Zaptec (ZAP) Q3 2025 earnings summary

Executive summary

• Achieved strong year-over-year growth in revenue, gross margin, and EBITDA, with record charger installations in September and October, reflecting robust demand and momentum for continued European expansion.

• Reinforced leadership in core Nordic and major European markets, supported by a strong EV market.

Financial highlights

• Revenue reached 369 MNOK in Q3 2025, up 23% from Q3 2024; order intake rose 35% to 330 MNOK, and order backlog increased 44% to 524 MNOK.

• Gross margin held steady at 39% year-over-year; EBITDA improved to 21 MNOK (6% margin), up from 4 MNOK (1% margin) in Q3 2024.

• OPEX totaled 124 MNOK, with a NOK 5 million impact from share-based bonuses due to a 50% share price increase.

• Net income for Q3 2025 was 2.85 MNOK, reversing a loss of 29.1 MNOK in Q3 2024; basic EPS was 0.033.

• Available liquidity more than doubled to 532 MNOK year-over-year.

Outlook and guidance

• Expectation of continued strong EV sales in Europe, supporting future growth and leadership in core markets.

• Strategic initiatives, new product launches, and record installation rates are anticipated to drive further profitable growth in new and existing markets.

• Anticipate further reduction in inventory and robust cash flow in Q4.

• Targeting LTM EBITDA above NOK 100 million by Q4.