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Zaptec AS

Investor Presentation • Nov 5, 2025

3796_rns_2025-11-05_aebad5c1-98c6-48e0-96be-0781c3b9e36f.pdf

Investor Presentation

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Q3 2025

Quarterly update

Update from the CEO Highlights Financial summary Market development Executing the strategy Outlook Financial statements

Zaptec powers adventure

Steady progress

Dear shareholders,

The third quarter demonstrates Zaptec's momentum and ambition. Revenue and order intake increased significantly compared to the same period last year.

Further, we achieved our highest-ever installation month in September with over 23,000 chargers deployed. That's equivalent to 32 every hour, or one charger fitted every other minute, around the clock, 24/7.

This pace is a clear sign that Zaptec is getting it right, and gives us every reason to believe in our continued success across Europe.

This positive trend is carrying into the fourth quarter, fuelling our optimism for the months ahead.

We are hungry for success in Europe, and our ambitions are clear. With the launch of our new global marketing campaign, we are positioning ourselves as a long-term player in the market. One that is here to stay.

Throughout 2025, we have focused on making our products even more competitive. We have invested significant resources in development, confident that these efforts will yield results. The achievements of Q3 are something we can all be proud of.

Thank you for your ongoing trust and support.

Kurt Østrem

Q3 highlights

  • Revenue of 369 MNOK
  • Order intake of 330 MNOK
  • Order backlog of 524 MNOK
  • Gross margin of 39%
  • Opex of 124 MNOK
  • EBITDA of 21 MNOK
  • Available liquidity 532 MNOK
  • Inventory reduced by 74 MNOK

Key financial figures

MNOK/% Q3 2025 Q3 2024 YTD 2025 YTD 2024
Revenues 369 299 1099 940
Export Share 75% 78% 78% 78%
Gross margin 39% 39% 40% 38%
Opex 124 112 356 330
EBITDA 21 4 81 36
EBITDA Margin (%) 6% 1% 7% 4%
Available liquidity* 532 241 532 241

available overdraft facility

Quarterly revenue and order intake (MNOK)

Financial summary

Revenue

The quarterly revenue in Q3 was 369 MNOK compared to 299 MNOK in the same period last year. The backlog of firm orders amounted to 524 MNOK by the end of Q3 2025, following an order intake of 330 MNOK.

Export share

The export share was 75% in the third quarter compared to 78% in the same period last year due to strong sales in Norway in Q3 2025.

Gross margin

The gross margin in the quarter was 39%, compared to 39% in the same period last year.

Opex

Total employee benefit expenses and other operating expenses in the third quarter were 124 MNOK, versus 112 MNOK in the same period last year.

EBITDA

EBITDA in the third quarter was 21 MNOK compared to 4 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 September 2025 was 532 MNOK, compared to 241 MNOK at the end of Q3 2024. The net cash position at the end of September was 232 MNOK.

Inventory

Inventory was reduced to 314 MNOK at the end of the third quarter, a decrease of 74 MNOK compared to the previous quarter.

EV market strengthens in Q3

Across Europe, plug-in vehicle sales climbed 36% compared to the same quarter last year.

Electric mobility is becoming a cost-effective choice for more consumers, supported by major investments in charging networks. Industry analysts anticipate this momentum will persist, projecting annual market growth above 20% over the next decade. This is expected to drive continued increased demand for AC charging infrastructure.

07 Executing the strategy →

Executing the strategy

Zaptec is dedicated to executing its strategic roadmap, maintaining a strong focus on four core pillars designed to maximize long-term shareholder value.

  1. Building upon strong momentum in core markets

Installation rates at all time high

Q3 installations increased 20% year-on-year, marking a record month with over 23,000 units in September. This strong momentum builds on consistent growth trends, including a 16% increase in Q2. Sustained installation growth remains a key indicator of underlying demand for Zaptec solutions.

Strong growth in mature markets

Zaptec recorded solid growth in mature markets during Q3, reflecting continued progress in key regions. Norway saw a 33% increase, Denmark posted a 14% rise, while Sweden grew by 11%. These results highlight Zaptec's ability to sustain growth and high market shares in established markets while preparing

23,000 installations in September is equivalent to

installations 32 every hour 24/7

2. Ramp up production of new products

Production delivered as planned in Q3, with Zaptec well-positioned to scale further if required. Following successful ramp-up in H1, current levels align with expected demand, ensuring flexibility for future growth.

3. Expanding in major markets

Strong Benelux growth

Q3 revenue in Benelux grew more than 30% yearon-year, driven by strong Zaptec Go 2 adoption and continued momentum in Zaptec Pro and Zaptec Go sales. This builds on earlier success, including a strong increase in Q2 versus last year.

