06 Market Development
- 07 Stories →
- 08 Executing the strategy
- 11 Outlook
- 12 Half-year report
- 16 Financial Statements
Building momentum one milestone at a time
Over the past two years, Zaptec has steadily built its presence in the European market - strengthening relationships, refining our offering, and preparing for the next leap. This quarter, that work came to life at Europe's leading trade fair for charging infrastructure. With our new, Europe-tailored products on display, we saw a clear shift: industry players sought us out, competitors studied our chargers, and partners opened new conversations. Zaptec's reputation as a respected and influential player in Europe is no longer emerging it's firmly taking shape.
In Q2, we also joined forces with Octopus Energy and BYD to launch the UK's first bidirectional charging bundle. The offer pairs the Zaptec Pro charger with a BYD EV and a dynamic smart tariff, enabling customers to charge and export energy back to the grid. Octopus is one of the UK's most prominent energy providers, supplying over 6 million homes, and the collaboration marks a strong step in building Zaptec's brand presence in the region.
08 Executing the strategy →
- 11 Outlook
- 12 Half-year report
- 16 Financial Statements
Executing the strategy
Zaptec remains committed to delivering on the strategic roadmap, following continued focus on four key pillars to maximize value for our shareholders.
1. Building upon strong momentum in core markets
The trend in installation rates over the last twelve months (LTM) is pointing upwards and was 9% higher in June 2025 compared to June 2024. Our partners installed over 57 000 chargers across Europe in the second quarter. This is a 16% increase from 49 000 chargers in the second quarter last year. Installation rates have shown consistency over time. Underlying growth in installations is a key parameter to track for Zaptec as it reflects underlying demand.
2. Ramp up production of new products
Zaptec Go 2 and Zaptec Pro M&E production started in the first quarter. During the second quarter, production and deliveries of both products were ramped up according to plan. Going into the second half of 2025, production levels are planned at a sustainable level matching expected demand for both products. Zaptec has capacity to increase production further if needed.
3. Expanding in major markets
Strong Benelux growth
Zaptec's success in the Benelux region continued in the second quarter, with an 88% increase in revenue compared to the same period last year. This is based on a successful launch of Zaptec Go 2, but also from continued growth in Zaptec Pro and Zaptec Go sales.
03 Update from the CEO
08 Executing the strategy →
- 11 Outlook
- 12 Half-year report
- 16 Financial Statements
Exciting partnership agreements in the UK
In the second quarter, we continued adding exiting UK partnerships, including wholesalers and energy companies. Notably, we joined forces with Octopus Energy and BYD to launch the UK's first bidirectional charging bundle with Zaptec Pro. We are optimistic that these partnerships will ensure increased future growth.
Zaptec Pro sales boosted in France
Another positive development was the surge in Zaptec Pro sales in France. After sustained efforts to penetrate the French market, sales rose to 3.2 times the revenue recorded during the same period last year. This success was driven by customers transitioning from the test phase to full roll-out. To further expand its presence, Zaptec is preparing to enter the home segment in France by launching a bespoke French version of Zaptec Go 2, significantly increasing the addressable market.
German market expansion continued
The expansion in Germany continued in the second half of the year, with revenue—although still at a low level reaching 2 times the revenue from the same period last year. Our efforts in Germany are centered around gaining access to new partners and actively marketing our new products, Zaptec Go 2 and Zaptec Pro M&E. In parallel, we have intensified our work to reach and train customers across Germany, ensuring they are wellequipped to adopt and deploy our solutions effectively.
4. Drive improvements to maximize cash flow
Controlled Opex focused on sales and innovation To stay at the forefront of EV charging, it is important for Zaptec to drive sales growth and invest in innovative product solutions. That said, the cost of this must be at a balanced and sustainable level. In the second quarter, operating expenses (Opex) were spent in a controlled manner. The clear plan going forward is to drive topline
growth at a higher rate than Opex increases.
08 Executing the strategy →
- 11 Outlook
- 12 Half-year report
- 16 Financial Statements
Normalising the inventory of finished goods
Since last quarter, inventory has been further reduced by 68 million NOK. This is according to plan and another step towards normalized inventory during the second half of 2025.
Delivering strong cash flow, boosting available liquidity
In the second quarter Zaptec delivered a strong cash flow, leading to a 139 MNOK improvement in available liquidity. All external debt was cleared during the quarter, leaving a 166 MNOK net cash position at the end of June 2025. Zaptec is well-equipped to navigate evolving market conditions and support continued growth with robust liquidity.
5 MNOK one-off cost related to 25% headcount reduction in marketing
158
115
Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q4'24 Q1'25 Q2'25
98 112 111 115 114
Q3'24
120
98 106 120
- 03 Update from the CEO
- 04 Highlights
- 05 Financial Summary
- 06 Market Development
- 07 Stories
- 08 Executing the strategy
- 11 Outlook →
- 12 Half-year report
- 16 Financial Statements
Summary and outlook
Q2 summary
Zaptec delivered as planned in the second quarter, with the KPIs continuing to improve:
- Revenue, gross margin, and EBITDA all increased.
- Order intake remained robust, with continued growth across key markets.
- Production and deliveries ramped up for both Zaptec Go 2 and Zaptec Pro M&E.
- Inventory levels were reduced toward normalization, improving capital efficiency.
- Significant cash flow contributed to a strengthened liquidity position.
Outlook
Zaptec is well positioned for the second half of 2025:
- European EV sales continue to show strong growth momentum.
- Zaptec maintains a solid position in its core markets, reinforcing brand strength and customer trust.
- A robust order backlog provides clear revenue visibility and operational stability.
- We see continued momentum in key growth regions — Benelux, the UK, France, and Germany.
- Overall, the outlook remains positive for sustained and profitable growth.
- 03 Update from the CEO
- 04 Highlights
- 05 Financial Summary
- 06 Market Development
- 07 Stories
- 08 Executing the strategy
- 11 Outlook
- 12 Half-year report →
- 16 Financial Statements
Report for the first half of 2025
Operation and locations
Zaptec develops and sells charging systems for electric vehicles. The Group's business idea and strategy is to be Europe's leading company within development and sale of chargers, charging systems and services for electric vehicle charging.
The Group includes, in addition to Zaptec ASA, the following subsidiaries:
Zaptec Charger AS Zaptec IP AS Zaptec Power AS Zaptec Sverige AB Zaptec Danmark ApS Zaptec U.K. Ltd Zaptec Deutschland GmBH Zaptec Schweiz AG Zaptec Netherlands B.V. Zaptec France SAS Zaptec Italia S.r.l Zaptec Charger, INC. Zaptec Austria, GmbH
Production of charging units and equipment is outsourced to Westcontrol, and takes place in Tau, Norway and to Sanmina Corporation with production facilities in Gunzenhausen, Germany.
The main office is in Sandnes, Norway, however the Group also have sales organizations in Oslo, Sweden, Denmark, UK, France, Germany, Switzerland, the Netherlands, Belgium and Italy. There are no employees in the following legal entities; Zaptec IP AS, Zaptec Power AS, Zaptec Charger, INC. and Zaptec Austria, GmbH
Comments related to the financial statement
The Group had a turnover increase of 14% in the first half of 2025 with gross profit margin maintained at a high level of 40% compared to 38% in first half of 2024. The Group has an equity ratio of 66% and a strong liquidity position. The development in turnover, profit margin and equity ratio are as expected.
The Group made an operating profit of 41 536 KNOK per 30.06.2025.
The Group's growth and investments are in line with previously communicated outlook, however the ramp-up of sales in certain markets, e.g. France and Germany, has been somewhat slower than previously anticipated due to prolonged time frames to adapt the Group's product offerings to relevant regulatory law and regulations. The board believes that the half yearly accounts give a true and fair view of the Group's assets and liabilities, financial position and results.
The parent company had no revenue per 30.06.2025.
Own shares
Zaptec ASA holds no own shares as of 30.06.2025.
Outlook
The growth in electric vehicle sales is expected to continue in the years ahead. This trend is driven by the Paris agreement and the ongoing energy transition to electrify the world and drive down emissions to a sustainable level. In this area, the Group is well placed with its focused and high-quality product line which includes Zaptec
- 03 Update from the CEO
- 04 Highlights
- 05 Financial Summary
- 06 Market Development
- 07 Stories
- 08 Executing the strategy
- 11 Outlook
- 12 Half-year report →
- 16 Financial Statements
Go, Zaptec Go 2 and Zaptec Pro, quality shareholder base, profitable growth and sound financial position. The Group's growth ambitions in the years ahead are based on increasing market shares in the European countries. To facilitate this, technical development efforts are ongoing to enable sales of products in new markets.
In general, there are significant uncertainties related to the Board of Director's evaluation of the future for the Group, as the Group's operational and financial activities may be substantially impacted by factors outside the Group's and the Board of Director's control.
Risk factors
Component souring risk
The Group may experience component shortages which may impact both global EV production and the Group's production of EV charging systems. If the Group is unable to source key components to its EV production, this could decrease the Group's revenue, which could adversely affect the Group's business, financial condition, results of operations, cash flow and/or prospects.
