Zaptec Stock price
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Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF)
📈 What is it?
EV/FCF shows how many years it would take for a company to "pay back" its enterprise value using its free cash flow.
🧮 How is it calculated?
🏛️ Why is it important?
It focuses on real cash generation, ignoring accounting noise — ideal for assessing profitability and value based on liquidity, not earnings.
🎯 What does this mean for investors?
- A low EV/FCF may signal undervaluation and strong cash generation.
- A high EV/FCF might reflect weak recent cash flow or aggressive growth expectations.
- Best suited for stable, mature businesses with predictable free cash flows.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🧮 Calculation
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF)
📈 What is it?
Free Cash Flow shows how much actual cash remains after a company covers its operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Calculation
🎯 What does this mean for investors?
- High free cash flow means the company generates real, usable cash – independent of reported net income.
- It’s often the most reliable base for sustainable dividends and buybacks.
- Declining FCF can be an early warning sign – even when profits appear stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🧮 Calculation
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🧮 Calculation
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🧮 Calculation
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free cash flow margin
📈 What is it?
The free cash flow (FCF) margin shows how much of a company’s revenue remains as actual free cash after covering all operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
This margin reflects the true liquidity generated by the business – independent of accounting rules or depreciation. It’s especially relevant for dividends, buybacks, and reinvestment decisions.
🧮 Calculation
🎯 What does this mean for investors?
- A high FCF margin means a company consistently generates strong cash flow.
- It’s a positive signal for financial stability and shareholder returns.
- The long-term trend is key – a declining margin may indicate rising investments or weakening operating efficiency.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🧮 Calculation
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Turnover per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🧮 Calculation
🎯 What does this mean for investors?
- A high revenue per employee indicates a scalable and margin-strong business model.
- A low figure may reflect labor-intensive operations or lower value-add.
- Especially helpful when comparing tech companies to industrial or service sectors.
Zaptec Stock Analysis
Analyst Opinions
8 Analysts have issued a Zaptec forecast:
Analyst Opinions
8 Analysts have issued a Zaptec forecast:
Zaptec Events
Past Events
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FEB
17
Q4 2025 Earnings Call
7 months ago
|
|
NOV
4
Q3 2025 Earnings Call
11 months ago
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StocksGuide Free
Zaptec — Q4 2025 Earnings Call
1. Management Discussion
Welcome to Zaptec and our Presentation of the Financial Results for the Fourth Quarter of 2025. I'm pleased to announce that the fourth quarter was a very strong quarter for Zaptec due to strong EV markets across Europe and our leading product offering. This led to record quarterly revenue, EBITDA and order intake for Zaptec. Also the insulation and order backlog point to continued growth into 2026. We are the market leader in core regions, and we are growing traction in major markets. We have a strong cash flow and liquidity. And for the first time, we are initiating dividend distribution from Zaptec.
Financially, Q4 was about profitable scaling. We increased revenue, grew our margins and drove earnings higher. We had a strong order intake, which lifted our backlog, giving momentum into 2026. In numbers, revenue increased 32%. Order intake was up 41%, leaving us with a backlog of over NOK 700 million at year-end. This is a strong foundation going into 2026. OpEx spend was higher in NOK terms, but importantly, lower as share of revenue. We more than doubled EBITDA to NOK 45 million, equivalent to a 10% margin.
We set a new level when it comes to quarterly revenue in the fourth quarter with NOK 433 million. It's the highest quarter ever for Zaptec, and it was 32% increase from the fourth quarter last year. And this is the fastest revenue growth since 2023 for Zaptec. We also saw a significant step change with 41% growth in order intake in the fourth quarter. We had NOK 645 million in order intake, and that leaves us with an order backlog of NOK 729 million going into 2026.