Awaiting UK breakthrough

UK performance in Q3 fell short of expectations, despite securing strong partnerships with wholesalers and energy companies throughout 2025. The primary reason was the postponement of large order deliveries to later in the year.

Our collaboration with Octopus Energy and BYD introducing the UK's first bidirectional charging bundle with Zaptec Pro—marked a strategic milestone that attracted significant attention at launch. While progress takes time, we remain confident in future growth, with the BYD–Octopus ramp-up expected to accelerate Zaptec Pro deliveries in the coming months, complemented by Zaptec Go shipments through wholesale partners.

Strong growth in France

Q3 revenue surpassed 9 MNOK—3× higher than Q3 2024—driven by strong Zaptec Pro sales in France and key wins such as the major deal with La Poste, the French postal office. To accelerate growth further, Zaptec is preparing to enter the home segment with a bespoke French version of Zaptec Go 2, significantly expanding the addressable market.

German market expansion continued

In Q3, Zaptec's expansion in Germany accelerated, with revenue above 8 MNOK—more than 6x from the same period last year. While still at an early stage, this growth reflects progress in securing new partners and actively marketing Zaptec Go 2 and Zaptec Pro M&E. In parallel, we intensified efforts to train and support customers across Germany, ensuring readiness for adoption and deployment of our solutions.

4. Drive improvements to maximize cash flow

Sustainable Opex focused on growth and innovation

In Q3, operating expenses were somewhat higher than in Q2, reflecting continued investment in innovation and sales initiatives. Importantly, topline growth outpaced Opex increases, supporting our strategy to scale revenue faster than costs. This disciplined approach ensures Zaptec remains competitive in EV charging while maintaining a sustainable cost structure for long-term profitability.

Normalising the inventory of finished goods

Since last quarter, inventory has been further reduced by 74 million NOK. This means inventory is approaching the target level of below 300 MNOK, which is expected during Q4 2025.

Delivering strong cash flow, boosting available liquidity

In Q3, Zaptec's liquidity increased to 532 MNOK, supported by continued robust cash flow. This builds on the debt-free position achieved in Q2 and reinforces our ability to navigate evolving market conditions while funding growth initiatives. Robust liquidity ensures flexibility for strategic investments and sustained competitiveness in the EV charging market going forward. Revenue, MNOK

Sustainable Opex level focused on growth and innovation

Provision for share-based bonus reflecting Zaptec's ~50% Q3 share price increase; program ends in 2025

Inventory reduced by 74 MNOK, now approaching target level

Available liquidity includes cash, cash equivalents and undrawn overdraft facility

Summary and outlook

Q3 summary

  • Strong EV market across Europe
  • Revenue, gross margin, and EBITDA increasing year-over-year
  • Record installations and strong order intake point to future growth
  • Robust performance reinforces leadership in core markets
  • Strengthening position in major markets
  • Inventory normalized, driving robust cash flow and improved liquidity

Outlook

  • European EV market expected to stay strong
  • Positioned to maintain leadership in core markets
  • Strategic sales initiatives and new product features in large markets
  • Record installation rates creating new growth opportunities
  • Continued outlook for profitable growth

Financial statements

Consolidated statement of profit or loss 12
Consolidated statement of comprehensive income 12
Consolidated statement of financial position 13
Consolidated statement of cash flows 14
Consolidated statement of changes in equity 15

Notes

Note 1 - Basis of preparation 16
Note 2 - Significant accounting policies 16
Note 3 - Significant events and transactions 16
Note 4 - Segment information 17
Note 5 - Revenues from contracts with customers 24
Note 6 - Financial income and expense 29
Note 7 - Income tax 29
Note 8 - Intangible assets and goodwill 30
Note 9 - Inventories 30
Note 10 - Trade receivables 30
Note 11 - Other current assets 30
Note 12 - Other non-current assets 30
Note 13 - Provisions 30
Note 14 - Loans and borrowings 31
Note 15 - Other current liabilities 32
Note 16 - Events after the reporting date 32

