Barclays now sees two Fed cuts this year, says jumbo Fed cuts ’very unlikely’
Introduction & Market Context
Zaptec AS (OB:ZAP) presented its Q2 2025 financial results on August 20, 2025, showcasing strong performance across key metrics amid continued growth in the European electric vehicle (EV) market. The Norwegian EV charging solutions provider reported revenue growth of 13% year-over-year, while achieving an all-time high quarterly EBITDA.
The company’s results come as the European plug-in vehicle market continues to strengthen, with overall growth of 27% compared to Q2 2024. Germany led with 43% growth, followed by Denmark (33%) and the United Kingdom (TADAWUL:4280) (30%), providing a favorable backdrop for Zaptec’s expansion strategy.
As shown in the following chart of European plug-in vehicle sales growth rates across various markets:
Quarterly Performance Highlights
Zaptec reported revenue of 383 million NOK in Q2 2025, representing a 13% increase compared to the same period last year. The company noted that 24 million NOK of this figure came from a one-off financial revenue related to the sale of a non-core asset.
The quarterly revenue trend illustrates consistent growth over recent quarters:
Order intake showed even stronger momentum, increasing by 30% year-over-year to 445 million NOK, while the order backlog grew 24% to 567 million NOK, providing solid visibility for future operations.
As demonstrated in the following chart of quarterly order intake:
Detailed Financial Analysis
Zaptec achieved a gross margin of 41% in Q2 2025, an improvement from 39% in the same period last year. This continues a positive trend in margin development, reflecting improved operational efficiency and economies of scale.
The gross margin trend is illustrated in this chart:
The company reported an all-time high quarterly EBITDA of 44 million NOK, representing a 29% increase year-over-year and an 11% margin. The EBITDA performance demonstrates Zaptec’s ability to convert revenue growth into improved profitability.
The quarterly EBITDA development is shown here:
Looking at longer-term performance, Zaptec’s Last Twelve Months (LTM) EBITDA reached 81 million NOK in Q2 2025, showing steady progress over recent quarters:
The company’s financial position strengthened significantly, with available liquidity reaching 466 million NOK, a 43% increase from Q1 2024. This includes cash, cash equivalents, and undrawn overdraft facilities.
As shown in the following liquidity chart:
Strategic Initiatives
Zaptec’s expansion in major European markets has been particularly successful, with revenue from Benelux, UK, Germany, and France growing by 84% year-over-year to 94 million NOK in Q2 2025.
The growth in major markets is illustrated here:
The company has been scaling up new product deployment according to plan, with production ramp-up of both the Zaptec Pro M&E and Zaptec Go 2 products. Monthly installation rates of Zaptec chargers have also increased by 9% on a last-twelve-months basis.
Operational improvements include a significant reduction in inventory, which decreased by 68 million NOK and is approaching the company’s target level. This inventory optimization contributes to improved cash flow and operational efficiency.
Zaptec also reported controlled operating expenses, enabling focused investment in growth and innovation. The company noted a one-off cost of 5 million NOK related to a 25% headcount reduction in marketing.
Forward-Looking Statements
Looking ahead, Zaptec expects the European EV market growth to continue, providing a favorable environment for its charging solutions. The company maintains a solid position in core markets and highlighted that its robust order backlog provides operational stability.
Management expressed confidence in building momentum in Benelux, UK, France, and Germany, and maintained an outlook for continued profitable growth. The company’s strategy focuses on building on success in core markets, accelerating the rollout of new products, expanding in major markets, and optimizing cash flow.
Zaptec’s stock closed at 25.95 NOK on August 19, 2025, up 0.19% for the day. The stock is trading near the upper end of its 52-week range of 8.46 to 26.50 NOK, reflecting investor confidence in the company’s growth trajectory and financial performance.
Full presentation:
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.