IP risk
In the opinion of the Board of Directors, the Group's most important competitive advantage is its advanced and sophisticated technology for electric car chargers. Any failure to protect the Group's proprietary rights adequately, including but not limited to competitive actions from former employees, could result in (i) loss of key-employees, suppliers or customers of the Group
and (ii) the Group's competitors offering similar products, potentially resulting in the loss of some of the Group's competitive advantage and a decrease in the Group's revenue, which would adversely affect the Group's business, financial condition, results of operations, cash flow and/or prospects.
Financial risk
The Group has to date focused on the European market, but it's current strategy is to grow and expand beyond Europe. The Group's ability to implement its strategy and achieve its business and financial objectives is subject to a variety of factors, many of which are beyond the Group's control. Further, acquisitions (if made) may involve significant risks. The Group's failure to execute its business strategy or to manage its growth effectively could adversely affect the Group's business, financial condition, results of operations, cash flow and/or prospects. In addition, there can be no guarantee that even if the Group successfully implements its strategy, it would result in the Group achieving its business and financial objectives.
Credit and liquidity risk
Depending on the balance between supply and demand, which fluctuates over time, the Group either sells its products on a continuous basis, or operates with order reserves, or products in stock. Currently the Group has order reserves due to a surplus of orders compared to its production. However, there is a risk that the Group in the future may experience a lack of order reserves combined with higher future purchase commitments
towards its suppliers, as production levels are set to increase going forward. If the number of chargers ordered by the Group significantly deviates from the number of orders received from the Group's customers, the Group may incur unnecessary costs related to such purchases (in the event that the demand for the Group's products is lower than expected) or inability to meet the demand and thereby suffer loss of potential income (in the event that the demand for the Group's products is higher than expected).
Market risk
Significant changes in users' preferences away from the Group's offerings and towards competing car chargers or a decline in the market for electric cars are factors that may negatively affect the Group's business, financial condition, results of operations, cash flow and/ or prospects. The Group operates in a market that is competitive, fragmented and rapidly changing. The Group expects to continue to experience competition from existing and new competitors, some of which are more established and who may have (i) greater capital and other resources, (ii) more superior brand recognition than the Group, and/or (iii) more aggressive pricing policies. There is no assurance that the Group will be able to compete successfully in such a competitive marketplace.
Personnel risk
The Group is highly dependent upon retaining and attracting qualified personnel. The loss of a key person might impede the achievement of the development and
- 03 Update from the CEO
- 04 Highlights
- 05 Financial Summary
- 06 Market Development
- 07 Stories
- 08 Executing the strategy
- 11 Outlook
- 12 Half-year report →
- 16 Financial Statements
commercial objectives. Any failure to retain or attract such personnel could result in the Group not being able to successfully implement its strategy, which could have a material and adverse effect on the Group's business, financal condition, results of operations, cash flows and prospects.
Social – and Corporate Governance Refer to our homepage for information on social and corporate governance:
https://zaptec.objects.frb.io/assets/Investor-relations-documentation/Annual-reports/Zaptec_Annual_Report_2024.pdf
https://zaptec.objects.frb.io/assets/Investor-relations-documentation/IR/Zaptec-ASA-Corporate-Governance-Report.pdf
https://zaptec.objects.frb.io/assets/Investor-relations-documentation/IR/Zaptec-ASA-Corporate-Social-Responsibility.pdf
Research and development activities
The Group's core electric vehicle charging hardware products were launched before 2025; the Zaptec Pro was launched in 2016 and Zaptec Go in 2021. However, in 2025, two new products were launched; the Zaptec Go 2 and the Zaptec Pro M&E (a product variant of Zaptec Pro in compliance with the so-called Mess- und Eichrecht (M&E) calibration law). Work is still ongoing to adapt Zaptec's products to fit certain
requirements to fit with targeted segments in current and potential new markets. Further, there is continuous ongoing work to scale and improve the company's software solutions.
Cash flow
Deviation between operational cash flow and operating result can be explained by the Group's growth strategy.
The Group's cash flow from operational activities is in general reinvested to continue the Group's future growth efforts. The Group's investments are related to development of the Group's electric vehicle charging systems, and operational expenses mainly due to the building of organization in new markets. So far during 2025, no larger financial transactions have taken place.
Going concern
In accordance with the Accounting Act § 3-3a, we confirm that the financial statements have been prepared under the assumption of going concern. This assumption is based on profit forecasts for the year 2024 and the Group's long-term strategic forecasts. The Group's economic and financial position is sound.
The Group's debt level is mainly related to trade payables, which amounted to KNOK 117 024 per 30.06.2025. Total liabilities amounted to KNOK 368 033. Total equity at the end June 2025 was KNOK 699 013.
If required, the Group could raise additional equity financing by issuing new shares to existing and/or new shareholders. Since the Group is listed at Oslo Stock Exchange, the process to increase equity capital in the Group could be completed within a relatively short time frame, provided capital market sentiment and company outlook allow for such capital increase. The Group could also consider alternative financing sources if deemed required.
Liability insurance
The Group has a Directors & Officers liability insurance that covers Directors and executive management. The total limit of the coverage is 25 MNOK.
Social responsibility
Business model
The Group develops electronic vehicle charging systems, which are sold via multiple sales channels in both the business-to-business ("B2B") and business-to-consumer ("B2C") segments. The Group's hardware products are manufactured at third party factories owned by the Group's production partners Westcontrol and Sanmina, and sold B2B or B2C against a profit margin.
Transparency Act
The Group has joined the Responsible Business Alliance which allows the Group more insights and ability to strategically work with human rights in the supply chain. The Group has set up routines to work regularly with human rights due diligence and disclosure, with the 2024 Transparency Act report available on the Zaptec website.
Link: https://zaptec.objects.frb.io/assets/Investor-relations-documentation/Annual-reports/Zaptec-Transparency- Report-2023-Final-27th-June-2024.pdf
Equality
The Group aims at treating every employee and business partner equally. This is becoming important with an expansion abroad where differences are more significant than where we come from. We need to make a continued framework for every employee to follow. The Group is implementing the UN Human Rights Principles to the handbook and translating it into English to make sure that each employee understand our shared principles.
Equal opportunities and discrimination
The Group works actively to promote equality, ensure equal opportunities and rights and prevent discrimination on the grounds of ethnicity, national origin, descent, skin color, language, religion and outlook on life. To contribute to this, the company has, among other things, established routines for recruitment.
Human rights
The Group has a Human Rights policy aligned with the United Nations Guiding Principles on Business and Human Rights. Our policy is also reflected in our suppliers code of conduct. We aim to protect workers and reassure them that they work according to reasonable and considerate standards, free from exploitation and unfair business practices. The Group seeks to follow a combination of national rules with those provided by being a member of the Confederation of Norwegian Enterprise.
The Confederation of Norwegian Enterprise is also a member of the UN Global Compact, building on the ten principles. In 2023 Zaptec joined the Responsible Business Alliance. More details on Zaptec's human rights work can be found in our 2024 Annual Report:
https://zaptec.objects.frb.io/assets/Investor-relations-documentation/Annual-reports/Zaptec_Annual_Report_2024.pdf
Anti-corruption
The Group works to comply with high standards of anti-corruption work. We aim to work to cease the cases of corruption, extortion, bribery and grey zone cases. We aim to have our subcontractors participate in implementing the Anti-Corruption Principles by working closely with them. The Group is also scaling up the operations by onboarding more support in the supply chain and operations.
The Group has Ethical Rules as a part of its Employee Handbook regulating gifts and other economic advantages. In case of uncertainty, the CFO is accessible to reply to questions for review. The company is also operating with red periods with regards to purchasing and sale of stocks.
Working environment
To comply with the principles of working with sub-contractors to verify their actions, the Group is collecting reports from our Norwegian factory assembling the products assessing their subcontractors delivering the material and the parts for the production process. The Group is documenting the reports we receive through our documentation system.
In addition to this, we have brought HR in-house. This reassures closer control of adhering to HR. The Group has strict protections for the employees in place, and we provide a collaborative working environment. This is outlined in our Employee Handbook where protections for whistleblowers, both working on permanent and temporary contracts, are outlined.
Climate change
The Group has mapped its scope 1,2 and 3 emissions for 2022, 2023 and 2024, and established systems to do so annually. The results of 2024 GHG emissions is published in the Zaptec Annual Report 2024.
Events after period end
No material events occurred after the reporting date.
Allocation of net income
The Group had a net profit for the first half of 2025 of 18 793 KNOK.