Consolidated statement of profit or loss

Unaudited Third quarter YTD
In NOK 1000 Note 2025 2024 2025 2024
Operating income
Revenues from contracts with customers		 4,5 369 124 299 105 1 099 349 940 180
Other operating income 0 0 0 0
Total operating income 369 124 299 105 1 099 349 940 180
Operating expenses
Cost of inventories		 4 223 763 182 530 664 242 578 834
Employee benefit expenses 3,4 71 754 65 597 206 095 183 120
Depreciation and amortisation expense 4,8 8 023 7 835 24 349 23 212
Other operating expenses 4 52 622 46 501 150 165 142 073
Total operating expenses 356 162 302 462 1 044 851 927 239
Operating profit/loss 12 962 -3 357 54 498 12 941
Financial income and expenses
Finance income 6 -360 -1 212 348 832
Finance expense 6 3 416 22 277 17 289 29 998
Net financial income (+) and expenses (-) -3 776 -23 489 -16 941 -29 167
Profit (+)/loss (-) before tax 37 557
9 186 -26 846 -16 226
Tax expense (+)/benefit (-)
Profit (+)/loss (-) after tax		 7 6 334
2 852		 2 287
-29 133		 15 913
21 644		 3 381
-19 606
Total profit/loss attributable to:
Owners of the parent 2 852 -29 133 21 644 -19 606
Non-controlling interest 0 0 0
Basic earnings per shares 0,033 -0,333 0,247 0
-0,224

Consolidated statement of comprehensive income

Unaudited Third quarter YTD
In NOK 1000 Note 2025 2024 2025 2024
Profit (+)/loss (-) for the period 2 852 -29 133 21 644 -19 607
Items that will or may be reclassified to profit or loss:
Exchange gains arising on translation of foreign
operations		 7 085 6 510 2 760 6 598
Total comprehensive income 9 937 -22 623 24 403 -13 010
Total comprehensive income attributable to:
Owners of the parent 9 937 -22 623 24 403 -13 010
Non-controlling interest 0 0 0 0

Consolidated statement of financial position

In NOK 1000 Note 30.09.2025 30.09.2024 31.12.2024
ASSETS
Goodwill and intangible assets
Goodwill 8 81 676 81 750 81 734
Other intangible assets 8 115 792 93 860 101 930
Deferred tax asset
Deferred tax asset 7 60 723 53 638 37 219
Tangible assets
Property, plant and equipment 8 11 878 15 830 14 490
Right-of-use assets 8 39 133 44 935 41 079
Other non-current assets 12 748 5 263 392
Total non-current assets 309 950 295 277 276 844
Inventories
Inventories 9 314 337 540 711 491 779
Receivables
Trade receivables 10 207 945 209 813 170 404
Other current assets
Other current assets 11 17 433 79 105 95 521
Cash and cash equivalents
Cash and cash equivalents 232 466 126 985 177 744
Total current assets 772 182 956 614 935 448

Consolidated statement of financial position

Unaudited
In NOK 1000 Note 30.09.2025 30.09.2024 31.12.2024
EQUITY AND LIABILITIES
Equity
Share capital 1 313 1 313 1 313
Treasury shares -3 -3 -1
Share premium 646 945 646 945 646 945
Other paid in equity 30 628 24 171 20 851
Foreign exchange reserve 36 596 34 671 36 686
Other reserves -2 749 -46 093 -27 212
Total equity 712 729 661 004 678 581
Non-current liabilities
Deferred tax 7 38 694 35 045 5 475
Long-term lease liabilities 8 35 117 39 337 36 453
Long-term deferred income 5 61 251 60 940 59 626
Long-term provisions 13 15 758 24 356 574
Total non-current liabilities 150 820 159 677 102 127
Current liabilities
Trade payables 109 511 120 030 138 963
Short-term loans and borrowings 14 0 186 519 159 971
Short-term lease liabilities 8 6 691 7 591 6 439
Short-term deferred income 5 34 269 26 249 28 227
Tax payable 7 2 347 22 877 10 412
Other current liabilities 15 44 991 67 945 65 264
Short-term provisions 13 20 774 0 22 309
Total current liabilities 218 583 431 210 431 585
Total liabilities 369 404 590 887 533 713
TOTAL EQUITY AND LIABILITIES 1 082 133 1 251 891 1 212 293

Consolidated statement of cash flows

Unaudited Third quarter YTD
In NOK 1000 Note 2025 2024 2025 2024
Cash flow from operating activities
Profit (+)/loss (-) before tax 9 186 -26 847 37 557 -16 227
Taxes paid 0 0 -10 412 -20 984
Depreciation and amortisation expense 8 8 023 7 835 24 349 23 213
Shared based payment expense 3 6 824 3 209 9 776 9 189
Change in trade receivables 10 -26 351 -18 160 -37 541 -23 769
Change in inventories 9 73 916 69 749 177 442 -93 363
Change in trade payables -7 512 -81 173 -29 452 -124 574
Change in other accrual items* 3 309 54 366 53 680 93 576
Net cash flow from operating activities 67 395 8 979 225 400 -152 939
Cash flow from investment activities
Purchases of property, plant and equipment 8 -13 010 -9 129 -33 768 -29 122
Proceeds from sale of PP&E 0 0 0 0
Advances/loans to suppliers 11 11 810 -31 103 30 041 -30 543
Net cash flow from investment activities -1 200 -40 232 -3 727 -59 666

