A green car is parked in front of a house, and a pumpkin is on the driveway.

AI generated content

Annual report

2025

A black and white image of a logo for Zaptec.

AI generated content

06

Contents



Update from the CEO

This is Zaptec

2025 in review →

Financial Summary

Sustainability

Board of directors report

Financial statements +

Product Development and Innovation at the Core

2025 marked an important year for Zaptec’s product portfolio. The launch and ramp-up of the Zaptec Go 2 and Zaptec Pro M&E represented major steps forward in meeting the needs of customers across Europe.

Zaptec Go 2 expanded Zaptec’s reach in the home charging segment, with enhanced safety features and software integrations tailored to European markets.

Zaptec Pro M&E enabled compliance with calibration laws in Germany and Austria, opening access to regulated markets and supporting Zaptec’s commercial expansion.

Production volumes scaled according to plan, and both products played a central role in strengthening competitiveness and enabling growth in core and emerging markets.

Expanding Presence Across Europe

Zaptec continued building leadership in the Nordics while accelerating growth across major European markets.

Benelux delivered strong momentum throughout the year, driven by the rapid adoption of Zaptec Go 2 and solid growth in both Go and Pro sales.

France experienced significant progress, with Zaptec Pro gaining traction and major customer wins unlocking opportunities in the commercial sector.

Germany advanced steadily as new partners were onboarded and product adaptations enabled entry into broader segments.

United Kingdom saw strategic progress through partnerships with energy providers and automotive brands, laying the foundation for further scaling in 2026.

These developments underline Zaptec’s growing international footprint and the effectiveness of its focused market-entry and channel approach.

Operational Excellence and Cash Flow Improvement

Operational discipline was a consistent theme throughout 2025. Inventory levels were reduced quarter by quarter, normalizing toward target levels and freeing up liquidity. The company maintained tight control over operating expenses while continuing to invest in innovation, sales development, and market expansion.

Improved gross margins, reduced working capital, and stable cost levels together delivered stronger cash flow and significantly increased available liquidity. By the end of the year, Zaptec operated from a much stronger financial position, supporting continued investment in growth while maintaining prudent capital discipline.

Brand Positioning and Market Visibility Strengthened

In 2025, Zaptec further elevated its brand presence across Europe. The company participated in key industry events, launched a refreshed marketing platform, and continued to build recognition among installers, partners, and consumers. This increased visibility reinforced Zaptec’s position as a trusted long-term player in the European EV charging market.

Positioned for Continued Growth in 2026

With a competitive product portfolio, an expanding market presence, improving financial performance, and strong operational momentum, Zaptec enters 2026 well positioned for continued profitable growth. The company’s scalable business model, disciplined execution, and focus on innovation support long-term value creation as Europe accelerates toward widespread electrification.

09

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability →

Board of directors report

Financial statements +

b1/c1*

General information

Zaptec develops and sells charging systems for electric vehicles. The Group’s business idea and strategy is to be Europe’s leading company in the development and sale of chargers, charging systems, and services for electric vehicle charging.

Production of charging units and equipment is outsourced to Westcontrol, and takes place in Tau, Norway and to Sanmina Corporation with production facilities in Gunzenhausen, Germany.

The main office is in Sandnes, Norway. However, the Group also has sales organizations in Oslo, Sweden, Denmark, UK, France, Germany, Switzerland, the Netherlands and Italy. There are no employees in the following legal entities; Zaptec IP AS, Zaptec Power AS, Zaptec ASA, Zaptec Charger Inc. and Zaptec Austria GmbH.

Reporting Scope and Basis for Preparation

Zaptec is committed to closely monitoring the evolving regulatory landscape and adapting as necessary to ensure compliance with relevant laws and regulations across Europe. In 2024 and the beginning of 2025 Zaptec prepared to report under the CSRD regulation. Since the adoption of the Omnibus package by the European Commission in February 2025, Zaptec is no longer subject to the CSRD and decided to report after the Voluntary Sustainability reporting Standard for non-listed SMEs (VSME) published by EFRAG.

Zaptec’s reporting is based on both basic and compre- hensive modules, and is prepared on a consolidated basis, including Zaptec ASA and all its subsidiaries.

Omission of Sensitive Information:

In accordance with paragraph 19 of the VSME Standard, Zaptec has omitted certain detailed information from C4 - Climate Risks, due to its sensitivity. The information is related to specific

physical climate hazards affecting the downstream value chain.