04 Highlights 05 Financial Summary 06 Market Development
07 Stories
11 Outlook
12 Half-year report → 16 Financial Statements
Financial statements
Consolidated statement of profit or loss 17 Consolidated statement of comprehensive income 17 Consolidated statement of financial position 18 Consolidated statement of cash flows 19 Consolidated statement of changes in equity 20
| 03 | Update from the CEO | ||
|---|---|---|---|
- 04 Highlights
- 05 Financial Summary
- 06 Market Development
- 07 Stories
- 08 Executing the strategy
- 11 Outlook
- 12 Half-year report
- 16 Financial Statements →
Notes
| Note 1 - Basis of preparation | 21 |
|---|---|
| Note 2 - Significant accounting policies | 21 |
| Note 3 - Significant events and transactions | 21 |
| Note 4 - Segment information | 22 |
| Note 5 - Revenues from contracts with customers | 30 |
| Note 6 - Financial income and expense | 35 |
| Note 7 - Income tax | 35 |
| Note 8 - Intangible assets and goodwill | 36 |
| Note 9 - Inventories | 36 |
| Note 10 - Trade receivables | 36 |
| Note 11 - Other current assets | 36 |
| Note 12 - Other non-current assets | 36 |
| Note 13 - Provisions | 36 |
| Note 14 - Loans and borrowings | 37 |
| Note 15 - Other current liabilities | 38 |
| Note 16 - Events after the reporting date | 38 |
Consolidated statement of profit or loss
04 Highlights 05 Financial Summary 06 Market Development
07 Stories
11 Outlook 12 Half-year report 16 Financial Statements →
| Second quarter | 01.01.-30.06 | ||||
|---|---|---|---|---|---|
| In NOK 1000 | Note | 2025 | 2024 | 2025 | 2024 |
| Operating income | |||||
| Revenues from contracts with customers | 4,5 | 383 375 | 340 609 | 730 225 | 641 075 |
| Other operating income | 0 | 0 | 0 | 0 | |
| Total operating income | 383 375 | 340 609 | 730 225 | 641 075 | |
| Operating expenses | |||||
| Cost of inventories | 4 | 227 651 | 208 990 | 440 479 | 396 304 |
| Employee benefit expenses | 3,4 | 63 651 | 53 446 | 134 341 | 117 523 |
| Depreciation and amortisation expense | 4,8 | 8 942 | 7 724 | 16 326 | 15 378 |
| Other operating expenses | 4 | 48 434 | 44 582 | 97 543 | 95 572 |
| Total operating expenses | 348 677 | 314 741 | 688 689 | 624 777 | |
| Operating profit/loss | 34 698 | 25 868 | 41 536 | 16 298 | |
| Financial income and expenses | |||||
| Finance income | 6 | 263 | 87 | 708 | 2 044 |
| Finance expense | 6 | 513 | 3 277 | 13 873 | 7 721 |
| -249 | -3 189 | -13 164 | -5 678 | ||
| Net financial income (+) and expenses (-) Profit (+)/loss (-) before tax |
34 448 | 22 679 | 28 371 | 10 620 | |
| Tax expense (+)/benefit (-) | 7 | 7 945 | 3 875 | 9 579 | 1 094 |
| Profit (+)/loss (-) after tax | 26 504 | 18 804 | 18 793 | 9 527 | |
| Total profit/loss attributable to: | |||||
| Owners of the parent | 26 504 | 18 804 | 18 793 | 9 527 | |
| Non-controlling interest | 0 | 0 | 0 | 0 | |
| Basic earnings per shares | 0,303 | 0,215 | 0,215 | 0,109 |
Consolidated statement of comprehensive income
| Unaudited | Second quarter | 01.01-30.06 | |||
|---|---|---|---|---|---|
| In NOK 1000 | Note | 2025 | 2024 | 2025 | 2024 |
| Profit (+)/loss (-) for the period | 26 504 | 18 804 | 18 793 | 9 527 | |
| Items that will or may be reclassified to profit or loss: | |||||
| Exchange gains arising on translation of foreign operations |
-1 707 | 842 | -1 399 | 88 | |
| Total comprehensive income | 24 797 | 19 646 | 17 392 | 9 614 | |
| Total comprehensive income attributable to: |
| Owners of the parent | 24 797 | 19 646 | 17 392 | 9 614 |
|---|---|---|---|---|
| Non-controlling interest | 0 | 0 | 0 | 0 |
| Unaudited In NOK 1000 ASSETS |
Note | Unaudited | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 30.06.2025 | 30.06.2024 | 31.12.2024 | In NOK 1000 | Note | 30.06.2025 | 30.06.2024 | 31.12.2024 | ||
| EQUITY AND LIABILITIES | |||||||||
| Goodwill and intangible assets | Equity | ||||||||
| Goodwill | 8 | 78 100 | 77 153 | 81 734 | Share capital | 1 313 | 1 313 | 1 313 | |
| Other intangible assets | 8 | 107 317 | 87 950 | 101 930 | Treasury shares | -3 | -3 | -1 | |
| Share premium | 646 945 | 646 945 | 646 945 | ||||||
| Deferred tax asset | Other paid in equity | 25 360 | 20 962 | 20 851 | |||||
| Deferred tax asset | 7 | 50 962 | 44 515 | 37 219 | Foreign exchange reserve | 31 711 | 29 104 | 36 686 | |
| Other reserves | -6 313 | -17 902 | -27 212 | ||||||
| Tangible assets | Total equity | 699 013 | 680 418 | 678 581 | |||||
| Property, plant and equipment | 8 | 13 337 | 16 964 | 14 490 | |||||
| Right-of-use assets | 8 | 41 032 | 47 525 | 41 079 | Non-current liabilities | ||||
| Other non-current assets | 12 | 755 | 5 198 | 392 | Deferred tax | 7 | 21 105 | 18 265 | 5 475 |
| Long-term lease liabilities | 8 | 35 751 | 40 801 | 36 453 | |||||
| Total non-current assets | 291 503 | 279 304 | 276 844 | Long-term deferred income | 5 | 65 408 | 60 633 | 59 626 | |
| Long-term provisions | 13 | 1 288 | 21 216 | 574 | |||||
| Inventories | Total non-current liabilities | 123 551 | 140 915 | 102 127 | |||||
| Inventories | 9 | 388 253 | 610 460 | 491 779 | |||||
| Current liabilities | |||||||||
| Receivables | Trade payables | 117 024 | 201 203 | 138 963 | |||||
| Trade receivables | 10 | 181 595 | 191 654 | 170 404 | Short-term loans and borrowings | 14 | 0 | 143 106 | 159 971 |
| Short-term lease liabilities | 8 | 6 810 | 8 378 | 6 439 | |||||
| Other current assets | Short-term deferred income | 5 | 41 392 | 24 573 | 28 227 | ||||
| Other current assets | 11 | 39 747 | 95 684 | 95 521 | Tax payable | 7 | 2 532 | 11 347 | 10 412 |
| Other current liabilities | 15 | 47 671 | 60 750 | 65 264 | |||||
| Cash and cash equivalents | Short-term provisions | 13 | 29 052 | 0 | 22 309 | ||||
| Cash and cash equivalents | 165 948 | 93 587 | 177 744 | Total current liabilities | 244 482 | 449 356 | 431 585 | ||
| Total current assets | 775 543 | 991 385 | 935 448 | Total liabilities | 368 033 | 590 271 | 533 713 | ||
| TOTAL ASSETS | 1 067 046 | 1 270 689 | 1 212 293 | TOTAL EQUITY AND LIABILITIES | 1 067 046 | 1 270 689 | 1 212 293 |
04 Highlights
07 Stories
11 Outlook
Consolidated statement of cash flows
04 Highlights 05 Financial Summary 06 Market Development
07 Stories
11 Outlook 12 Half-year report 16 Financial Statements →
Consolidated statement of cash flows
| Unaudited | Second quarter | 01.01-30.06 | Unaudited | Second quarter | 01.01-30.06 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| In NOK 1000 | Note | 2025 | 2024 | 2025 | 2024 | In NOK 1000 | Note | 2025 | 2024 | 2025 | 2024 |
| Cash flow from operating activities | Cash flow from financing activities | ||||||||||
| Profit (+)/loss (-) before tax | 34 448 | 22 679 | 28 371 | 10 620 | Repayment of loans and borrowings | 14 | -128 033 | 0 | -159 971 | 0 | |
| Taxes paid | 0 | 0 | -10 412 | -20 984 | Draw down on credit facility | 14 | 0 | -36 103 | 0 | 143 106 | |
| Depreciation and amortisation expense | 8 | 8 939 | 7 724 | 16 324 | 15 378 | Lease liabilities | 8 | -2 278 | -2 348 | -332 | -3 647 |
| Shared based payment expense | 3 | 3 073 | 2 990 | 4 509 | 5 980 | Interest on lease liabilities | 8 | -675 | -619 | -1 122 | -1 263 |
| Change in trade receivables | 10 | 2 625 | -663 | -11 191 | -5 609 | Interest on debts and borrowings | -1 799 | -4 901 | -4 380 | -4 901 | |
| Change in inventories | 9 | 67 727 | -36 697 | 103 526 | -163 112 | Purchase of treasury shares | 0 | 0 | -1 469 | 0 | |
| Change in trade payables | -658 | -8 635 | -21 939 | -43 401 | Proceeds from equity | 0 | 0 | 0 | 0 | ||
| Change in other accrual items* | 22 905 | 7 234 | 48 817 | 39 210 | Sale of treasury shares | 0 | 0 | 0 | 0 | ||
| Net cash flow from operating activities | 139 059 | -5 370 | 158 005 | -161 918 | Net cash flow from financing activities | -132 785 | -43 970 | -167 274 | 133 296 | ||
| Cash flow from investment activities | Net change in cash and cash equivalents | 10 778 | -57 420 | -11 797 | -48 056 | ||||||
| Purchases of property, plant and equipment | 8 | -10 655 | -8 689 | -20 758 | -19 993 | ||||||
| Proceeds from sale of PP&E | 0 | 0 | 0 | 0 | Cash and cash equivalents at start of period | 155 169 | 151 009 | 177 744 | 141 643 | ||
| Advances/loans to suppliers | 11 | 15 159 | 609 | 18 231 | 560 | Cash and cash equivalents at end of period | 165 948 | 93 587 | 165 948 | 93 587 | |
| Net cash flow from investment activities | 4 503 | -8 080 | -2 528 | -19 434 |
* From 2024 change in other accrual items includes financial items
Consolidated statement of changes in equity
| In NOK 1000 | Share Capital | Own shares | Share premium | Other paid in capital |
Foreign exchange reserve |
Other equity | Total equity holders of the parent |
Non-controlling interest |
Total equity |
|---|---|---|---|---|---|---|---|---|---|
| 1 January 2024 Update from the CEO |
1 313 | -3 | 646 945 | 14 982 | 28 960 | -27 373 | 664 823 | 0 | 664 823 |
| Profit (+)/loss (-) after tax | 0 | 0 | 0 | 0 | 0 | -3 236 | -3 236 | 0 | -3 236 |
| Other comprehensive Income | 0 | 0 | 0 | 0 | 7 726 | -3 443 | 4 283 | 0 | 4 283 |
| Purchase of treasury shares | 0 | 2 | 0 | 0 | 0 | 1 123 | 1 125 | 0 | 1 125 |
| Capital increase | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share based payments | 0 | 0 | 0 | 5 869 | 0 | 0 | 5 869 | 0 | 5 869 |
| Differences from earlier periods* | 0 | 0 | 0 | 0 | 0 | 5 717 | 5 717 | 0 | 5 717 |
| 31 December 2024 | 1 313 | -1 | 646 945 | 20 851 | 36 686 | -27 212 | 678 581 | 0 | 678 581 |
| 1 January 2025 | 1 313 | -1 | 646 945 | 20 851 | 36 686 | -27 212 | 678 581 | 0 | 678 581 |
| Profit (+)/loss (-) after tax | 0 | 0 | 0 | 0 | 0 | 18 793 | 18 793 | 0 | 18 793 |
| Other comprehensive Income | 0 | 0 | 0 | 0 | -4 974 | 3 575 | -1 399 | 0 | -1 399 |
| Sale of treasury shares | 0 | -2 | 0 | 0 | 0 | -1 467 | -1 469 | 0 | -1 469 |
| Share based payments | 0 | 0 | 0 | 4 509 | 0 | 0 | 4 509 | 0 | 4 509 |
| Differences from earlier periods* | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 30 June 2025 | 1 313 | -3 | 646 945 | 25 360 | 31 711 | -6 313 | 699 013 | 0 | 699 013 |
* Relates to differences in opening balance in Denmark and Switzerland versus consolidated financial statement for 2023.