Consolidated statement of cash flows

Unaudited Third quarter YTD
In NOK 1000 Note 2025 2024 2025 2024
Cash flow from financing activities
Repayment of loans and borrowings 14 -31 938 0 -159 971 0
Draw down on credit facility 14 31 938 43 413 0 186 519
Lease liabilities 8 -752 -2 251 -1 083 -5 898
Interest on lease liabilities 8 -561 -602 -1 683 -1 865
Interest on debts and borrowings 1 636 -2 473 -2 744 -7 374
Purchase of treasury shares 0 0 -1 469 0
Proceeds from equity 0 0 0 0
Sale of treasury shares 0 0 0 0
Net cash flow from financing activities 323 38 087 -166 950 171 383
Net change in cash and cash equivalents 66 519 6 834 54 722 -41 222
Cash and cash equivalents at start of period 165 945 93 587 177 744 141 643
Cash and cash equivalents at end of period 232 466 100 420 232 467 100 421

* YTD 2023 was presented gross, from 2024 this is presented net

Consolidated statement of changes in equity

03 Update from the CEO

04 Highlights

05 Financial Summary

06 Market Development

07 Executing the strategy

10 Outlook

11 Financial Statements →

Other paid in Foreign exchange Total equity
holders of the		 Non-controlling
In NOK 1000 Share Capital Own shares Share premium capital reserve Other equity parent interest Total equity
1 January 2024 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 21 644 21 644 0 21 644
Other comprehensive Income 0 0 0 0 -815 3 575 2 760 0 2 760
Sale of treasury shares 0 -2 0 0 0 -1 467 -1 469 0 -1 469
Share based payments 0 0 0 9 777 0 1 436 11 213 0 11 213
Differences from earlier periods* 0 0 0 0 725 -725 0 0 0
30 September 2025 1 313 -3 646 945 30 628 36 596 -2 749 712 729 0 712 729

* Relates to differences in opening balance in Denmark and Switzerland versus consolidated financial statement for 2023.

Notes

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 4 November 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 5 November 2025.

Note 2 - Significant accounting policies

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.

Note 3 - Significant events and transactions

Share based payments

New programs in 2022

Share-based incentive program for all employees

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 share price of Zaptec ASA based on average stock price last 15 days of 2022.

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 using the actual average stock price of the last 15 days of 2022.

The company operates two equity-settled share-based remuneration schemes for key management:

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.

Share-based payment program for key management and board of directors (Stock option program)

As of 30.09.2025 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 Q3 2025, Q3 2024 and full year 2024.

Third quarter
In NOK 1000 2025 2024 2024
Share-based incentive program for all employees 4 391 3 534 4 711
Share-based incentive program for management* 1 501 5 655 1 157
Provision for social security contribution 933 -321 0
Total 6 825 8 868 5 869

All sales or purchases of treasury shares are related to options and/or the share-based incentive programs.

Note 4 - Segment information

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.

Zaptec Charger AS

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.

Zaptec Sverige AB

This segment is involved in the sale and distribution of Zaptec products in Sweden.

Zaptec Schweiz AG

This segment is involved in the sale and distribution of Zaptec products in Switzerland.

Zaptec Danmark ApS

This segment is involved in the sale and distribution of Zaptec products in Denmark.

Zaptec Netherlands B.V.

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 30.09.2025

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 280 064 270 659 166 937 155 205 160 300 73 851 -7 667 1 099 349
Revenues from internal sales 564 102 0 0 0 0 1 312 -565 415 0
Revenues from shared services 0 9 617 1 276 0 7 293 5 787 -23 973 0
Total operating income 844 167 280 276 168 213 155 205 167 593 80 950 -597 055 1 099 349
Operating expenses
Cost of inventories 642 697 200 095 89 639 118 501 113 829 58 050 -558 569 664 242
Employee benefit expenses 118 319 19 679 25 231 6 436 13 194 25 005 -1 768 206 095
Depreciation and amortisation expense 12 215 80 0 0 137 383 11 534 24 349
Other operating expenses 83 953 26 325 8 482 7 996 17 581 28 651 -22 824 150 165
Total operating expenses 857 184 246 179 123 352 132 933 144 740 112 090 -571 628 1 044 851
Operating result -13 018 34 096 44 861 22 272 22 853 -31 139 -25 427 54 498