Double Materiality assessment

In preparing this report, Zaptec conducted a double materiality assessment (DMA), considering both the significance of our impact on people and the environment and the potential financial effects of sustainability-related risks and opportunities on the company. The outcome of that assessment guided our selection of entity-specific sustainability information to include in this statement, in addition to the disclosures required by the Basic and Comprehensive module of the VSME Standard.

The DMA was conducted in 2024 and revised in 2025. The process was structured around engaging both external and internal stakeholders, conducting workshops, and applying a scoring methodology to assess material issues.

*References shown in the bottom left corner (e.g., B1/C1) correspond to the relevant sections of the VSME standard.

10

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability →

Board of directors report

Financial statements +

b1/c1

Summary of material sustainability topics identified in Zaptec’s Double Materiality Assessment:

Company Information

Company: Zaptec ASA

Legal Form: ASA (Public Limited Company)

NACE Sector: 46.500 Wholesale of information and communication equipment

Balance Sheet (in 1000 NOK): 1 184 620

Turnover (in 1000 NOK): 1 531 969

Number of employees: 201

Climate change

Pollution

Workers in the value chain

Resource use and circular economy

Own workforce

Water and marine resources

Consumers and end-users

Biodiversity and Ecosystems

Affected communities

Business conduct

3

5

7

-1

9

1

9

8

7

6

5

4

3

2

1

Impact materiality

Financial materiality

11

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability →

Board of directors report

Financial statements +

b1/c1

Sites

Adress

Postal Code

City

Country

Nace sector classification codes

Coordinates

Zaptec ASA

Vassbotnen 1

4313

Sandnes

Norway

46.500 Wholesale of information and communication equipment

58.88729,5.71490

Zaptec Charger AS

Vassbotnen 1

4313

Sandnes

Norway

46.500 Wholesale of information and communication equipment

58.88729,5.71490

Zaptec IP AS

Vassbotnen 1

4313

Sandnes

Norway

71.129 Other technical consultancy

58.88729,5.71490

Zaptec Power AS

Vassbotnen 1

4313

Sandnes

Norway

46.630 Wholesale of mining, construction and civil engineering machinery

58.88729,5.71490

Zaptec Sverige AB

Östermalmsgatan 87 b

114 59

Stockholm

Sweden

46.500 Wholesale of information and communication equipment

59.34060,18.08671

Zaptec Danmark ApS

c/o BLOX, Bryghuspladsen 8, 3

1473

Copenhagen

Denmark

46.500 Wholesale of information and communication equipment

55.67215,12.57847

Zaptec U.K Ltd

180 Studios 7th Floor Soho Works, 180 Arundel Street

WC2R 1EA

London

United Kingdom

46.500 Wholesale of information and communication equipment

51.51238, -0.11487

Zaptec Deutchland GmBH

Oskar-von-Miller-Ring 20

80333

Munich

Germany

46.500 Wholesale of information and communication equipment

48.14537, 11.57581

Zaptec Schweiz AG

Riedhofstrasse 11,

CH-8804 Au

Zurich

Switzerland

46.500 Wholesale of information and communication equipment

47.24604, 8.64575

Zaptec Netherlands B.V

 Fred Roeskestraat 115,

1076EE

Amsterdam

The Netherlands

46.500 Wholesale of information and communication equipment

52.34152, 4.85943

Zaptec France SAS

26 RUE DU Londres

75009

Paris

France

46.500 Wholesale of information and communication equipment

48.87803, 2.32724

Zaptec Italia S.r.l

VIA ALBERICO ALBRICCI 8

20122

Milan

Italy

46.500 Wholesale of information and communication equipment

45.46067, 9.18993

Zaptec Charger, INC.

1209 Orange Street

19801

Wilmington

USA

46.500 Wholesale of information and communication equipment

39.74851, -75.54772

Zaptec Austria, GmBH

Hegelgasse 13/3a

A-1010

Vienna

Austria

46.500 Wholesale of information and communication equipment

48.20312, 16.37500

List of companies consolidated in this report:

12

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability →

Board of directors report

Financial statements +

b1/c1

Certifications and labels obtained

In August 2025 Zaptec obtained EcoVadis verification and a score of 59/100. Ecovadis is a globally recognized platform for assessing corporate sustainability performance by analyzing companies’ ESG performance. In addition to its commercial value, EcoVadis’ assessment contributed to gaining a better overview of its sustainability performance by Zaptec, and its results will be applied while planning future ESG-improvement measures.

In October 2025, the Environmental Product Declarations for our core products were ready and third-party verified. They are available on EPD Global’s webpage .