So over to gross margin. Sustaining a strong gross margin remains a key strategic priority for us. We have demonstrated higher gross margin over time. And in Q4, the gross margin returned above the trend line and came in at 41.4%. This is mainly due to product mix as we scaled the share of Zaptec Go 2 sales. We remain optimistic to increase the gross margin in 2026 on a full year basis compared to last year, noting that there might be variability from quarter-to-quarter as we've seen historically. Our ambition is supported by the belief that we will roll out even more Zaptec Go 2s looking ahead and also from efficiency, supply chain work, where we target to increase the efficiency and reduce the COGS.
EBITDA clearly demonstrates the scalability of our business model. We delivered the highest quarterly EBITDA number to date in Q4 with NOK 45 million, which was up NOK 26 million from the same quarter last year. Margin was lifted from 6% to 10%. And if we look at the next picture on the LTM EBITDA development, it demonstrates consistent profitability increase. As you can see here, we have driven the LTM EBITDA to NOK 123 million, which is around 8% margin. And also, if we look at full year '24 against full year '25, we see that the EBITDA is more than doubled. This is mainly due to the ability to drive revenue higher, the lifted gross margin and that we increased the OpEx at a lower pace than revenue.
The EV market continues to strengthen in Europe. The average increase in EV sales in the fourth quarter compared to the fourth quarter last year was 40% across Europe. Most of the market that Zaptec are in have a really strong increase in EV sales in the fourth quarter, and this is our main driver for our sales. And even in Sweden, with a weak EV sales in the fourth quarter, Zaptec set a new record when it comes to revenue in the fourth quarter. We have continued to execute on our strategy. We build on success in core markets. We accelerate the product rollout and integration of our products, and we expand into major markets. And all the time, we have full focus on liquidity and optimize our cash flow while we are growing.
As I said, a strong growth in mature markets in the fourth quarter. You may believe that we see -- we are seeing the sunset coming in mature markets like Norway when it comes to EV sales and EV charging sales, but you're wrong. We have only reached 1/3 of electrification of the total car fleet in Norway. And to fulfill the EV transition, we need to continue with the record high sales we had in 2025 with 180,000 cars sold in Norway, EV sold. And it will take at least 10 more years before we reach full transition into EV. And for Zaptec, who is such a dominant player in this market, it gives us a huge potential for future revenue in the coming years. And the same occur for the other core markets for Zaptec. There, the EV adoption is even shorter, and that means that the potential is even bigger for Zaptec in the coming years.
So the point is we are going into new markets as the EV adoption is increasing in these new markets, but the core markets remains important for Zaptec and will create a massive revenue stream in the next decade. Also, the installation growth was up with 22% in the fourth quarter compared to last year. More than 70,000 installation was done in the Q4. And the last 12 months, we have average installation about 22,000 units each month. There's also a seasonality when it comes to installation. Around Christmas time and winter, there is a lower activity, but this is normal. The most important with this slide is that it shows that all the charger we sell are being installed, and that make the foundation for future sales for Zaptec.
Zaptec is well positioned to further scale production if needed. We have production in Norway and in Germany. And this spring, we will start production in Hungary with the same production partner as we have in Germany. This will increase our capacity and also lower our COGS, so we get even more competitive. We have continuous product improvements and new EV ecosystem integration with our product. We are data-driven iteration across hardware, firmware and our cloud. We have over-the-air upgrades continuously improving our device performance. And most important, we have integration with EVs, energy system and grid services.
We are strengthening Zaptec's strategic role in the connected EV ecosystem. Both the energy sector, the infrastructure sector and the mobility sector, they need hardware like Zaptec charger to be able to provide services, which is needed in the market going forward. And they need to collaborate to do this. They cannot offer these services alone. And Zaptec is really in a good position, in the center of this ecosystem, and this creates a great opportunity for Zaptec going forward.
