This article first appeared on GuruFocus .
Release Date: August 19, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Record revenue of NOK506 million, up 32% year-over-year, and record EBITDA of NOK69 million with a 14% margin.
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Order intake nearly doubled to NOK894 million, with the order book exceeding NOK1.1 billion, providing strong revenue visibility.
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Installations hit a new record, up 45% year-over-year, with about 1,000 chargers installed daily in June, reflecting robust underlying demand.
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Maintained gross margin above 40% at 40.7% despite currency and cost pressures, supported by design and scale efficiencies.
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Strong cash generation with over NOK100 million in cash flow, even after a NOK175 million dividend payment, keeping liquidity healthy.
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Ranked as Europe's leading AC charging provider for the second consecutive year, with strong growth in Tier 1 markets (Germany, France, UK) and emerging Benelux momentum.
Negative Points
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Gross margin was impacted by a stronger NOK and component-related cost pressures, though it remained resilient.
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Project delays in the UK and France during the quarter tempered growth in those markets, despite overall momentum.
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OpEx, while declining as a share of revenue, still represents a significant cost base that requires continued scaling to improve profitability.
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The company faces ongoing cost pressures from components, which could affect margins if not mitigated by design improvements.
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Dependence on European market growth, which, while strong, could be affected by regulatory or economic shifts in key regions like Germany, France, and the UK.
Q & A Highlights
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Q: What were the key financial highlights for Zaptec in the second quarter of 2026? A: Eirik Haerem, Deputy CEO and CFO, reported that Q2 2026 was the company's highest revenue quarter ever, reaching NOK506 million, a 32% increase year-over-year. Order intake surged 94% to NOK894 million, and the order book exceeded NOK1.1 billion. Gross margin remained resilient at 40.7% despite currency and cost pressures, while EBITDA hit NOK69 million (14% margin). The LTM EBITDA reached NOK185 million, achieving double-digit margins on a trailing basis.
Q: How did the company's market position and installation rates perform during the quarter? A: Kurt Ostrem, CEO, highlighted that Zaptec was ranked as Europe's leading AC charging provider by LCP Delta for the second consecutive year. Installations increased 45% year-over-year, reaching a new record level, with approximately 1,000 chargers installed daily in June. This metric is crucial as it reflects actual customer demand and usage across markets.
Q: What is the outlook for production capacity and expansion? A: CEO Kurt Ostrem confirmed that production in Hungary is expected to start during the third quarter of 2026. This new production line will increase available capacity and support long-term cost efficiencies, strengthening Zaptec's ability to support future growth across Europe alongside existing facilities.
Q: How did the company perform in its key Tier 1 markets, and what is the growth strategy there? A: Revenue in Tier 1 markets (Germany, France, and the UK) increased 32% compared to last year. While there were project delays in the UK and France during the quarter, the company saw strong momentum in Germany. Zaptec continues to prioritize growth in these large European EV markets, seeing significant opportunities going forward.
Q: What were the cash flow and liquidity positions after the dividend payment? A: CFO Eirik Haerem noted that the business continues to scale efficiently, with OpEx as a share of revenue declining. Despite paying a dividend of NOK175 million (NOK2 per share) during the quarter, liquidity remained strong at the end of Q2, following over NOK100 million in cash flow generated.
Q: What is driving the growth in the European EV market, and how is Zaptec positioned? A: CEO Kurt Ostrem explained that plug-in vehicle sales in Europe increased around 35% year-over-year, with particularly strong growth in France, Germany, and the UK. This supports the view that Europe is moving toward mass EV adoption. Zaptec's leadership position, strong installer network, and technology investments are key to capitalizing on this trend.
Q: How is the company managing gross margins despite external pressures? A: CFO Eirik Haerem stated that gross margin remained above 40% at 40.7%, despite a stronger NOK and component-related cost pressures. The company is focusing on design improvements, scale efficiencies, and product optimization to maintain and improve margins going forward.
Q: What are the company's strategic priorities for future growth? A: CEO Kurt Ostrem outlined that priorities remain unchanged: growing in Tier 1 markets, investing in innovation and integration, and maintaining strong gross margins through design and scale efficiency. The company also sees Benelux emerging as an increasingly important growth engine and benefits from strong relationships with installers and distribution partners, leading to high repeat business.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
