Zaptec (ZAP) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly revenue, EBITDA, and order intake in Q4 2025, driven by strong EV market growth and market leadership in core regions across Europe.

• Installation activity exceeded 20,000 units per month in December, with over 70,000 installations in Q4 and a robust order backlog indicating continued growth.

• Maintained market leadership in core regions and expanded traction in major European markets, including Benelux, UK, Germany, and France.

• Initiated first-ever dividend distribution, reflecting strong cash flow, liquidity, and a solid balance sheet.

Financial highlights

• Q4 2025 revenue reached NOK 433 million, up 32% year-over-year, with order intake at NOK 645 million and backlog at NOK 729 million.

• EBITDA more than doubled to NOK 45 million (10% margin), up from NOK 19 million (6% margin) in Q4 2024.

• Gross margin improved to 41.4% (Q4 2024: 39.7%), supported by favorable product mix and efficiency improvements.

• OPEX as a share of revenue declined to 32% in Q4 2025, with total OPEX at NOK 134 million.

• Available liquidity at year-end was NOK 736 million, up by NOK 203 million in Q4, with inventory reduced by NOK 92 million to NOK 222 million.

Outlook and guidance

• Order backlog and installation pipeline indicate continued profitable growth into 2026, with expansion focus on Germany, UK, France, and Benelux.

• Expectation of further gross margin improvement in 2026, driven by product mix, cost efficiencies, and COGS reduction.

• Product strategy centers on continuous improvements, integrations, and R&D execution.

• Profit growth expected to continue in 2026, supported by strong EV market expansion across Europe.