Here are the products that a dedicated EPD was developed for:

Zaptec Go EU produced in Norway

Zaptec Go EU produced in Germany

Zaptec Pro MID produced in Norway

Zaptec Pro MID produced in Germany

Zaptec Sense P1

Zaptec Go 2

A speaker is mounted on a wall.

AI generated content

13

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability →

Board of directors report

Financial statements +

B2/C2

Strategy, business model and value chain

Products and Services

Zaptec designs and sells smart electric vehicle (EV) charging solutions for both residential and commercial uses. The core product portfolio includes Zaptec Pro, Zaptec Go , Zaptec Go2, and Zaptec Sense P1.

Markets and Customers

Zaptec operates primarily in business-to-business (B2B) markets across Europe. The company has sales organizations in Norway (Sandnes and Oslo), Sweden, Denmark, the UK, France, Germany, Switzerland, the Netherlands, and Italy, with products sold across Europe and to selected countries outside Europe.

Value Chain

Manufacturing is outsourced to two contract manufacturers: Westcontrol AS (Tau, Norway) and Sanmina Corporation (Gunzenhausen, Germany). The value chain encompasses sourcing of components and raw materials, contract manufacturing, logistics and distribution, and end-of-life product management.

Sustainability-Linked Elements of Business Model

The company's business model is directly linked to the electric mobility transition, as each product sold

enables replacement of the fossil-fueled vehicle with an electric one. Key sustainability-related aspects of the strategy include:

Product efficiency: Smart charging solutions with intelligent power distribution to optimize grid utilization and reduce energy waste

Circularity focus: Product longevity, and end-of-life management programs

Supply chain responsibility: Due diligence processes for human rights and environmental impacts, including minerals sourcing

Scope 3 emissions management: Product-level emissions tracking through Environmental Product Declarations (EPDs) for key products

Business Model Overview

Zaptec’s business model is built around delivering smart, reliable EV charging solutions through a partner-driven value chain.

Main Business Relationships

Key suppliers: Contract manufacturers (Westcontrol AS and Sanmina Corporation) for hardware production; component suppliers for electronic parts and materials.

Customers: Business-to-business customers including electrical wholesalers, property developers, facility managers, fleet operators, and charging point operators.

Distribution channels: Electrical wholesalers and distributors who supply certified installers and electrical contractors.

End-users: Commercial property owners, residential building associations, workplace charging operators, and individual EV owners (reached through installers, wholesalers and a webshop (Norway only)).

We design and develop hardware, software, and cloud services in-house, then collaborate with manufacturing partners, component suppliers, logistics providers, wholesalers, and certified installers to bring complete charging solutions to end users.

By combining product sales with connected services and long-term support, we create recurring value for customers while enabling our partners to grow a sustainable, profitable EV ecosystem.

14

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability →

Board of directors report

Financial statements +

B2/C2

A diagram shows the process of transporting goods, including trucks and trains.

AI generated content

15

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability →

Board of directors report

Financial statements +

B2/C2

Sustainability Governance and Policies

Zaptec has established sustainability governance structures and policies covering environmental, social, and business conduct matters.

As Responsible Business Alliance (RBA) and Responsible Minerals Initiative (RMI) member, we leverage industry collaboration to continuously

increase supply chain transparency. We assess risks annually, plan to set short-term and long-term ESG targets, and report transparently through alignment with UN Global Compact, UN Guiding Principles, and OECD Guidance.

The Board of Directors holds the overall responsibility for ensuring that policies and their implementation

comply fully with Zaptec’s legal and moral obligations, while senior management holds the overall accountability for our sustainability initiatives.

Our policies, many of them publicly available (as specified in the table below) address the following sustainability issues:

Sustainability Issue

Policy name

Existing Practices/Policies/ Future Initiatives [YES/NO]

Are they publicly available? [YES/NO]

Do the policies have targets? [YES/NO]

For further description

Climate Change

Environmental Policy

YES

YES

NO

Section Climate Change and Energy

Pollution

Supplier Code of conduct

YES

YES

NO

Section Climate Change and Energy

Water and Marine Resources

Environmental Policy and Supplier Code of conduct

NO

NO

NO

N/A

Biodiversity and Ecosystems

Environmental Policy and Minerals Policy

NO

NO

NO

N/A

Circular Economy

Environmental Policy

YES

YES

NO

Section Circular Economy and Waste

Own Workforce

Corporate Social Responsibility Policy, Employee Handbook and Health & Safety Policy

