Pareto raised its target price from 24 to 27 NOK
Buy recommendation remains!
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Not bad this either!
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Zaptec’s Q2 presentation and report. Very good job!
I asked the AI for analyst estimates, according to which all of them were beaten.
External debts have also been paid off during the quarter, and according to the CEO, they are moving forward with a tailwind towards the end of the year, so there’s nothing wrong with just enjoying the ride.
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Performance seems strong, and no major negative surprises appear to be in store in the near future!
Once sales in Germany, France, and the UK really get going, there is plenty of growth potential.
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Pareto reacted quickly today!
Target price 27->30nok
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Munich, September 30, 2025 – Zaptec has entered into a strategic partnership with ChargeHere, a wholly-owned subsidiary of EnBW. ChargeHere offers full-service solutions for charging infrastructure in residential properties based on a two-stage expansion concept.
As part of the cooperation, the Zaptec Pro charging station will be integrated as standard hardware into ChargeHere’s solution. For property developers, housing cooperatives, and property owners, this means a technically and economically efficient comprehensive package: ChargeHere handles planning, installation, operation, maintenance, and billing – complemented by a powerful and legally compliant charging station offering up to 22 kW charging capacity.
Zaptec Pro as part of a smart two-stage concept
A key feature of the ChargeHere approach is the separation of basic and expansion installation. In the first stage, all parking spaces are equipped with backplates – a pre-installed technical connection point that makes every space electric vehicle-ready from the outset. When charging demand arises, spaces can be easily upgraded in the second stage: the Zaptec Pro is installed onto the existing backplate using a plug-and-play principle and automatically integrated into the backend system. This allows the charging infrastructure to be scaled cost-effectively and as needed, without additional construction or electrical work.
Thanks to its durable casing, up to 22 kW charging power, compliant metering, and RFID identification, the Zaptec Pro meets all standards set for the residential sector. Therefore, it perfectly complements the ChargeHere system – both in new construction projects and in the gradual electrification of existing properties.
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What kind of expectations are there here for Wednesday’s earnings report?
Pareto already raised the target price from 30→35NOK, but it hasn’t yet boosted the stock price, and things have been quite nervous in recent weeks anyway.
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Insider buying…
ZAPTEC: CFO AND DEPUTY CEO BOUGHT 32,500 SHARES
Today at 07:19 ∙ TDN Finance
Oslo (Infront TDN Direkt): Chief Financial Officer and Deputy CEO Eirik Fjellså Hærem of Zaptec purchased 32,500 shares in Zaptec on December 23 for a total value of 757,263 kroner, according to an announcement.
The shares were purchased at prices of 23.3046 kroner (30,000 shares) and 23.25 kroner (2,500 shares) per share on the Oslo Stock Exchange.
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Zaptec ASA: Fourth quarter 2025 financial results - Inderes Zaptec ASA: Fourth quarter 2025 financial results - Inderes
Momentum accelerates and initiates dividend payments
Stock exchange release
Zaptec ASA: Fourth quarter 2025 financial results
18.02.2026 at 08:30
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Zaptec
Sandnes, Norway, 18 February 2026.
Zaptec reports a strong fourth quarter of 2025 and record revenue of NOK 433 million.
“With record-high revenue and improved margins, Zaptec demonstrates the scalability of our business and strong demand for our solutions across Europe. We enter 2026 with confidence,” says Zaptec CEO Kurt Østrem.
“Furthermore, the board has proposed a dividend payment, allowing shareholders to benefit directly from our profitable growth,” he adds.
Fourth quarter highlights:
o Revenue NOK 433 million
o Order intake NOK 645 million
o Order backlog NOK 729 million
o Gross margin 41%
o Operating expenses NOK 134 million
o EBITDA NOK 45 million
o Dividend NOK 2.0 per share
A video presentation of the fourth quarter financial results is available at
Investor Relations | The Share | Zaptec (ZAP) at Oslo Stock… | Zaptec.
For further information:
Kurt Østrem, CEO, Zaptec ASA Tel: + 47 40 40 47 00, email: kurt@zaptec.com
Eirik Fjellså Hærem, CFO and Deputy CEO, Zaptec ASA Tel: +47 95 72 21 45, email:
Kristian Sæther, Finance Manager and Investor Relations, Zaptec ASA Tel: + 47 90 70 85 12,
email: investor@zaptec.com
About Zaptec: Zaptec is a Norwegian technology company operating in the electric vehicle
charging systems sector in Europe. The company develops EV charging systems for
single-family homes, apartment buildings, and office buildings. The product portfolio
includes several cost-effective charging points and includes Zaptec Pro, Zaptec Go,
Zaptec Go 2, Zaptec Portal, and Zaptec Sense. The company is accelerating the
electrification of transport to help European countries reduce
carbon emissions from light vehicles.