Year-to-date 30.09.2024

In NOK 1000 Zaptec Charger AS Zaptec Sverige AB Zaptec Schweiz AG Zaptec Danmark ApS Zaptec Netherlands BV Other* eliminations Total
Operating income
Revenues from contracts with customers 266 564 255 731 182 188 111 603 0 137 557 -13 462 940 180
Revenues from internal sales 426 093 0 0 0 0 1 312 -427 406 0
Revenues from shared services 8 524 5 635 0 736 0 8 633 -23 528 0
Total operating income 701 181 261 367 182 188 112 338 0 147 503 -464 396 940 180
Operating expenses
Cost of inventories 550 320 194 653 82 358 84 782 0 98 882 -432 161 578 834
Employee benefit expenses 112 539 15 097 25 122 7 420 0 34 630 -11 689 183 120
Depreciation and amortisation expense 9 703 52 0 0 0 503 12 955 23 212
Other operating expenses 99 366 8 212 16 156 11 084 0 35 438 -28 183 142 074
Total operating expenses 771 928 218 014 123 637 103 286 0 169 453 -459 078 927 239
Operating result -70 747 43 352 58 551 9 052 0 -21 950 -5 319 12 941

*Includes Zaptec Netherlands BV in 2024

Adjustments and

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 30.09.2025

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 100 462 92 718 50 858 54 062 44 303 29 571 -2 849 369 124
Revenues from internal sales 180 132 0 0 0 0 437 -180 569 0
Revenues from shared services 0 2 025 430 0 2 633 1 107 -6 195 0
Total operating income 280 593 94 743 51 288 54 062 46 936 31 116 -189 613 369 124
Operating expenses
Cost of inventories 223 295 67 338 11 323 40 644 31 907 22 506 -173 251 223 763
Employee benefit expenses 39 567 5 293 8 275 1 814 4 638 7 317 4 852 71 754
Depreciation and amortisation expense 4 282 29 0 0 69 120 3 523 8 023
Other operating expenses 28 002 3 061 2 746 2 729 1 644 13 033 1 407 52 622
Total operating expenses 295 146 75 721 22 344 45 186 38 258 42 976 -163 469 356 162
Operating result -14 553 19 022 28 944 8 876 8 678 -11 860 -26 145 12 962

Quarter 30.09.2024

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 79 512 83 623 47 074 42 922 0 47 956 -1 982 299 105
Revenues from internal sales 142 229 0 0 0 0 437 -142 666 0
Revenues from shared services 1 672 1 744 0 18 0 3 674 -7 108 0
Other operating income 0 0 0 0 0 0 0 0
Total operating income 223 413 85 367 47 074 42 940 0 52 067 -151 757 299 105
Operating expenses
Cost of inventories 172 946 62 610 23 126 34 095 0 36 216 -146 463 182 530
Employee benefit expenses 38 678 4 694 8 346 1 903 0 12 961 -986 65 597
Depreciation and amortisation expense 3 273 20 0 0 0 167 4 375 7 835
Other operating expenses 38 441 2 813 178 2 513 0 9 600 -7 043 46 501
Total operating expenses 253 338 70 136 31 650 38 511 0 58 944 -150 117 302 462
Operating result -29 925 15 231 15 423 4 430 0 -6 877 -1 639 -3 357

*Includes Zaptec Netherlands BV in 2024

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 30.09.2025

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) -565 415 -564 718 0 0 0
Elimination of shared services (2) -23 973 0 -22 109 0 -31 604
IFRS 16 adjustments (3) 0 0 0 6 364 -7 381
GAAP-adjustment to inventory (4) 0 1 272 0 0 0
Amortization of excess values (5) 0 0 0 5 170 0
Gains on internal transactions (6) 0 4 877 0 0 0
Share-based incentive program (7) 0 0 11 245 0 0
Provision for warranty claims (8) 0 0 0 0 14 671
Other (9) 0 0 9 096 0 1 490
IFRS 15 adjustments (10) -7 667 0 0 0 0
Total -597 054 -558 569 -1 768 11 534 -22 823

Year-to-date 30.09.2024

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) -427 406 -437 733 0 0 0
Elimination of shared services (2) -23 528 0 -12 847 0 -23 307
IFRS 16 adjustments (3) 0 0 0 7 857 -8 587
GAAP-adjustment to inventory (4) 0 4 603 0 0 0
Amortization of excess values (5) 0 0 0 5 098 0
Gains on internal transactions (6) 0 -1 997 0 0 0
Share-based incentive program (7) 0 0 8 868 0 0
Provision for warranty claims (8) 0 0 0 0 0
Other (9) 0 2 966 -7 709 0 3 711
IFRS 15 adjustments (10) -13 462 0 0 0 0
Total -464 396 -432 162 -11 689 12 955 -28 183

