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Introduction & Market Context
Zaptec AS (ZAP) released its third-quarter 2025 financial results on November 5, showcasing strong performance across key metrics despite the stock declining 7.69% following the announcement. The Norwegian EV charging equipment manufacturer capitalized on robust European electric vehicle market growth, with plug-in vehicle sales increasing by 36% across Europe compared to Q3 2024.
The company's presentation highlighted particularly strong EV market growth in Germany (57%), Denmark (38%), and the United Kingdom (30%), creating favorable conditions for Zaptec's charging infrastructure business.
As shown in the following chart of European EV market growth rates:
Quarterly Performance Highlights
Zaptec reported revenue of 369 million Norwegian kroner (MNOK) in Q3 2025, representing a 23% increase compared to the same period last year. This growth came alongside a 35% year-over-year increase in order intake to 330 MNOK and a 44% jump in order backlog to 524 MNOK, signaling continued demand momentum.
The following slide summarizes the key financial metrics for the quarter:
The company's revenue growth trajectory has remained positive over multiple quarters, as illustrated in the chart below:
Perhaps most notably, Zaptec's EBITDA surged to 21 MNOK in Q3 2025, up from just 4 MNOK in Q3 2024, representing a fivefold increase. This significant improvement reflects the company's focus on operational efficiency while maintaining a stable gross margin of 39%.
The EBITDA improvement is clearly visualized in the following chart:
Strategic Initiatives and Market Expansion
Zaptec's strategy focuses on building success in core markets while expanding into major European markets, as outlined in its strategic priorities pyramid. The company reported strong growth in its mature Nordic markets, with revenue increasing 33% in Norway, 14% in Denmark, and 11% in Sweden compared to Q3 2024.
The following chart illustrates this growth in core markets:
Even more impressive was the company's 54% revenue growth in major markets including Benelux, UK, Germany, and France, where revenues increased from 48 MNOK in Q3 2024 to 74 MNOK in Q3 2025:
The company also highlighted record installation rates, reaching 25,000 installations in October 2025, which represents an all-time high and suggests accelerating market adoption of Zaptec's charging solutions.
Financial Position and Outlook
Zaptec has significantly strengthened its financial position during the quarter. The company reduced inventory by 74 MNOK, approaching target levels, which has contributed to robust cash flow. Liquidity (including cash, cash equivalents, and undrawn overdraft facilities) increased to 532 MNOK, up 14% from the previous quarter.
The Last Twelve Months (LTM) EBITDA continued its steady improvement trend, reaching 98 MNOK in Q3 2025, with an LTM EBITDA margin of approximately 7%.
Looking forward, Zaptec's management expressed confidence in continued profitable growth, citing the strong European EV market, record installation rates, and strategic sales initiatives in large markets. The company stated it is well-positioned to maintain leadership in core markets while pursuing growth opportunities in major European markets.
Market Reaction
Despite the strong financial performance, Zaptec's stock price declined 7.69% following the earnings release, closing at 28.6 NOK. This represents a significant drop from the company's 52-week high of 33.35 NOK, though still substantially above its 52-week low of 8.46 NOK.
The stock's negative reaction despite positive financial metrics may reflect broader market dynamics, profit-taking after recent gains, or investor concerns about future growth sustainability in an increasingly competitive EV charging market. Some investors may also be cautious about potential seasonal slowdowns that could impact future quarters.
While Zaptec's operational performance remains strong, the market's reaction suggests investors may be looking for even stronger growth signals or additional catalysts to justify further stock appreciation from current levels.
Full presentation:
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