YES

YES

YES

Section Workforce Characteristics

Workers in the Value Chain

Supplier Code of Conduct, Human Rights Policy and Transparency Act Statement

YES

YES

YES

Section Human Rights

Affected Communities

Supplier Code of Conduct, Minerals Policy and Human Rights policy

NO

NO

NO

N/A

Consumers and End-users

Corporate Social Responsibility Policy and Product documentation

YES

YES

NO

Section Consumers and end users

Business Conduct

Anti-Bribery and Anti-Corruption Policy and Corporate Social Responsibility Policy

YES

YES

NO

Section Governance and Business Conduct

16

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability →

Board of directors report

Financial statements +

B3

Climate Change and Energy

At Zaptec, we work to reduce our own environmental impact and support the shift to zero emission transport. Each year, we measure, disclose, and publish our greenhouse gas emissions across all three scopes, following the GHG Protocol.

Environmental Product Declarations (EPDs) are completed for all core products to provide detailed product carbon footprints. Our Environmental Policy commits us to using energy efficiently, monitoring level of our GHG emissions annually, and setting targets for GHG emissions reduction, pollution, waste, and resource use.

We are working with an external sustainability partner to develop a comprehensive emissions reduction plan and will set clear, time-bound climate emission reduction targets in 2026 covering Scope 1, 2, and significant Scope 3 categories.

Zaptec prepares a company-wide greenhouse gas inventory and reports its Scope 1, 2 and 3 emissions annually in line with the GHG Protocol, using the operational control approach. This means the inventory covers all entities and facilities where Zaptec controls day-to-day operations. It includes Scope 1,

Environmental performance

direct emissions originating from mobile combustion and fugitive emissions, Scope 2, that covers emissions from purchased energy (electricity, heating and cooling for rented offices and warehouses), and material Scope 3 categories, that span across Zaptec’s value chain, including purchased goods and services, upstream transportation, waste, travel, employee commuting, use of sold products and end-of-life treatment. As production is outsourced to manufacturing partners, Zaptec’s own energy use is mainly related to electricity and climate control in operated premises (Scope 2), while most of the overall climate impact arises in relevant Scope 3 categories.

Zaptec’s Scope 1 emissions cover direct emissions from assets under its operational control, which for Zaptec mainly relates to the use of leased vehicles and any other fuel-using equipment it controls. As the leased vehicles utilize electricity as fuel (EVs), there are no direct emissions to report on. Potential emissions from heating systems in office buildings have also been assessed; based on information from the operator of Zaptec’s headquarters, which is by far our largest office space, we assume that no fugitive gases are used in the heating system at offices and warehouses under Zaptec’s operational control.

Zaptec’s Scope 2 emissions cover indirect emissions from purchased energy, mainly electricity and district heating used in offices and warehouses under the company’s operational control. They are calculated in line with the GHG Protocol using both location- based and market-based methods. Since Zaptec does not purchase guarantees of origin, the market- based factors reflect a residual electricity mix. For several locations where Zaptec operates in shared office spaces and detailed electricity data is typically provided later in the year, energy use is estimated using Enova and SINTEF reference figures for kWh per square meter multiplied by the floor area. Based on the requirements for VSME reporting, the calculations below present the location-based Scope 2 emissions only. Results of the calculations made using the market-based method can be found below:

Renewable Energy consumption (MWh)

Non-renewable Energy consumption (MWh)

Total 2025 Energy consumption (MWh)

Electricity (as reflected in ulitity billings)

0

684,173

684,173

Fuels

0

0

0

Total

0

684,173

684,173

17

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability →

Board of directors report

Financial statements +

B3

Zaptec calculates Scope 3 emissions in line with the GHG Protocol Scope 3 Standard, focusing on material categories such as purchased goods and services, transport, business travel, use of sold products, and end-of-life treatment. Scope 3 is the largest part of Zaptec’s footprint, so all relevant categories are first screened for size, influence, and stakeholder interest. A materiality threshold for a scope 3 category to be reported on is set at 5% of total emissions, however it is more of a guiding principle and other factors, such as stakeholder interest and potential emissions reductions within that category are also being taken into consideration. Emissions are then calculated by multiplying activity data (e.g. quantities, spend, or modeled product lifetimes and usage) with appropriate emission factors, relying on Normative, databases such as Exiobase and DESNZ, and product-specific EPD data for key chargers where available.