Notes
- 04 Highlights
- 05 Financial Summary
07 Stories
11 Outlook
Note 1 - Basis of preparation
These interim condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They were authorised for issue by the board of directors on 19 August 2025. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2024 IFRS financial statement issued by the company on 20 August 2025.
Note 2 - Significant accounting policies
Note 3 - Significant events and transactions
Share-based incentive program for all employees
Share based payments New programs in 2022
The Group has applied the same accounting policies and methods of computation in its interim consolidated financial statements as in its 2024 annual financial statements.
As of 01.01.2023 The Group implementet a new share-based incentive program for new employees in 2022. Under the program all employees are entitled to a bonus equal to 20% of the annual salary at 31.12.2022. The shares will be allocated to the employees after the three year vesting period, i.e. shortly after 01.01.2026. Under the program the number of shares received is fixed at 01.01.2023. The number of shares equals 20% of the annual salary divided by the
The share portion is accounted for as an equity settled share-based payment program, that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2026). Fair value is measured by
Share-based payment program for key management and board of directors (Stock option program)
As of 30.06.2025 The Group had employee stock options agreements with 2 employees, CEO Kurt Østrem and CTO Knut Braut. The remaining stock options is 400 000 shares. All of these stock options can be excercised as of 31.12.2025.
Share based payment expense is charged to the income statement with the following amounts per Q2 2025, Q2 2024 and full year 2024.
| Second quarter | |||||
|---|---|---|---|---|---|
| In NOK 1000 | 2025 | 2024 | 2024 | ||
| Share-based incentive program for all employees | 4 713 | 2 356 | 4 711 | ||
| Share-based incentive program for management* | 4 424 | 3 624 | 1 157 | ||
| Provision for social security contribution | 1 288 | -321 | 0 | ||
| Total | 10 426 | 5 659 | 5 869 |
All sales or purchases of treasury shares are related to options and/or the share-based incentive programs.
The company operates two equity-settled share-based remuneration schemes for key management:
share price of Zaptec ASA based on average stock price last 15 days of 2022.
using the actual average stock price of the last 15 days of 2022.
Share-based incentive program for management
As of 01.01.2025 The Group implemented a new share-based incentive program for management. The program consist of a share element and a cash element defined by the board on a year-to-year basis. The bonus will be determined based on achievement of certain metrics. One half of the bonus is paid in form of shares, and the other half is in the form of a cash payment. The employee may choose to utilize the cash payment, in whole or in part, to acquire additional shares. If the Employees utilize the cash payment to acquire additional shares, the company will give each employee one share for each additional share acquired by said employee (1:1 matching). All shares acquired by the employee will be valued at market value at the time of acquisition, with a deduction of 15 per cent for the purposes of determining the number of shares which each employee is entitled to receive under the bonus program. The market value of the shares shall be equal to the volume weighted average listed price of the shares in the company during the two-week period prior to the date when the employee elected whether to use the cash payment to acquire additional shares.
Note 4 - Segment information
Zaptec Charger AS
The Group consists of several legal entities where most of the entities are established to handle sales in a specific country. For management purposes, financial information is reported to the group management based on a legal entity basis. The group management is identified as the chief operating decision maker. Based on the internal reporting the following reportable segments are identified.
This segment is involved in the sale of Zaptec products in Norway, and to customers in other countries where the Group has not established an entity or sales organization. Zaptec Charger AS also handles procurement of goods and internal sales.
| 16 | Financial Statements → | Zaptec Netherlands B.V. |
|---|---|---|
| 12 | Half-year report | |
| 11 | Outlook | This segment is involved in the sale and distribution of Zaptec products in Denmark. |
| 08 Executing the strategy | Zaptec Danmark ApS | |
| 07 | Stories | This segment is involved in the sale and distribution of Zaptec products in Switzerland. |
| 06 Market Development | Zaptec Schweiz AG | |
| 05 | Financial Summary | |
| 04 | Highlights | This segment is involved in the sale and distribution of Zaptec products in Sweden. |
| 03 | Update from the CEO | Zaptec Sverige AB |
This segment is involved in the sale and distribution of Zaptec products in Netherlands.
Other
Consist of all other legal entities in the group.
| Year-to-date | 30.06.2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| In NOK 1000 | Zaptec Charger AS |
Zaptec Sverige AB |
Zaptec Schweiz AG |
Zaptec Danmark ApS |
Zaptec Netherlands BV |
Other | Adjustments and eliminations |
Total |
| Operating income | ||||||||
| Revenues from contracts with customers | 179 602 | 177 941 | 116 079 | 101 143 | 115 997 | 44 280 | -4 817 | 730 225 |
| Revenues from internal sales | 383 971 | 0 | 0 | 0 | 0 | 875 | -384 846 | 0 |
| Revenues from shared services | 0 | 7 592 | 845 | 0 | 4 661 | 4 680 | -17 778 | 0 |
| Total operating income | 563 573 | 185 533 | 116 925 | 101 143 | 120 658 | 49 835 | -407 441 | 730 225 |
| Operating expenses | ||||||||
| Cost of inventories | 419 402 | 132 757 | 78 316 | 77 857 | 81 922 | 35 544 | -385 319 | 440 479 |
| Employee benefit expenses | 78 752 | 14 386 | 16 957 | 4 622 | 8 556 | 17 688 | -6 620 | 134 341 |
| Depreciation and amortisation expense | 7 933 | 51 | 0 | 0 | 68 | 263 | 8 011 | 16 326 |
| Other operating expenses | 55 951 | 23 265 | 5 736 | 5 268 | 15 937 | 15 618 | -24 231 | 97 543 |
| Total operating expenses | 562 038 | 170 458 | 101 008 | 87 747 | 106 482 | 69 114 | -408 159 | 688 689 |
| Operating result | 1 535 | 15 075 | 15 916 | 13 396 | 14 176 | -19 279 | 717 | 41 536 |
| Year-to-date | 30.06.2024 | |||||||
| In NOK 1000 | Zaptec Charger AS |
Zaptec Sverige AB |
Zaptec Schweiz AG |
Zaptec Danmark ApS |
Zaptec Netherlands BV |
Other* | Adjustments and eliminations |
Total |
| Operating income | ||||||||
| Revenues from contracts with customers | 187 051 | 172 108 | 135 114 | 68 680 | 0 | 89 601 | -11 480 | 641 075 |