The next strategic pillar is expand in major markets. We increased the growth rate in the major markets in Q4, where growth was 79% compared to the same period in 2024. The main contribution in terms of revenue came from the Benelux region, while Germany had the highest growth in percentage terms. We continue to focus on the largest markets in Europe because we know that there will be sold a lot of EVs in the next decade in those markets. We focus our product development, our integrations work and also our strategic sales efforts into Germany, U.K. and France, which are the three largest markets. That said, we see continued high potential in the Benelux region and in particular, Belgium, which is an untapped market for us.
Okay, so let's look into our scalable cost structure. We have demonstrated over time the ability to grow revenue more than we grow the costs. This illustration is a proof of that, where we can see that the OpEx share of revenue declined from over 34% in 2024 to 32% in 2025. We continue to focus on driving revenue growth at a higher rate than OpEx growth. Strong sales in Q4 led to a NOK 92 million reduction in our inventory. We are now in the target range of NOK 200 million to NOK 300 million, which we have communicated earlier. Our liquidity significantly improved in Q4. We added over NOK 200 million. And at year-end, we had a position of available liquidity of NOK 736 million.
Okay. I'd like to illustrate the buildup of liquidity in the quarter. As you can see, EBITDA of NOK 45 million plus working capital adjustments led to NOK 141 million increase. In sum, we added NOK 203 million in liquidity, which puts us in a very strong position.
Zaptec is initiating dividend distribution for the first time. The Board has suggested a dividend policy where our ambition is to distribute up to 50% of annual net profit. The proposed dividend totaling NOK 2.0 per share for 2025. That includes the ordinary dividend of NOK 0.3 from the net profit and an extraordinary NOK 1.7 per share. So why should Zaptec as a growth company suggest a dividend? The rationale behind this is that we have a very solid liquidity and financial flexibility, and we see that this continue and increase into 2026.
Our balance sheet remains strong after we have paid dividends, and this enabled us to continue our investment in growth as planned. So why invest in Zaptec? We are the European leader in AC charging. We have a strong financial base in the Nordics, Switzerland and Benelux. We see a large growth runway in major European markets. And we have demonstrated smart and reliable technology, offering lower total cost of ownership to the users. We have a scalable production and mature commercial organization across Europe, and we are building strategic partnership with leading global players.
So what about the future? We expect the EV market growth to remain strong across Europe. We will continue our expansion in Germany, U.K., France and Benelux. We have product focus on continuous improvements, integration and R&D execution. The margin will continue to improve through COGS reduction and scale. We expect the profit growth to continue in 2026.
Thank you for your continued trust and support.
Zaptec — Q4 2025 Earnings Call
Zaptec — Q3 2025 Earnings Call
1. Management Discussion
Hello, and welcome to Zaptec and our presentation of the financial results for the third quarter. My name is Kurt Ostrem, I'm the CEO. And together with CFO, Eirik Haerem, we will take you through the highlights from the third quarter.
The third quarter was a really strong quarter for Zaptec, driven by the strong EV sales across Europe. The heading of this slide is steady progress. And the reason for that is that we see year-over-year that we have an increase in revenue, gross margin and EBITDA for Zaptec. The third quarter is always affected by the season, both installers and the end user have the summer break during this quarter, first in the Nordic countries in July and then in August for the rest of Europe. And this is expected and planned from our side that we see lower activities in these months due to the summer break. But despite this, we have delivered a really strong third quarter. And I'm happy to share that we have -- September was a record month for Zaptec. Never before have we delivered so many chargers and installed so many chargers in one single month as we did in September. And even better, this record is already being beaten by even higher installed number of Zaptec chargers in October. So this record installation and strong order intake points to future growth for Zaptec.
We have also, in this quarter, have a robust performance where we reinforced our leadership in our core markets, especially in the home market in Norway, we have seen a really strong performance in this quarter. At the same time, we have strengthened our position in major markets in Europe. We have normalized our inventory during the third quarter, and we expect the inventory to be reduced further into the fourth quarter. And this is driving robust cash flow and improved the liquidity to Zaptec.