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
IFRS 16 adjustments (3) 0 0 0 10 136 -11 093
GAAP-adjustment to inventory (4) 0 4 661 0 0 0
Amortization of excess values (5) 0 0 0 6 845 0
Gains on internal transactions (6) 0 1 021 0 0 0
Share-based incentive program (7) 0 0 5 550 0 0
Provision for warranty claims (8) 0 0 0 0 2 160
Other (9) 540 -112 -8 739 0 -3 709
IFRS 15 adjustments (10) -14 127 0 0 0 0
Transfer pricing adjustment -74 892 0 0 0 0
Total -718 610 -583 464 -20 994 16 982 -34 269

Quarter 30.09.2025

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) -180 569 -179 319 0 0 0
Elimination of shared services (2) -6 195 0 -5 691 0 -1 206
IFRS 16 adjustments (3) 0 0 0 1 775 -2 079
GAAP-adjustment to inventory (4) 0 196 0 0 0
Amortization of excess values (5) 0 0 0 1 747 0
Gains on internal transactions (6) 0 5 872 0 0 0
Share-based incentive program (7) 0 0 6 825 0 0
Provision for warranty claims (8) 0 0 0 0 4 353
Other (9) 0 0 3 718 0 340
IFRS 15 adjustments (10) -2 849 0 0 0 0
Total -189 613 -173 251 4 851 3 523 1 407

Quarter 30.09.2024

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) -142 666 -149 724 0 0 0
Elimination of shared services (2) -7 108 0 -4 195 0 27
IFRS 16 adjustments (3) 0 0 0 2 603 -2 847
GAAP-adjustment to inventory (4) 0 0 0 0 0
Amortization of excess values (5) 0 0 0 1 771 0
Gains on internal transactions (6) 0 0 0 0 0
Share-based incentive program (7) 0 0 3 209 0 0
Provision for warranty claims (8) 0 0 0 0 0
Other (9) 0 3 261 0 0 -4 223
IFRS 15 adjustments (10) -1 982 0 0 0 0
Total -151 757 -146 463 -986 4 375 -7 043
  • (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

  • 03 Update from the CEO

  • 04 Highlights
  • 05 Financial Summary
  • 06 Market Development
  • 07 Executing the strategy
  • 10 Outlook
  • 11 Financial Statements →

Note 5 - Revenues from contracts with customers

Disaggregation of Revenue

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
  • 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 30.09.2025

Segments

In NOK 1000 Zaptec Charger AS Zaptec Sverige AB Zaptec Schweiz AG Zaptec Danmark ApS Zaptec Netherlands BV Other Total
Product sales 280 064 270 659 166 937 155 205 160 300 66 184 1 099 349
Total operating income 280 064 270 659 166 937 155 205 160 300 66 184 1 099 349
By business area - Geographical distribution
Norway 231 704 0 0 0 0 -8 108 223 596
Sweden 4 633 270 659 0 0 0 0 275 292
Switzerland 0 0 166 937 0 0 0 166 937
Denmark 0 0 0 150 017 0 0 150 017
Iceland 5 587 0 0 0 0 0 5 587
Finland 26 582 0 0 0 0 0 26 582
Belgium 0 0 0 0 24 334 0 24 334
France 0 0 0 0 0 19 177 19 177
Netherlands 0 0 0 0 135 966 0 135 966
Ireland 4 629 0 0 0 0 0 4 629
Germany 0 0 0 0 0 17 657 17 657
UK 0 0 0 0 0 37 130 37 130
Portugal 5 476 0 0 0 0 0 5 476
Rest of Europe 972 0 0 0 0 327 1 299
Other 480 0 0 5 188 0 0 5 668
Total operating income 280 064 270 659 166 937 155 205 160 300 66 184 1 099 349
Timing of revenue recognition
Goods transferred at a point in time 272 397 270 659 166 937 155 205 160 300 66 184 1 091 682
Goods and services transferred over time 7 667 0 0 0 0 0 7 667