| Revenues from internal sales | 283 864 | 0 | 0 | 0 | 0 | 875 | -284 739 | 1 |
| Revenues from shared services | 6 852 | 3 892 | 0 | 718 | 0 | 4 959 | -16 421 | -1 |
| Total operating income | 477 768 | 176 000 | 135 114 | 69 398 | 0 | 95 435 | -312 640 | 641 075 |
| Operating expenses | ||||||||
| Cost of inventories | 377 374 | 132 043 | 59 232 | 50 687 | 0 | 62 667 | -285 698 | 396 304 |
| Employee benefit expenses | 73 862 | 10 403 | 16 777 | 5 517 | 0 | 21 668 | -10 703 | 117 522 |
| Depreciation and amortisation expense | 6 429 | 32 | 0 | 0 | 0 | 336 | 8 580 | 15 378 |
| Other operating expenses | 60 925 | 5 400 | 15 978 | 8 571 | 0 | 25 838 | -21 140 | 95 573 |
| Total operating expenses | 518 590 | 147 878 | 91 986 | 64 775 | 0 | 110 509 | -308 961 | 624 777 |
*Includes Zaptec Netherlands BV in 2024
04 Highlights 05 Financial Summary 06 Market Development
07 Stories
11 Outlook 12 Half-year report 16 Financial Statements →
23
Full year 2024
| In NOK 1000 | Zaptec Charger AS |
Zaptec Sverige AB |
Zaptec Schweiz AG |
Zaptec Danmark ApS |
Zaptec Netherlands BV |
Other* | Adjustments and eliminations |
Total |
|---|---|---|---|---|---|---|---|---|
| Operating income | ||||||||
| Revenues from contracts with customers | 369 534 | 339 309 | 237 811 | 148 427 | 0 | 185 493 | -13 586 | 1 266 988 |
| Revenues from internal sales | 590 710 | 0 | 0 | 0 | 0 | 1 750 | -592 460 | 0 |
| Revenues from shared services and TP adjustment |
89 729 | 7 761 | 0 | 736 | 0 | 11 675 | -109 901 | 0 |
| Other operating income | 1 930 | 0 | 0 | 0 | 0 | 732 | -2 662 | 0 |
| Total operating income | 1 051 904 | 347 070 | 237 810 | 149 163 | 0 | 199 650 | -718 610 | 1 266 988 |
| Cost of inventories | 739 900 | 258 926 | 112 695 | 112 686 | 0 | 135 001 | -583 464 | 775 743 |
| Employee benefit expenses | 151 445 | 19 679 | 36 834 | 9 473 | 0 | 45 635 | -20 994 | 242 072 |
| Depreciation and amortisation expense | 16 224 | 73 | 0 | 0 | 0 | 673 | 16 982 | 33 953 |
| Other operating expenses | 131 881 | 15 952 | 20 344 | 16 235 | 0 | 43 759 | -34 269 | 193 902 |
| Total operating expenses | 1 039 450 | 294 630 | 169 872 | 138 394 | 0 | 225 068 | -621 745 | 1 245 669 |
| Operating result | 12 454 | 52 440 | 67 938 | 10 769 | 0 | -25 418 | -96 865 | 21 319 |
*Includes Zaptec Netherlands BV in 2024
| Quarter | 30.06.2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| In NOK 1000 | Zaptec Charger AS |
Zaptec Sverige AB |
Zaptec Schweiz AG |
Zaptec Danmark ApS |
Zaptec Netherlands BV |
Other | Adjustments and eliminations |
Total |
| Operating income | ||||||||
| Revenues from contracts with customers | 96 411 | 93 181 | 55 572 | 47 193 | 70 336 | 23 270 | -2 587 | 383 375 |
| Revenues from internal sales | 208 210 | 0 | 0 | 0 | 0 | 437 | -208 648 | 0 |
| Revenues from shared services | 0 | 2 124 | 845 | 0 | 2 543 | 3 387 | -8 899 | 0 |
| Total operating income | 304 621 | 95 304 | 56 417 | 47 193 | 72 879 | 27 094 | -220 133 | 383 375 |
| Operating expenses | ||||||||
| Cost of inventories | 221 998 | 70 679 | 37 466 | 36 554 | 48 704 | 18 999 | -206 749 | 227 651 |
| Employee benefit expenses | 32 969 | 5 942 | 9 050 | 2 308 | 4 525 | 9 921 | -1 064 | 63 651 |
| Depreciation and amortisation expense | 4 362 | 26 | 0 | 0 | 55 | 128 | 4 370 | 8 942 |
| Other operating expenses | 27 300 | 20 345 | 2 353 | 3 042 | 13 584 | 7 867 | -26 059 | 48 434 |
| Total operating expenses | 286 630 | 96 993 | 48 868 | 41 904 | 66 869 | 36 915 | -229 501 | 348 677 |
| Operating result | 17 991 | -1 689 | 7 549 | 5 289 | 6 010 | -9 820 | 9 368 | 34 698 |
04 Highlights
07 Stories
11 Outlook
| In NOK 1000 | Zaptec Charger AS |
Zaptec Sverige AB |
Zaptec Schweiz AG |
Zaptec Danmark ApS |
Zaptec Netherlands BV |
Other* | Adjustments and eliminations |
|
|---|---|---|---|---|---|---|---|---|
| Operating income | ||||||||
| Revenues from contracts with customers | 107 885 | 98 983 | 60 589 | 27 920 | 0 | 50 983 | -5 751 | 340 609 |
| Revenues from internal sales | 147 814 | 0 | 0 | 0 | 0 | 437 | -148 251 | |
| Revenues from shared services | 0 | 1 497 | 0 | 216 | 0 | 2 537 | -4 250 | |
| Other operating income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total operating income | 255 699 | 100 480 | 60 589 | 28 136 | 0 | 53 957 | -158 252 | |
| Operating expenses Cost of inventories |
202 722 | 79 973 | 23 241 | 20 423 | 0 | 34 387 | -151 755 | |
| Employee benefit expenses | 29 206 | 4 770 | 7 370 | 2 301 | 0 | 10 894 | -1 095 | |
| Depreciation and amortisation expense | 3 260 | 18 | 0 | 0 | 0 | 161 | 4 284 | |
| Other operating expenses | 29 113 | -4 820 | 4 401 | 4 945 | 0 | 14 103 | -3 160 | |
| Total operating expenses | 264 300 | 79 941 | 35 011 | 27 669 | 0 | 59 545 | -151 726 | |
| 340 609 208 990 53 446 44 582 314 741 |
*Includes Zaptec Netherlands BV in 2024
04 Highlights 05 Financial Summary 06 Market Development
07 Stories
11 Outlook 12 Half-year report 16 Financial Statements →
Adjustments and eliminations
The Group evaluates segmental performance on the basis of profit or loss from operations calculated based on local financial statements. Adjustments for IFRS 16 and eliminations are included in the column adjustments and eliminations. Depreciation and amortisation excess values from business combinations are not allocated to individual segments as the underlying assets are managed on a group basis.
Adjustments and eliminations is as follows:
Year-to-date 30.06.2025
| Update from the CEO Highlights |
In NOK 1000 | Revenues from internal sales |
Cost of inventories | Employee benefit expenses |
Depreciation and amortisation expense |
Other operating expenses |
|---|---|---|---|---|---|---|
| Financial Summary | Elimination of internal sales(1) | -384 846 | -385 399 | 0 | 0 | 0 |
| 06 Market Development | Elimination of shared services (2) | -17 778 | 0 | -16 419 | 0 | -30 398 |
| Stories | IFRS 16 adjustments (3) | 0 | 0 | 0 | 4 589 | -5 301 |
| GAAP-adjustment to inventory (4) | 0 | 1 076 | 0 | 0 | 0 | |
| 08 Executing the strategy Outlook |
Amortization of excess values (5) | 0 | 0 | 0 | 3 423 | 0 |
| Gains on internal transactions (6) | 0 | -996 | 0 | 0 | 0 | |
| Half-year report | Share-based incentive program (7) | 0 | 0 | 4 421 | 0 | 0 |
| Financial Statements → | Provision for warranty claims (8) | 0 | 0 | 0 | 0 | 10 318 |
| Other (9) | 0 | 0 | 5 378 | 0 | 1 150 | |
| IFRS 15 adjustments (10) | -4 817 | 0 | 0 | 0 | 0 | |
| Total | -407 441 | -385 319 | -6 620 | 8 011 | -24 231 | |
Year-to-date 30.06.2024
In NOK 1000 Revenues from internal sales Cost of inventories Employee benefit expenses Depreciation and amortisation expense Other operating expenses Elimination of internal sales(1) -284 739 -288 009 0 0 0 Elimination of shared services (2) -16 421 0 -8 653 0 -23 334 IFRS 16 adjustments (3) 0 0 0 5 254 -5 741 GAAP-adjustment to inventory (4) 0 4 603 0 0 0 Amortization of excess values (5) 0 0 0 3 326 0 Gains on internal transactions (6) 0 -1 997 0 0 0 Share-based incentive program (7) 0 0 5 659 0 0 Provision for warranty claims (8) 0 0 0 0 0 Other (9) 0 -295 -7 709 0 7 935 IFRS 15 adjustments (10) -11 480 0 0 0 0 Total -312 640 -285 699 -10 703 8 580 -21 141