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Absolutely fantastic result from Zaptec. Profitability improved and a turnaround was achieved, just as the CEO promised in the spring. Q4 sales grew +30%! Order intake and backlog are growing. The gross margin also rose as promised in the previous review.
The 2025 result was the best so far in terms of both revenue (1.5 billion NOK) and profit (53.9 million NOK). The share price is now 31 NOK. During the “charger bubble” in 2022, prices were above 60 NOK.
The Board proposed a dividend of 2.00 NOK per share, which is a significant change from the previous “no dividend” policy. This means a dividend yield of 6.5% at the current price.
There’s no rush to sell this one, as the company is performing excellently, conquering the charger market in the Nordics and Central Europe—products are solid, support is solid, and production is scaling. Compared to Kempower, this stock is a much more sensible choice.
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The result was good, though a comparison to Kempower probably depends on when you bought the stock; if you bought Zaptec at over 60 NOK and Kempower at €10, it might feel like a different story, at least for now. They also essentially have completely different product portfolios and operate in different markets.
I only have Zaptec in my portfolio and am still at a loss. Sorry for the low-value post.
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Forecasts
Ahead of Zaptec’s Q1-report (to be published on May 6th), investors on Pinpoint Estimates expect revenues and earnings within the following weighted ranges:
Net sales: 417.4 - 437.5 MNOK
Previous outcome (2025-Q1): 346.9 MNOK
EBIT: 26.22 - 33.38 MNOK
Previous outcome (2025-Q1): 6.84 MNOK
Q1 results (Nordnet):
o Revenue of 457 MNOK
o Order intake of 467 MNOK
o Order backlog of 737 MNOK
o Gross margin of 43%
o Opex of 143 MNOK
o EBITDA of 51 MNOK
Looks good
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No wonder they dared to propose such a hefty dividend and earlier than before 
. The Iran/oil crisis is unlikely to decrease the demand for electric vehicles, and the effects will only be visible from Q2 onwards at the earliest.
Curiously, Q2 & Q4 seem to be stronger than Q1 and Q3.
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Electric vehicle registrations took a massive leap in Europe in April Sähköautojen rekisteröinnit ottivat huhtikuussa hurjan pompun Euroopassa | Kauppalehti
Looking good for the charger business
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YTD +100% is close and the share price is at 50 NOK. During the 2021-2022 charger hype, it reached 64 NOK. I believe that will be broken by the end of the year at the latest, provided the company continues to grow its revenue profitably alongside the European EV market. Earnings quality is high, as the company’s free cash flow is at an excellent level, as is the cash conversion. A backlog of +45% gives an indication of what’s to come.
The dividend is detached on June 11th, with the payment date on June 19th, which represents a 4.2% yield even at the current share price.
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In light of current data, a significant portion of the cash flow over the last year or two is one-off in nature. Sometime around 2023-2024, a substantial inventory of chargers accumulated, and since then, the inventory has been systematically reduced—in my opinion, even to surprisingly low levels. That process is now complete, so the extra boost to operating cash flow resulting from it will no longer be seen. Still, there is no reason for despair, as the last couple of record quarters are seasonally quieter. One doesn’t need an oracle’s crystal ball to bet that Q2 will beat them by a clear margin (unless something truly unfortunate happens, and fast).
Operating expenses as a percentage of revenue are on a downward trend due to economies of scale, and gross margins are higher on new products than on old ones. Additionally, the new factory in Hungary, which operates with lower overhead, is set to go online during the summer. The order backlog is well at an all-time high, and revenue in Europe’s largest auto markets is currently at a level comparable to a rounding error; therefore, I intend to stay on board quite happily at least until the old price peak, which intraday is as high as 70 crowns 
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What is this Hungarian factory? I can’t find a single word about it anywhere.
This slide can be found on page 19 of the Q1 presentation, and if I recall correctly, they also discussed it briefly in the video.
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Thanks! I completely missed that, and I couldn’t find a single word about it in the 2025 annual report.
Up to 6,000 euro subsidy inspired Germans to shop for electric cars – The most popular model may surprise you Jopa 6 000 euron tuki innosti saksalaiset sähköautokaupoille – Suosituin malli saattaa yllättää | Kauppalehti
In January-April, the market share of fully electric cars in Germany rose to 23.7 percent from 17.3 percent in the corresponding period last year
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