Total operating income 280 064 270 659 166 937 155 205 160 300 66 184 1 099 349

04 Highlights

05 Financial Summary

06 Market Development

07 Executing the strategy

10 Outlook

11 Financial Statements →

Year-to-date 30.09.2024

In NOK 1000 Zaptec Charger AS Zaptec Sverige AB Zaptec Schweiz AG Zaptec Danmark ApS Zaptec Netherlands BV Other* Total
Product sales 266 564 255 731 182 188 111 603 0 124 095 940 180
Total operating income 266 564 255 731 182 188 111 603 0 124 095 940 180
By business area - Geographical distribution
Norway 216 486 0 0 0 0 -13 462 203 024
Sweden 15 412 255 731 0 0 0 0 271 143
Switzerland 0 0 182 188 0 0 0 182 188
Denmark 0 0 0 111 603 0 0 111 603
Iceland 7 473 0 0 0 0 0 7 473
Finland 15 988 0 0 0 0 0 15 988
Belgium 0 0 0 0 0 16 734 16 734
Poland 1 506 0 0 0 0 0 1 506
Netherlands 0 0 0 0 0 77 748 77 748
Ireland 6 663 0 0 0 0 0 6 663
Germany 0 0 0 0 0 4 865 4 865
UK 74 0 0 0 0 30 524 30 598
Portugal 1 862 0 0 0 0 0 1 862
Rest of Europe 661 0 0 0 0 7 686 8 347
Other 439 0 0 0 0 0 439
Total operating income 266 564 255 731 182 188 111 603 0 124 095 940 180
Timing of revenue recognition
Goods transferred at a point in time 253 102 255 731 182 188 111 603 0 124 095 926 718
Goods and services transferred over time 13 462 0 0 0 0 0 13 462
Total operating income 266 564 255 731 182 188 111 603 0 124 095 940 180

*Includes Zaptec Netherlands BV in 2024

04 Highlights

05 Financial Summary

06 Market Development

07 Executing the strategy

10 Outlook

11 Financial Statements →

Q3 30.09.2025

In NOK 1000 Zaptec Charger AS Zaptec Sverige AB Zaptec Schweiz AG Zaptec Danmark ApS Zaptec Netherlands BV Other Total
Product sales 100 462 92 718 50 858 54 062 44 303 26 722 369 124
Total operating income 100 462 92 718 50 858 54 062 44 303 26 722 369 124
By business area - Geographical distribution
Norway 84 837 0 0 0 0 -3 146 81 690
Sweden 4 117 92 718 0 0 0 0 96 835
Switzerland 0 0 50 858 0 0 0 50 858
Denmark 0 0 0 48 874 0 0 48 874
Iceland 1 260 0 0 0 0 0 1 260
Finland 6 204 0 0 0 0 0 6 204
Belgium 0 0 0 0 6 448 0 6 448
France 0 0 0 0 0 9 246 9 246
Netherlands 0 0 0 0 37 856 0 37 856
Ireland 2 094 0 0 0 0 0 2 094
Germany 0 0 0 0 0 7 674 7 674
UK 0 0 0 0 0 12 620 12 620
Portugal 1 788 0 0 0 0 0 1 788
Rest of Europe 701 0 0 0 0 327 1 028
Other -540 0 0 5 188 0 0 4 648
Total operating income 100 462 92 718 50 858 54 062 44 303 26 721 369 124
Timing of revenue recognition
Goods transferred at a point in time 97 612 92 718 50 858 54 062 44 303 26 722 366 275
Goods and services transferred over time 2 849 0 0 0 0 0 2 849
Total operating income 100 462 92 718 50 858 54 062 44 303 26 722 369 124

11 Financial Statements →

Highlights Financial Summary 06 Market Development Executing the strategy

10 Outlook

Q3 30.09.2024

In NOK 1000 Zaptec Charger AS Zaptec Sverige AB Zaptec Schweiz AG Zaptec Danmark ApS Zaptec Netherlands BV Other* Total
Product sales 79 512 83 623 47 074 42 922 0 45 974 299 105
Total operating income 79 512 83 623 47 074 42 922 0 45 974 299 105
By business area - Geographical distribution
Norway 63 701 0 0 0 0 -1 982 61 719
Sweden 3 819 83 623 0 0 0 0 87 442
Switzerland 0 0 47 074 0 0 0 47 074
Denmark 0 0 0 42 922 0 0 42 922
Iceland 470 0 0 0 0 0 470
Finland 6 715 0 0 0 0 0 6 715
Belgium 0 0 0 0 0 6 890 6 890
Poland 977 0 0 0 0 0 977
Netherlands 0 0 0 0 0 23 962 23 962
Ireland 2 101 0 0 0 0 0 2 101
Germany 0 0 0 0 0 1 290 1 290
UK 0 0 0 0 0 12 866 12 866
Portugal 1 460 0 0 0 0 0 1 460
Rest of Europe 0 0 0 0 0 2 948 2 948
Other 269 0 0 0 0 0 269
Total operating income 79 512 83 623 47 074 42 922 0 45 974 299 105
Timing of revenue recognition
Goods transferred at a point in time 71 778 83 623 47 074 42 922 0 45 974 299 105
Goods and services transferred over time 7 734 0 0 0 0 0 0
Total operating income 79 512 83 623 47 074 42 922 0 45 974 299 105

*Includes Zaptec Netherlands BV in 2024

04 Highlights

05 Financial Summary

06 Market Development

07 Executing the strategy

10 Outlook

11 Financial Statements →

Full year 2024

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

04 Highlights

05 Financial Summary

06 Market Development

07 Executing the strategy

10 Outlook

11 Financial Statements →

The table below shows the movement in deferred income during 2025.