Full year 31.12.2024
| In NOK 1000 | Revenues from internal sales |
Cost of inventories | Employee benefit expenses |
Depreciation and amortisation expense |
Other operating expenses |
|
|---|---|---|---|---|---|---|
| Elimination of internal sales(1) | -592 460 | -589 034 | 0 | 0 | 0 | |
| Elimination of shared services (2) | -37 672 | 0 | -17 805 | 0 | -21 627 | |
| 03 Update from the CEO |
IFRS 16 adjustments (3) | 0 | 0 | 0 | 10 136 | -11 093 |
| 04 Highlights |
GAAP-adjustment to inventory (4) | 0 | 4 661 | 0 | 0 | 0 |
| 05 Financial Summary |
Amortization of excess values (5) | 0 | 0 | 0 | 6 845 | 0 |
| Gains on internal transactions (6) | 0 | 1 021 | 0 | 0 | 0 | |
| 06 Market Development | Share-based incentive program (7) | 0 | 0 | 5 550 | 0 | 0 |
| 07 Stories |
Provision for warranty claims (8) | 0 | 0 | 0 | 0 | 2 160 |
| 08 Executing the strategy | Other (9) | 540 | -112 | -8 739 | 0 | -3 709 |
| 11 Outlook |
IFRS 15 adjustments (10) | -14 127 | 0 | 0 | 0 | 0 |
| 12 Half-year report |
Transfer pricing adjustment | -74 892 | 0 | 0 | 0 | 0 |
| 16 Financial Statements → |
Total | -718 610 | -583 464 | -20 994 | 16 982 | -34 269 |
Quarter 30.06.2025
| In NOK 1000 | Revenues from internal sales |
Cost of inventories | Employee benefit expenses |
Depreciation and amortisation expense |
Other operating expenses |
|---|---|---|---|---|---|
| Elimination of internal sales(1) | -208 648 | -208 715 | 0 | 0 | 0 |
| Elimination of shared services (2) | -8 899 | 0 | -8 328 | 0 | -28 935 |
| IFRS 16 adjustments (3) | 0 | 0 | 0 | 2 641 | -3 055 |
| GAAP-adjustment to inventory (4) | 0 | -1 333 | 0 | 0 | 0 |
| Amortization of excess values (5) | 0 | 0 | 0 | 1 729 | 0 |
| Gains on internal transactions (6) | 0 | 3 299 | 0 | 0 | 0 |
| Share-based incentive program (7) | 0 | 0 | 1 857 | 0 | 0 |
| Provision for warranty claims (8) | 0 | 0 | 0 | 0 | 6 281 |
| Other (9) | 0 | 0 | 5 407 | 0 | -350 |
| IFRS 15 adjustments (10) | -2 587 | 0 | 0 | 0 | 0 |
| Total | -220 133 | -206 749 | -1 064 | 4 370 | -26 059 |
Quarter 30.06.2024
| In NOK 1000 | Revenues from internal sales |
Cost of inventories | Employee benefit expenses |
Depreciation and amortisation expense |
Other operating expenses |
|
|---|---|---|---|---|---|---|
| Elimination of internal sales (1) | -148 251 | -152 390 | 0 | 0 | 0 | |
| Elimination of shared services (2) | -4 250 | 0 | -3 905 | 0 | -6 487 | |
| 03 Update from the CEO |
IFRS 16 adjustments (3) | 0 | 0 | 0 | 2 628 | -2 872 |
| 04 Highlights |
GAAP-adjustment to inventory (4) | 0 | 2 704 | 0 | 0 | 0 |
| Amortization of excess values (5) | 0 | 0 | 0 | 1 656 | 0 | |
| 05 Financial Summary |
Gains on internal transactions (6) | 0 | -3 093 | 0 | 0 | 0 |
| 06 Market Development | Share-based incentive program (7) | 0 | 0 | 2 810 | 0 | 0 |
| 07 Stories |
Provision for warranty claims (8) | 0 | 0 | 0 | 0 | 0 |
| 08 Executing the strategy | Other (9) | 0 | 1 024 | 0 | 0 | 6 199 |
| 11 Outlook |
IFRS 15 adjustments (10) | -5 751 | 0 | 0 | 0 | 0 |
| 12 Half-year report |
Total | -158 252 | -151 755 | -1 095 | 4 284 | -3 160 |
| 16 Financial Statements → |
(1) Elimination of internal sales relates to sale of inventory from Zaptec Charger AS eliminated against cost of inventory, and purchased made by Zaptec Charger from other group companies eliminated against other operating expenses.
(2) The group have global functions in several of the group companies that provides significant services to companies within the group. The amount charged for these services is presented as income in the company providing the service. The amount is eliminated on consolidation.
(3) Lease payment are expense on a linear basis under local gaap. In the IFRS financial statement the leases are accounted for in accordance with IFRS 16, by recognition of are right of use asset and a lease liability. The expenses are included as amortization of the right-of-use asset and interest on the lease liability.
(4) Zaptec Schweiz AG includes a additional reduction of the carrying amount of inventory in line with local gaap. In the consolidated IFRS statement these reduction is reversed.
(5) Excess value from the acquisition of Zaptec Schweiz AG is included on group level.
(6) Gains on internal transaction of inventory.
(7) Share-based incentive program, ref. note 3
(8) Provision for warranty claims, ref. note 13
(9) Other
(10) IFRS 15 adjustments, ref. note 5
Note 5 - Revenues from contracts with customers
Disaggregation of Revenue
Segments
The Group has disaggregated revenue into various categories in the following table which is intended to:
- Depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic date; and
Zaptec Charger
- Enable users to understand the relationship with revenue segment information provided in Note 4
Set out below is the disaggregation of the Group's revenue from contracts with customers:
Year-to-date 30.06.2025
- 04 Highlights
- 05 Financial Summary
| In NOK 1000 | AS | AB | AG | ApS | Netherlands BV | Other | Total |
|---|---|---|---|---|---|---|---|
| Product sales | 179 602 | 177 941 | 116 079 | 101 143 | 115 997 | 39 462 | 730 225 |
| Total operating income | 179 602 | 177 941 | 116 079 | 101 143 | 115 997 | 39 462 | 730 225 |
| By business area - Geographical distribution | |||||||
| Norway | 146 867 | 0 | 0 | 0 | 0 | -4 961 | 141 906 |
| Sweden | 516 | 177 941 | 0 | 0 | 0 | 0 | 178 457 |
| Switzerland | 0 | 0 | 116 079 | 0 | 0 | 0 | 116 079 |
| Denmark | 0 | 0 | 0 | 101 143 | 0 | 0 | 101 143 |
| Iceland | 4 327 | 0 | 0 | 0 | 0 | 0 | 4 327 |
| Finland | 20 378 | 0 | 0 | 0 | 0 | 0 | 20 378 |
| Belgium | 0 | 0 | 0 | 0 | 17 887 | 0 | 17 887 |
| Poland | 234 | 0 | 0 | 0 | 0 | 0 | 234 |
| Netherlands | 0 | 0 | 0 | 0 | 98 110 | 0 | 98 110 |
| Ireland | 2 535 | 0 | 0 | 0 | 0 | 0 | 2 535 |
| Germany | 0 | 0 | 0 | 0 | 0 | 9 983 | 9 983 |
| UK | 0 | 0 | 0 | 0 | 0 | 24 510 | 24 510 |
| Portugal | 3 688 | 0 | 0 | 0 | 0 | 0 | 3 688 |
| Rest of Europe | 37 | 0 | 0 | 0 | 0 | 9 931 | 9 968 |
| Other | 1 020 | 0 | 0 | 0 | 0 | 0 | 1 020 |
| Total operating income | 179 602 | 177 941 | 116 079 | 101 143 | 115 997 | 39 463 | 730 225 |
| Timing of revenue recognition | |||||||
Zaptec Sverige
Zaptec Schweiz
Zaptec Danmark
Zaptec
Year-to-date 30.06.2024
Segments
04 Highlights 05 Financial Summary 06 Market Development
07 Stories
11 Outlook 12 Half-year report 16 Financial Statements →
| In NOK 1000 | Zaptec Charger AS |
Zaptec Sverige AB |
Zaptec Schweiz AG |
Zaptec Danmark ApS |
