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 across Europe and leading product offerings, with market leadership in core regions and expanding traction in major European markets.

• Installation activity exceeded 20,000 units per month in December, confirming strong demand and effective go-to-market execution.

• Initiated first-ever dividend payments, reflecting a solid balance sheet and liquidity position.

Financial highlights

• Q4 2025 revenue reached NOK 433 million, a 32% increase year-over-year, marking the highest quarter ever.

• Order intake grew 41% to NOK 645 million, resulting in a year-end backlog of 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%, attributed to favorable product mix and efficiency gains.

• OPEX increased to NOK 134 million, but declined as a share of revenue to 31%–32% from 34% in Q4 2024.

• Inventory reduced by NOK 92 million, now within the target range of NOK 200–300 million.

• Liquidity improved by NOK 203 million in Q4, ending at NOK 736 million.

Outlook and guidance

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

• Expectation of sustained strong EV market growth across Europe, supporting further expansion and profitable growth.

• Margin improvement anticipated through cost reduction, scaling, and continuous product improvements.