Zaptec ASA (FRA:6I4) Q4 2025 Earnings Call Highlights: Record Revenue and Strategic Growth Plans

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Mon, February 23, 2026 at 10:00 AM GMT+9 3 min read

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This article first appeared on GuruFocus.

Release Date: February 18, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Zaptec ASA (FRA:6I4) achieved record quarterly revenue, EBITDA, and order intake in Q4 2025, driven by strong EV markets across Europe.

The company reported a 32% increase in revenue and a 41% increase in order intake, resulting in a backlog of over NOK700 million.

Zaptec ASA (FRA:6I4) demonstrated a strong gross margin of 41.4% in Q4, attributed to a favorable product mix and increased sales of Zaptec Go 2.

The company initiated dividend distribution for the first time, reflecting strong cash flow and liquidity, with a proposed dividend of NOK2.0 per share for 2025.

Zaptec ASA (FRA:6I4) is well-positioned for future growth with plans to expand production in Hungary, enhancing capacity and reducing costs.

Negative Points

Operating expenses increased in NOK terms, although they were lower as a share of revenue.

There is potential variability in gross margins from quarter to quarter, despite an overall positive trend.

Seasonality affects installation activity, with lower activity around Christmas and winter, which could impact short-term sales.

Despite strong growth, the EV market in mature regions like Norway still requires significant progress to reach full electrification.

The company faces challenges in maintaining high growth rates as it expands into new markets, which may require additional strategic focus and resources.

Q & A Highlights

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Q: Can you elaborate on the financial performance of Zaptec in Q4 2025? A: Kurt Ostrem, CEO, highlighted that Q4 2025 was a record quarter for Zaptec, with strong revenue, EBITDA, and order intake driven by robust EV markets in Europe. Revenue increased by 32%, and order intake rose by 41%, resulting in a backlog of over NOK700 million. Eirik Haerem, CFO, added that EBITDA more than doubled to NOK45 million, with a margin increase from 6% to 10%.

Q: What are the strategic priorities for Zaptec moving forward? A: Kurt Ostrem emphasized the focus on expanding in major markets, accelerating product roll-out, and integrating products into the EV ecosystem. The company aims to maintain strong liquidity and optimize cash flow while scaling production capabilities in Norway, Germany, and Hungary.

Q: How is Zaptec addressing gross margin sustainability? A: Eirik Haerem stated that maintaining a strong gross margin is a key strategic priority. In Q4, the gross margin was 41.4%, attributed to the product mix and increased sales of Zaptec Go 2. The company aims to improve margins further in 2026 through efficiency in supply chain operations and cost reductions.

Story continues  

Q: What is the rationale behind initiating dividend distribution? A: Kurt Ostrem explained that Zaptec is initiating dividend distribution due to solid liquidity and financial flexibility. The proposed dividend for 2025 is NOK2.0 per share, including an ordinary dividend and an extraordinary component. The strong balance sheet allows continued investment in growth.

Q: What are the growth prospects for Zaptec in the EV market? A: Kurt Ostrem highlighted that the EV market in Europe continues to grow, with significant potential in core and new markets. Zaptec is well-positioned to capitalize on this growth, with strategic expansions planned in Germany, UK, France, and Benelux, supported by continuous product improvements and ecosystem integration.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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