Zaptec Netherlands BV |
Other* | Total |
|---|---|---|---|---|---|---|---|
| Product sales | 187 051 | 172 108 | 135 114 | 68 680 | 0 | 78 121 | 641 075 |
| Total operating income | 187 051 | 172 108 | 135 114 | 68 680 | 0 | 78 121 | 641 075 |
| By business area - Geographical distribution | |||||||
| Norway | 152 785 | 0 | 0 | 0 | 0 | -11 480 | 141 305 |
| Sweden | 11 594 | 172 108 | 0 | 0 | 0 | 0 | 183 702 |
| Switzerland | 0 | 0 | 135 114 | 0 | 0 | 0 | 135 114 |
| Denmark | 0 | 0 | 0 | 68 680 | 0 | 0 | 68 680 |
| Iceland | 7 003 | 0 | 0 | 0 | 0 | 0 | 7 003 |
| Finland | 9 273 | 0 | 0 | 0 | 0 | 0 | 9 273 |
| Belgium | 0 | 0 | 0 | 0 | 0 | 9 844 | 9 844 |
| Poland | 529 | 0 | 0 | 0 | 0 | 0 | 529 |
| Netherlands | 0 | 0 | 0 | 0 | 0 | 53 785 | 53 785 |
| Ireland | 4 562 | 0 | 0 | 0 | 0 | 0 | 4 562 |
| Germany | 0 | 0 | 0 | 0 | 0 | 3 576 | 3 576 |
| UK | 74 | 0 | 0 | 0 | 0 | 17 658 | 17 732 |
| Portugal | 402 | 0 | 0 | 0 | 0 | 0 | 402 |
| Rest of Europe | 661 | 0 | 0 | 0 | 0 | 4 738 | 5 399 |
| Other | 170 | 0 | 0 | 0 | 0 | 0 | 170 |
| Total operating income | 187 051 | 172 108 | 135 114 | 68 680 | 0 | 78 121 | 641 075 |
| Timing of revenue recognition | |||||||
| Goods transferred at a point in time | 175 571 | 172 108 | 135 114 | 68 680 | 0 | 78 121 | 629 595 |
| Goods and services transferred over time | 11 480 | 0 | 0 | 0 | 0 | 0 | 11 480 |
| Total operating income | 187 051 | 172 108 | 135 114 | 68 680 | 0 | 78 121 | 641 075 |
*Includes Zaptec Netherlands BV in 2024
Second quarter 30.06.2025
Segments
| In NOK 1000 | Zaptec Charger AS |
Zaptec Sverige AB |
Zaptec Schweiz AG |
Zaptec Danmark ApS |
Zaptec Netherlands BV |
Other | Total |
|---|---|---|---|---|---|---|---|
| Product sales | 96 411 | 93 181 | 55 572 | 47 193 | 70 336 | 21 039 | 383 375 |
| Total operating income | 96 411 | 93 181 | 55 572 | 47 193 | 70 336 | 21 039 | 383 375 |
| By business area - Geographical distribution | |||||||
| Norway | 82 401 | 0 | 0 | 0 | 0 | -4 961 | 77 439 |
| Sweden | -3 | 93 181 | 0 | 0 | 0 | 0 | 93 178 |
| Switzerland | 0 | 0 | 55 572 | 0 | 0 | 0 | 55 572 |
| Denmark | 0 | 0 | 0 | 47 193 | 0 | 0 | 47 193 |
| Iceland | 2 826 | 0 | 0 | 0 | 0 | 0 | 2 826 |
| Finland | 9 118 | 0 | 0 | 0 | 0 | 0 | 9 118 |
| Belgium | 0 | 0 | 0 | 0 | 8 987 | 0 | 8 987 |
| Poland | 33 | 0 | 0 | 0 | 0 | 0 | 33 |
| Netherlands | 0 | 0 | 0 | 0 | 61 349 | 0 | 61 349 |
| Ireland | 776 | 0 | 0 | 0 | 0 | 0 | 776 |
| Germany | 0 | 0 | 0 | 0 | 0 | 4 929 | 4 929 |
| UK | 0 | 0 | 0 | 0 | 0 | 10 899 | 10 899 |
| Portugal | 500 | 0 | 0 | 0 | 0 | 0 | 500 |
| Rest of Europe | 0 | 0 | 0 | 0 | 0 | 9 817 | 9 817 |
| Other | 759 | 0 | 0 | 0 | 0 | 0 | 759 |
| Total operating income | 96 410 | 93 181 | 55 572 | 47 193 | 70 336 | 20 683 | 383 375 |
| Timing of revenue recognition | |||||||
| Goods transferred at a point in time | 93 824 | 93 181 | 55 572 | 47 193 | 70 336 | 20 683 | 380 789 |
| Goods and services transferred over time | 2 586 | 0 | 0 | 0 | 0 | 0 | 2 586 |
| Total operating income | 96 411 | 93 181 | 55 572 | 47 193 | 70 336 | 20 683 | 383 375 |
04 Highlights 05 Financial Summary 06 Market Development
07 Stories
11 Outlook 12 Half-year report 16 Financial Statements → Second quarter 30.06.2024
Segments
04 Highlights 05 Financial Summary 06 Market Development
07 Stories
11 Outlook 12 Half-year report 16 Financial Statements →
| In NOK 1000 | Zaptec Charger AS |
Zaptec Sverige AB |
Zaptec Schweiz AG |
Zaptec Danmark ApS |
Zaptec Netherlands BV |
Other* | Total |
|---|---|---|---|---|---|---|---|
| Product sales | 107 885 | 98 983 | 60 589 | 27 920 | 0 | 45 231 | 340 609 |
| Total operating income | 107 885 | 98 983 | 60 589 | 27 920 | 0 | 45 231 | 340 609 |
| By business area - Geographical distribution | |||||||
| Norway | 84 185 | 0 | 0 | 0 | 0 | -5 751 | 78 433 |
| Sweden | 10 006 | 98 983 | 0 | 0 | 0 | 0 | 108 989 |
| Switzerland | 0 | 0 | 60 589 | 0 | 0 | 0 | 60 589 |
| Denmark | 0 | 0 | 0 | 27 920 | 0 | 0 | 27 920 |
| Iceland | 5 227 | 0 | 0 | 0 | 0 | 0 | 5 227 |
| Finland | 5 528 | 0 | 0 | 0 | 0 | 0 | 5 528 |
| Belgium | 0 | 0 | 0 | 0 | 0 | 9 611 | 9 611 |
| Poland | 217 | 0 | 0 | 0 | 0 | 0 | 217 |
| Netherlands | 0 | 0 | 0 | 0 | 0 | 27 928 | 27 928 |
| Ireland | 2 378 | 0 | 0 | 0 | 0 | 0 | 2 378 |
| Germany | 0 | 0 | 0 | 0 | 0 | 2 275 | 2 275 |
| UK | 12 | 0 | 0 | 0 | 0 | 8 812 | 8 824 |
| Portugal | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Rest of Europe | 333 | 0 | 0 | 0 | 0 | 2 357 | 2 690 |
| Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total operating income | 107 886 | 98 983 | 60 589 | 27 920 | 0 | 45 231 | 340 609 |
| Timing of revenue recognition | |||||||
| Goods transferred at a point in time | 107 885 | 98 983 | 60 589 | 27 920 | 0 | 45 231 | 340 609 |
| Goods and services transferred over time | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total operating income | 107 885 | 98 983 | 60 589 | 27 920 | 0 | 45 231 | 340 609 |
32
Full year 2024
04 Highlights 05 Financial Summary 06 Market Development
07 Stories
11 Outlook 12 Half-year report 16 Financial Statements →
| In NOK 1000 | Zaptec Charger AS |
Zaptec Sverige AB |
Zaptec Schweiz AG |
Zaptec Danmark ApS |
Zaptec Netherlands BV |
Other* | Total |
|---|---|---|---|---|---|---|---|
| Product sales | 369 534 | 339 309 | 237 811 | 148 427 | 0 | 171 907 | 1 266 988 |
| Total operating income | 369 534 | 339 309 | 237 811 | 148 427 | 0 | 171 907 | 1 266 988 |
| By business area - Geographical distribution | |||||||
| Norway | 295 188 | 0 | 0 | 0 | 0 | -13 586 | 281 602 |
| Sweden | 22 899 | 339 309 | 0 | 0 | 0 | 0 | 362 208 |
| Switzerland | 0 | 0 | 237 811 | 0 | 0 | 0 | 237 811 |
| Denmark | 0 | 0 | 0 | 148 427 | 0 | 0 | 148 427 |
| Iceland | 7 781 | 0 | 0 | 0 | 0 | 0 | 7 781 |
| Finland | 26 208 | 0 | 0 | 0 | 0 | 0 | 26 208 |
| Belgium | 0 | 0 | 0 | 0 | 0 | 22 311 | 22 311 |
| Poland | 1 735 | 0 | 0 | 0 | 0 | 0 | 1 735 |
| Netherlands | 0 | 0 | 0 | 0 | 0 | 102 335 | 102 335 |
| Ireland | 6 691 | 0 | 0 | 0 | 0 | 0 | 6 691 |
| Germany | 0 | 0 | 0 | 0 | 0 | 6 721 | 6 721 |
| UK | 74 | 0 | 0 | 0 | 0 | 43 183 | 43 257 |
| Portugal | 4 211 | 0 | 0 | 0 | 0 | 0 | 4 211 |
| France | 0 | 0 | 0 | 0 | 0 | 10 942 | 10 942 |
| Rest of Europe | 1 925 | 0 | 0 | 0 | 0 | 0 | 1 925 |
| Other | 2 823 | 0 | 0 | 0 | 0 | 0 | 2 823 |
| Total operating income | 369 534 | 339 309 | 237 811 | 148 427 | 0 | 171 907 | 1 266 988 |
| Timing of revenue recognition | |||||||
| Goods transferred at a point in time | 356 072 | 339 309 | 237 811 | 148 427 | 0 | 171 907 | 1 253 526 |
| Goods and services transferred over time | 13 462 | 0 | 0 | 0 | 0 | 0 | 13 462 |
| Total operating income | 369 534 | 339 309 | 237 811 | 148 427 | 0 | 171 907 | 1 266 988 |
*Includes Zaptec Netherlands BV in 2024
The table below shows the movement in deferred income during 2025.