Okay. So I'll briefly take you through the financial highlights before we dive into the details later in the presentation. Q3 was strong in terms of revenue and orders for Zaptec. The revenue was up 23% compared to same period last year. The order intake increased by 35% and the backlog strengthened 44%. The gross margin came in at 39%, around the same level as same period last year. We spent NOK 124 million in OpEx, leaving us with an EBITDA of NOK 21 million, equivalent to a 6% margin. The EBITDA was significantly improved compared to the same period last year, where we delivered NOK 4 million in EBITDA.
As I said, we had a strong revenue in the third quarter. We see a 23% revenue increase compared to the third quarter last year. And even if we expect low activities during the summer months in the third quarter, we see that we have achieved almost the same high revenue as we had in the high second quarter. So we're really pleased with the revenue in the third quarter.
Also, the order intake shows a really strong increase compared to the third quarter last year with 35% increase. We have now an order backlog of NOK 524 million at the end of the third quarter. And even if I have said this before, I want to repeat it, there is seasonality when it comes to order intake in Zaptec because we want visibility so we can plan our production and be able to deliver our charger when it's needed in the market. That's why we try to take up preorders to have visibility for the next 6 months. And we do this in the second and the fourth quarter. In the second quarter, we secure the orders for the second half. And in the fourth quarter, we secure the orders for the first half. That's why we will always have higher order intake in the second and fourth quarter compared to the third quarter, but still really strong third quarter this year with 35% increase.
So let's look into the gross margin in a bit more detail. Sustaining a strong gross margin is a key priority for Zaptec. We have demonstrated that over time, we're able to increase the gross margin. This is demonstrated by the trend line in the graph. We have achieved this by targeted supply chain efforts and also from introducing products in the market with higher gross margin. That said, from quarter-to-quarter, there might be variability in the gross margin. We saw an example of that in the fourth quarter with 39.4% gross margin, which was somewhat below the trend. As we look ahead, we plan for increased gross margin, and we think higher deliveries of the Zaptec Go 2 will lift the gross margin in the future.
So over to EBITDA. We increased the EBITDA with NOK 17 million from NOK 4 million in the same period last year to NOK 21 million this quarter. If you look at this quarterly sequential EBITDA development, it's important to bear in mind the seasonality, which Kurt mentioned. When the top line is impacted, it has an effect on EBITDA. So I'd like to zoom out and on the next slide, demonstrate the LTM development. As you can see here, we have demonstrated the ability to grow EBITDA over time if you look at the last 12 months. We're targeting to increase this further in the quarters to come and expect based on current visibility to drive LTM EBITDA above NOK 100 million when we look at Q4.
The EV market continues to strengthen throughout Europe. And if you look at the plug-in vehicle sales in the third quarter compared to third quarter last year, we saw an increase by 36%. And if you look at the biggest car market in Europe, Germany, they have impressive 57% increase in the third quarter. This shows the potential and gives a great outlook for Zaptec. The way we are executing our strategy is that we build on our success in our core markets like the Nordics, and we accelerate the rollout of new products, the Go 2 and the Pro Eichrecht this year, and we expand into major markets in Europe. And all the time, we have focused on the cost and looking after our working capital and make sure that we optimize our cash flow.
When we look in the mature markets, our core markets, we see that Norway had 33% increase in revenue in the third quarter compared to third quarter last year. This is impressive. And in fact, Norway had already passed the target for the budget for the entire 2025. Also in Denmark, we see an increase in EV sales and then also a really nice increase in sales of Zaptec charger in Denmark, and the increase was 14% in the third quarter. In Sweden, our biggest market with a really high market share, we also see 11% increase on top of a very strong quarter last year. So great performance of all these 3 markets. And as we have said, a new record in September and a new record in October. We installed more than 25,000 Zaptec chargers in October month. This is a really great achievement. And if you look at this graph, you can see the seasonality with a dip in each summer break and then a strong growth in the autumn. And the growth has never been higher than we see these days, and we're really looking forward to see the results of November if we can manage to set another new record.