Deferred income

30.09.2025

In NOK 1000

Opening balance 87 853
Movement 7 667
Closing balance 95 520

Note 6 - Financial income and expense

01.01-30.09 Full year
In NOK 1000 2025 2024 2024
Finance income
Other finance income 348 832 2 764
Foreign currency gain 0 0 0
Total finance income 348 832 2 764
Finance expense
Interest on debts and borrowings 2 744 7 374 11 366
Interest from leases 1 826 1 263 2 442
Other finance expense 5 371 6 764 12 597
Foreign currency loss 7 347 14 598 447
Total finance expense 17 289 29 999 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.

01.01-30.09 Full year
In NOK 1000 2025 2024 2024
Profit (+)/loss (-) before tax 37 557 -16 226 -2 768
Adjustment for losses not recognised as
deferred tax asset		 23 679 26 050 -342
Difference in tax rates -1 241 -1 216 2 048
Non deductible share based payment
arrangement		 9 777 9 189 5 869
Not taxable income 0 0 3 191
Other differences 2 560 -2 432 -5 869
Estimated basis for tax expense 72 332 15 365 2 129
22%
15 913
3 380		 Tax expense 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 30.09.2025 this applies to Germany, UK, France and Italy.

04 Highlights

05 Financial Summary

06 Market Development

07 Executing the strategy

10 Outlook

11 Financial Statements →

Note 8 - Intangible and Tangible Assets, Including Right-of-Use Assets

30.09.2025

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 -13 052 -4 932 -6 364 -24 348
+ Purchases and new leases 0 27 033 2 269 4 466 33 768
- Disposals 0 0 0 0 0
+/- Foreign currency effects -59 -119 52 -49 -175
Closing Balance 81 676 115 791 11 878 39 132 248 479

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 216 MNOK from Q3 2025 till Q2 2026. 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 third quarter of 314 MNOK versus 541 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 10 - Trade receivables

Provision for credit losses is 7,2 MNOK at 30 September 2025 and 9,4 MNOK at 30 September 2024.

Note 11 - Other current assets

Breakdown of other current assets:

In NOK 1000 30.09.2025 30.09.2024 31.12.2024
Loan to finance inventory* 13 528 66 392 43 569
VAT refund -3 440 916 19 203
Other 7 344 11 797 32 749
Total 17 433 79 105 95 521

* The Group has not identified any impairment indicators related to the loan to Sanmina.

Note 12 - Other non-current assets

Breakdown of other non-current assets

In NOK 1000 30.09.2025 30.09.2024 31.12.2024
Investment in Switch EV Ltd.* 0 4 872 0
Other 748 391 392
Total 748 5 263 392

* The value of Swicth EV Ltd. has been written off to zero in 2024.

Note 13 - Provisions

The Group has a provision for warranty claims of 37 MNOK at period end.

The long term provisions is related to the long-term incentive program for employees.

04 Highlights

05 Financial Summary

06 Market Development

07 Executing the strategy

10 Outlook

11 Financial Statements →

Note 14 - Loans and borrowings

In NOK 1000 30.09.2025 30.09.2024 31.12.2024
Start of period:
Non-current 0 0 0
Current 0 0 0
Total 0 0
Draw down on credit facility 0 186 519 159 971
Loans 0 0 0
Other changes 0 0 0
Net changes 0 186 519 159 971
End of period:
Non-current 0 0 0
Current 0 186 519 159 971
Total 0 186 519 159 971

The Group has an undrawn credit facility of 300 MNOK at period end. The interest rate is 6,11 % 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 September 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.

Note 15 - Other current liabilities

Breakdown of other current liabilities:
In NOK 1000 30.09.2025 30.09.2024 31.12.2024
VAT 2 170 22 091 16 322
Accrued expenses 6 621 15 658 10 277
Public taxes 8 445 10 709 19 691
Holiday pay 11 395 10 826 14 239
Other 16 360 8 660 4 735
Total 44 991 67 945 65 264

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.

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.

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, 2023. 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.

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 ASA P.O. Box 163 4068 Stavanger, Norway www.zaptec.com

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