Deferred income
30.06.2025
In NOK 1000
04 Highlights 05 Financial Summary 06 Market Development
07 Stories
11 Outlook 12 Half-year report 16 Financial Statements →
| Opening balance | 87 853 |
|---|---|
| Movement | 18 948 |
| Closing balance | 106 800 |
Note 6 - Financial income and expense
| 01.01-30.06 | Full year | ||
|---|---|---|---|
| In NOK 1000 | 2025 | 2024 | 2024 |
| Finance income | |||
| Other finance income | 708 | 2 044 | 2 764 |
| Foreign currency gain | 0 | 0 | 0 |
| Total finance income | 708 | 2 044 | 2 764 |
Finance expense
| Interest on debts and borrowings | 4 575 | 4 901 | 11 366 |
|---|---|---|---|
| Interest from leases | 1 122 | 1 263 | 2 442 |
| Other finance expense | 3 364 | 1 558 | 12 597 |
| Foreign currency loss | 4 812 | 0 | 447 |
| Total finance expense | 13 873 | 7 721 | 26 851 |
Note 7 - Income tax
The tax expense is calculated as 22% of the profit (+)/loss (-) before tax adjusted for items that will impact the effective tax rate.
| 01.01-30.06 | Full year | |||
|---|---|---|---|---|
| In NOK 1000 | 2025 | 2024 | 2024 | |
| Profit (+)/loss (-) before tax | 28 371 | 10 620 | -2 768 | |
| Adjustment for losses not recognised as deferred tax asset |
14 425 | 19 593 | -342 | |
| Difference in tax rates | 690 | -1 010 | 2 048 | |
| Non deductible share based payment arrangement |
4 509 | 5 980 | 5 869 | |
| Not taxable income | 0 | 0 | 3 191 | |
| Other differences | -4 454 | -30 213 | -5 869 | |
| Estimated basis for tax expense | 43 541 | 4 971 | 2 128 | |
| Tax expense | 22% | 9 579 | 1 094 | 468 |
Deferred tax asset is not recognized for losses generated in jurisdiction where the group has not yet identified convincing evidence of future taxable income. As of 30.06.2025 this applies to Germany, UK, France and Italy.
Note 8 - Intangible and Tangible Assets, Including Right-of-Use Assets
30.06.2025
| In NOK 1000 | Goodwill | Intangible asset | Property, plant and equitpment |
Right of use assets |
Total |
|---|---|---|---|---|---|
| Opening balance | 81 734 | 101 930 | 14 490 | 41 079 | 239 233 |
| - Amortisaton and depreciation |
0 | -8 799 | -2 936 | -4 589 | -16 324 |
| + Purchases and new leases | 0 | 14 229 | 2 063 | 4 466 | 20 758 |
| - Disposals | 0 | 0 | 0 | 0 | 0 |
| +/- Foreign currency effects | -3 635 | -42 | -279 | 76 | -3 880 |
| Closing Balance | 78 100 | 107 317 | 13 337 | 41 032 | 239 787 |
Note 12 - Other non-current assets
Breakdown of other non-current assets
| In NOK 1000 | 30.06.2025 | 30.06.2024 | 31.12.2024 |
|---|---|---|---|
| Investment in Switch EV Ltd.* | 0 | 4 872 | 0 |
| Other | 755 | 325 | 392 |
| Total | 755 | 5 197 | 392 |
* The value of Swicth EV Ltd. has been written off to zero in 2024.
Note 9 - Inventories
The inventory consists solely of finished goods (acquired goods produced for the Group for resale).
Total current purchase obligations of EV chargers from Westcontrol and Sanmina amounts to 707 MNOK from July 2024 till June 2025. A significant portion of the committed production may be postponed based on quarterly updated forecasts.
The Group has a balance at the end of the first quarter of 610 MNOK versus 242 MNOK in the same period previous year. Measures are taken to adapt production to a normalized level of inventory in the long term. The stock consists only of current goods and inventory write-downs recognized as an expense amount to 0 MNOK.
Note 13 - Provisions
The Group has a provision for warranty claims of 33 MNOK at period end.
The long term provisions is related to the long-term incentive program for employees.
Note 10 - Trade receivables
Provision for credit losses is 5,3 MNOK at 30 June 2025 and 12,4 MNOK at 30 June 2024.
Note 11 - Other current assets
| Breakdown of other current assets: | |||
|---|---|---|---|
| In NOK 1000 | 30.06.2025 | 30.06.2024 | 31.12.2024 |
| Loan to finance inventory* | 25 339 | 35 289 | 43 569 |
| VAT refund | 1 501 | 22 481 | 19 203 |
| Other | 12 908 | 37 913 | 32 749 |
| Total | 39 747 | 95 684 | 95 521 |
* The Group has not identified any impairment indicators related to the loan to Sanmina.
- 03 Update from the CEO
- 04 Highlights
- 05 Financial Summary
- 06 Market Development
- 07 Stories
- 08 Executing the strategy
- 11 Outlook
- 12 Half-year report
16 Financial Statements →
| Start of period: Non-current 0 Current 159 971 Total 159 971 Draw down on credit facility -159 971 Loans 0 Other changes 0 |
In NOK 1000 | 30.06.2025 | 31.12.2024 |
|---|---|---|---|
| 159 971 | |||
| Net changes -159 971 |
159 971 | ||
| End of period: | |||
| Non-current | 0 | ||
| Current | 0 | 159 971 | |
| Total | 0 | 159 971 |
The Group has an undrawn credit facility of 300 MNOK at period end. The interest rate is 6,20 % of overdraft.
The terms are as follows:
-
Short term overdraft facility.
-
Annual maturity, will be renewed automatically when a credit rating is performed.
The financial covenants are as follows:
-
Overdraft shall not exceed 60% of the sum of external trade receivables (not older than 90 days), booked values of projects in progress, and inventory of finished goods. Monthly reporting based on group numbers. Overdraft above this limit will be deemed a breach of covenant.
-
The lender shall approve any new owners with controlling influence and/or if the company is taken of the stock exchange.
-
IP-rights shall not be transferred or sold between the borrower and/or subsidiaries without approval from the bank.
-
The Group's patents and other IP-rights shall not be pledged or in any other way be put as security in advantage for other creditors of the group.
-
Cash deposits for the whole Group and available cash liquidity on the credit facility, shall at a minimun be 50 MNOK at each monthly reporting.
-
Dividend from Zaptec ASA to be approved by the bank and Eksfin
-
the borrower shall not produce coal or sell/produce coal.
-
The borrower shall ensure that not any subsidiary are pledging shares or other activa without written approval from the lender.
The Group has complied with all covenants as at, and for the twelve months ended 30 June 2025.
Security:
-
First priority pledge in inventory, accounts receivables and machinery/equipment in Zaptec ASA. Face value of 350 MNOK of each pledged item.
-
Pledge in inventory, trade receivables and machinery/equipment in Zaptec Charger AS. Face value of 350 MNOK of each pledged item.
Apart from transaction with key management and board members included in Note 7 there are no transactions with related parties.
04 Highlights
07 Stories
11 Outlook
Note 15 - Other current liabilities
Breakdown of other current liabilities:
| In NOK 1000 | 30.06.2025 | 30.06.2024 | 31.12.2024 |
|---|---|---|---|
| VAT | -2 148 | 30 690 | 16 322 |
| Accrued expenses | 15 309 | 4 715 | 10 277 |
| Public taxes | 14 230 | 11 781 | 19 691 |
| Holiday pay | 8 270 | 7 709 | 14 239 |
| Other | 12 010 | 5 854 | 4 735 |
| Total | 47 671 | 60 750 | 65 264 |
04 Highlights
07 Stories
11 Outlook
Note 16 - Events after the reporting date
There have been no events after the reporting date of significance that would require disclosure or adjustment in the financial statement.
End of financial statement
Alternative Performance Measures
Zaptec may disclose alternative performance measures as part of its financial reporting as a supplement to the financial statements prepared in accordance with IFRS. Zaptec believes that the alternative performance measures provide useful supplemental information to management, investors, security analysts and other stakeholders and are meant to provide an enhanced insight into the financial development of Zaptec's business operations and to improve comparability between periods.
Available Liquidity
Cash, cash equivalents, other funds (financial investments) and available overdraft facility. The Group has presented this APM because it considers it to be an important supplemental measure for investors to understand the overall picture of the Group's financial position.
Gross Margin
Gross profit as a percentage of revenues. Gross profit is defined as revenues from contracts with customers less cost of goods sold. The Group has presented this APM because it considers it to be an important supplemental measure for investors to understand the profit generation in the Group's operating activities.
EBITDA
The profit/(loss) for the period before tax expense, finance expense, finance income and depreciation and amortisation expense. The Group has presented this APM because it considers it to be an important supplemental measure for investors to evaluate the operating performance of the Group.
EBITDA Margin
EBITDA as a percentage of revenues. The Group has presented this APM because it considers it to be an important supplemental measure for investors to understand to evaluate the operating performance of the Group.
OPEX
Employee benefit expenses plus other operating expenses.
Statement by the board of directors and chief executive officer
Pursuant to the Norwegian Securities Trading Act section § 5-6 with pertaining regulations, we hereby confirm that, to the best of our knowledge, the company's interim financial statements for the period 1 January to 30 June 2025 have been prepared in accordance with IAS 34, as endorsed by the EU, and in accordance with the requirements for additional information provided for by the Norwegian Accounting Act. The information presented in the financial statements gives a true and fair picture of the company's liabilities, financial position and results overall. To the best of our knowledge, the Board of Directors' half-yearly report together with the yearly report, gives a true and fair picture of the development, performance and financial position of the company, and includes a description of the principal risk and uncertainty factors facing the company.
Ingelin Drøpping Chair of the board
Stig H. Christiansen Board member
Rune Edvin Marthinussen Board member
Gunnar Hviding Board member
Karoline Nystrøm Board member
Kurt Østrem CEO
Zaptec
Q2 2025
Quarterly update
Zaptec ASA P.O. Box 163 4068 Stavanger, Norway www.zaptec.com