And we are producing and delivering according to our plan. We are now producing between 6,000 and 7,000 units of our new products, Zaptec Pro, M&E and Zaptec Go 2. And the most important with this slide is that we are ready and well positioned to scale up the production of these products when needed. We also have a strong growth in new major markets in the third quarter. We have 54% growth in major markets like Benelux, U.K., Germany and France in the third quarter.
When that said, we are not satisfied with the development, and we are impatient, and we want to grow even faster in some of these markets. But we are now putting in more resource into the sales and also delivering new features into these major markets, and we expect to see the results of these efforts going into 2026.
Let's look a bit more into the cost side. We continue to focus our OpEx on innovation and targeted commercial efforts. This includes a new brand campaign launched recently in the fourth quarter. We continue the trend to grow the revenue more than we grow the costs. It's important to note that in the third quarter, the Zaptec share price was up more than 50%. This had an impact on our OpEx. And the explanation for that is that we have a share-based bonus program for employees, and the effect of that was around NOK 5 million in the quarter.
As we look ahead, we plan for a continued sustainable OpEx level, aiming for increasing the top line more than we increase the cost to boost our profitability further. And then let's look into our inventory. Zaptec's excessive inventory historically dates back to 2023. We had significantly boosted order intake in the first half of the year, leading to a high production order for us. These production orders were to be delivered at the end of 2023. However, the market turned around and softened significantly when interest rates spiked and EV sales declined. We have since 2024, worked to normalize the inventory in a controlled manner. The third quarter marked another step in the right direction where we reduced the inventory with NOK 74 million. We are now approaching the target levels. However, we expect a continued decline in the inventory in the next quarter.
And then let's look at our liquidity position. We delivered a strong cash flow from positive result and from cash release from the normalization of the inventory also in Q3. We added NOK 66 million in liquidity. With NOK 532 million available, we are now in a robust position to manage future growth and to navigate future market uncertainties.
And with that, I'll leave it to you, Kurt, to sum up.
Yes. And the main driver for our sales are, of course, the EV sales in Europe. And the EV sales in Europe are strong and are expected to stay strong. And we have shown that we are positioned to maintain our leadership in our core markets. And with the record installation rates we have shown, we create new growth opportunities for Zaptec. We are now doing strategic sales initiatives and new product features launching into new markets, and we expect to see results of this going forward. So all in all, we have a continued outlook for profitable growth for Zaptec.
So thank you for following this presentation, and thank you for following Zaptec's journey.
Zaptec — Q3 2025 Earnings Call
Financial data from Zaptec
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Jun '26 |
+/-
%
|
||
| Revenue | 1,765 1,765 |
30%
30%
100%
|
|
| - Direct Costs | 1,040 1,040 |
27%
27%
59%
|
|
| Gross Profit | 725 725 |
35%
35%
41%
|
|
| - Selling and Administrative Expenses | 324 324 |
25%
25%
18%
|
|
| - Research and Development Expense | - - |
-
-
|
|
| EBITDA | 186 186 |
128%
128%
11%
|
|
| - Depreciation and Amortization | 38 38 |
8%
8%
2%
|
|
| EBIT (Operating Income) EBIT | 148 148 |
218%
218%
8%
|
|
| Net Profit | 111 111 |
1,734%
1,734%
6%
|
|
In millions NOK.
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Company Profile
Zaptec ASA engages in the designing, development, and manufacturing of chargers for electric vehicles and related technology and software. The firm also provides charging installations for housing cooperatives and companies. It operates through the Revenue from Charging Equipment and Services, and Administration and Other Intercompany segments. The company was founded in 2012 and is headquartered in Stavanger, Norway.
StocksGuide Premium
| Head office | Norway |
| CEO | Mr. Ostrem |
| Employees | 218 |
| Founded | 2012 |
| Website | zaptec.com |
