Zaptec (ZAP) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue, installations, gross margin and EBITDA reflected strong demand and improved operating leverage.

• Robust order backlog, positive cash flow and NOK 735m liquidity supported confidence entering Q4.

Financial highlights

• Q3 revenue was NOK 511.7m, up 39% YoY, versus NOK 369.1m; YTD revenue was NOK 1,475.0m.

• Q3 EBITDA was NOK 60m versus NOK 21m, up 185% YoY; YTD EBITDA was NOK 180m versus NOK 81m.

• Q3 operating profit was NOK 54.1m versus NOK 13.0m; net income was NOK 34.2m versus NOK 2.9m.

• Order intake was NOK 288m, down 13% YoY; backlog was NOK 886m, up 69% YoY. Export share rose to 79% from 75%.

• Q3 operating cash flow was NOK 37.1m; YTD operating cash flow was NOK 254.3m.

Outlook and guidance

• Priorities include strengthening core-market leadership, scaling in larger European markets, accelerating product innovation and ecosystem integrations, and sustaining profitable growth.

• Strong order and installation activity support growth visibility; revenue growth continues to outpace operating expense growth.

• Early Q4 ordering was encouraging and followed seasonal patterns; Q2 and Q4 typically have the strongest ordering.

• Inventory is planned to build gradually toward a NOK 200–300m target range; Zaptec Go 2 production in Hungary is targeted to reach 15,000 units per month by December 2026.