Hello, and welcome to Zaptec's Q1 2026 presentation. Today we have a slightly new format.

We will talk through the results on a high level, while the written materials is available online as usual. Kurt, why don't you take us through the highlights the way you saw the quarter?

Yes. I'm pleased to announce that Zaptec have delivered a very strong first quarter.

We set new records when it comes to revenue and EBITDA in this quarter. We also saw a strong increase in order intake, and we ended the quarter with a very strong order backlog.

We also saw that we are increasing the installation rate month by month, and we have sustain our market leader position in our core markets. We saw also in the first quarter that we are increasing our market share outside the Nordics.

This strong quarter with this strong growth have happen while we have continue and create positive cash flow, and also have a strong position when it comes to liquidity.

Let's dive into the details of the financial highlights. As you can see on the slide here, both revenue and order intake was up around 30%, which means that we continued the strong growth momentum from the previous quarter.

The backlog was up 45%, and we have strong visibility on future revenue due to this backlog. The gross margin came in at 43%, which is an increase compared to previous quarters.

We do spend more OPEX, but that is because we have a higher activity level, and it's important to note that OPEX as share of revenue is declining. We delivered over 50 million NOK in EBITDA in Q1 for the first time, and the margin was around 11%.

I'll hand over to you, to Kurt, to talk a bit more on our revenue and order development.

Yes. As you mentioned, the increase in revenue was 32% compared to the first quarter last year.

Also, this 457 million NOK in revenue in the first quarter, that's the highest single quarter ever for Zaptec. If you look at the slide and see the history when it comes to revenue, you notice that the first quarter is always the lowest quarter in the year.

This gives a really good trend and outlook for the rest of 2026. Also the order intake show a strong growth by 28% compared to the first quarter last year.

Here it's important to point out the seasonality when it comes to order uptake in Zaptec. We have huge order intake in the second and fourth quarter, you will see a much higher order intake in this second quarter than in the first quarter.

The most important is the growth of 28%, who is really strong numbers. Then

I want to show you the development in gross margin. We have high focus on sustaining a healthy and strong gross margin.

As you can see on the slide, the gross margin increased to 42.5% in Q1. We acknowledge the geopolitical uncertainty these days with the situation in the Middle East, which might have an impact on various cost elements.

That said, we aim to mitigate these effects by, firstly, opening the production line in Hungary, which is well underway, and also to shift the products towards more Pro 2s, which has a higher product margin. As we look ahead, we aim to sustain a strong gross margin.

Then over to EBITDA. I mentioned over 50 million NOK in EBITDA for the first time for Zaptec in Q1.

This brings the LTM EBITDA 260 million NOK. This demonstrates that we are able to scale the business, as we talked about also in the past.

As you see in the graph, it demonstrates consistent progress. Now with both quarterly and LTM EBITDA margin in double-digit territory, it starts to prove the scalability and the profitability of Zaptec's business model.

When we look into the market, we see that a shift in the demand for EV in the first quarter throughout Europe. People discover that both the fuel cost and the total cost of ownership for an EV make it rational choice to buy an EV.

The total increase in EV sales was 28% in Europe in the first quarter.

Then I want to show you a bit more on the high-level EV transition and how early we actually are if we zoom out a bit. The slide you see now, the S-shaped curve, demonstrates a typical pattern for the adoption of new technologies.

It's expected that the transition to EVs in Europe will follow a similar path. Some countries are quite advanced in the EV transition, like Denmark and Norway, where EV share of new sales is very high and closing in on 90% to 100%.

However, the largest markets in Europe are very early, and are still to really enter into the mass adoption phase. That said, with 19% battery electric vehicle share of total new sales in Q1, we believe that the inflection point has been reached and that the mass adoption for Europe is here.

That means that in the next decade, an enormous amount of vehicles with electric powertrain will be sold in Europe. Also zooming out and looking at the big picture, based on the current vehicle fleet, only 5% of the vehicles in Europe are electric, meaning that over 250 million vehicles will have to transition from ICE to EV in the future.

These vehicles needs, of course, to be charged, and that's where we come in as Zaptec, who provides infrastructure to these vehicles. It's more than just about the EV and the charger.

This is connected. If you, Kurt, could talk a bit about how the EV ecosystem is connected, it would help the viewers, I think.

Yes. To be able to receive this huge amount of EVs in the next years, you need a really huge increase in EV charging infrastructure throughout Europe.

It's not enough with a stand-alone charging station. You need charging station who is connected to the EV ecosystem.

You need station who is connected to the car, connected to the grid, to the energy service, to the software platform, and the operators. Only in that way we will be able to meet this transition into EV in Europe.

Then over to strategy. First thing is to build on success in our core markets.

When we look at the first quarter, we saw a massive growth in Norway and Sweden, who are our biggest market, despite a relative low EV sales in the first quarter. The market who really stick out in the first quarter is the Benelux.

We see a massive growth in the Benelux. If it continue like this, we expect Benelux to take over as our biggest market in 2026.

The second on our strategy list is to accelerate integration and the product roll-out. We work very hard in Zaptec with the iteration between hardware, software, and the cloud.

We continuously upgrade our products through the air, and we're working on integration between the EV, the energy service, and the grid service.

The third on the list is grow Tier 1 markets. As explained in the market section, UK, France, and Germany are massive countries early in the EV transition with great market potential for us in the future.

We continue to focus on these markets, and in Q1, we delivered 55% growth compared to the same period last year in these markets combined. The growth was strong in France and in Germany, however, somewhat disappointing in the UK, Kurt.

Yes. We are not pleased with the development in UK in the first quarter, and this is due to big projects who have been postponed, and we had expect a faster growth in the UK.

We are working hard to succeed, and we are really confident that we will succeed also in the UK market.

The fourth on the list is optimize cash flow. We have demonstrated for the last 5-6 quarters a strong cash flow.

As you can see on the graph here, we made new steps in Q1. We added 53 million NOK in net cash, bringing the total liquidity position to 789 million NOK at the end of the quarter.

This has enabled us to propose a dividend payment, which is subject to approval at the AGM in June. If approved, we will distribute around 175 million NOK in dividend to our shareholders.

Even after the dividend payment, we have a solid liquidity to navigate future market fluctuations. Then I think it's time to sum up, Kurt.

To sum it up, Zaptec delivered a record strong first quarter, and we expect the second quarter to be even higher. This gives a really strong outlook for 2026.

Thank you for watching.