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 market leadership in core regions.

• Installation activity exceeded 20,000 units per month in December, with over 70,000 installations completed in Q4, confirming strong demand and effective go-to-market execution.

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

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

• Robust order backlog signals continued profitable growth into 2026.

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, with an order backlog of NOK 729 million at year-end.

• 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 product mix and efficiency improvements.

• OPEX was 134 MNOK, with OPEX as a share of revenue declining to 31% from 34% in Q4 2024.

• Available liquidity at year-end was NOK 736 million, up by NOK 203 million in Q4.

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

• Proposed total dividend of NOK 2.0 per share (NOK 0.3 ordinary, NOK 1.7 extraordinary).

Outlook and guidance

• Strong order backlog and installation pipeline point to continued growth into 2026, with profitable growth expected.

• Anticipates sustained EV market growth across Europe, with ongoing expansion in Germany, UK, France, and Benelux.

• Margin improvement targeted through cost reduction, scaling, and COGS reduction.

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