As in previous years, Zaptec uses the Normative platform to perform most calculations to ensure consistency over time. Using the same system and factor sets across reporting years increases reliability

and enables Zaptec to monitor changes in emissions and design targeted reduction measures based on actual performance rather than generic benchmarks.

Climate Transition

GHG reduction targets (Scope 1, 2, and 3)

Zaptec is currently working its way towards establishing GHG reduction targets aligned with the SBTi framework. To set achievable and well thought out targets ensuring reductions according to the Paris Agreement, it is necessary for us to first better understand our emis- sions and establish a solid base year for comparing future emissions and progress in their reduction. Since more than 99% of Zaptec’s carbon footprint comes from Scope 3 emissions – largely from category 3.11: Use of sold products – we introduced Environmental Product Declarations (EPDs) for our main products in 2025 to improve transparency and accuracy in our reporting.

Those provided us with detailed data regarding the footprint of our chargers throughout their lifecycle and pinpointed emission hotspots, that in turn will be utilized while setting emissions reduction targets. As

per end of FY 2025, the company had no collective emissions reduction targets.

Base year and target year values

As a result of developing EPDs, we got access to more accurate data about the footprint of our main products (category 3.11 Use of sold products) and decided to recalculate the emissions for the year 2024 which is now also our base year.

GHG Intensity

GHG Intensity

Scope 1, Scope 2 Location-based & Scope 3

0,0000301

18

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability →

Board of directors report

Financial statements +

B3/C3

Climate transition plan and actions

Zaptec is currently working towards establishing a climate transition plan. Preparatory work covering, among other things, recalculating emissions based on our EPDs to gain a better understanding of emissions across the lifecycle of each product was already done. The next step is to set emissions reduction goals, as those will serve as a foundation for the climate transition plan. The company intends to have the climate transition plan in place in 2026/2027.

Progress towards net-zero commitments

We are committed to working towards reaching net zero emissions in line with the Paris Agreement, and collaboration with different stakeholders will be crucial to achieving that. Our actions to reduce our emissions include working on increasing use of recycled mate- rials in our chargers, collaborating with our manu- facturing partners producing products with lower emissions, optimizing transportation and continuing to travel smarter.

We are working, in cooperation with an external partner, on emissions reduction plans and sustainability- related KPIs to ensure continuous monitoring of our environmental impact. We also wish to engage in educating our customers and encouraging them to use

more renewable energy sources. Therefore, another important step towards reduction of emissions will be to educate our end-users about the fact that the energy mix used with our products makes a big difference in emissions.

While we include a few highlights, the complete set of our 2025 GHG accounts can be found here:

Scope

2024 (tCO2e)

2025 (tCO2e)

Change YoY (tCO2e)

Change YoY (%)

Scope 1

0

0

0

0%

Scope 2 (location based)

58

98

40

69%

Scope 2 (market based)

397

406

9

2%

Scope 3

0

0%

Total (location based)

58

98

40

69%

Total (market based)

397

406

9

2%

Scope 3

2024 (tCO2e)

2025 (tCO2e)

Change YoY (tCO2e)

Change YoY (%)

Category 1 - Purshased goods and services

47091

35204

-11887

-25%

Category 4 - Upstream transportation and distribution

310

87,46

-222,54

-72%

Category 6 - Business travel

125,05

15,87

-109,18

-87%

Category 7 - Employee commuting

105

110,87

5,87

6%

Category 11 - Use of sold products

7033

10391

3358

48%

Category 12 - End-of-life treatment of sold products

414

279

-135

-33%

Sum Scope 3

55078,05

46088,2

-8989,85

-16%

19

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability →

Board of directors report

Financial statements +

C4

Climate Risks

Zaptec conducted a comprehensive physical climate risk assessment following a structured three-step methodology:

Step 1: Mapping relevant physical risks across selected locations and business areas

Based on the EU list of physical hazards, we identified critical locations across our value chain and mapped relevant climate-related hazards for each location. We prioritized:

Upstream value chain: Supplier locations representing 80% of spend (20 locations across Asia and Europe)

Own operations: Assembly sites in Tau, Norway (Rogaland) and Bayern, Germany

Downstream value chain: Five European sales regions (additional risks identified but details omitted due to sensitivity considerations)

Step 2: Narrowing down scenarios and obtaining necessary data

We conducted scenario analysis using:

High-emission scenario (SSP 5-8.5): Business-as- usual pathway leading to 3-5°C warming by end of century

Intermediate-emission scenario (SSP2-4.5): Middle- of-the-road pathway leading to 2.1-3.5°C warming by end of century

Time horizon: 2020-2039 (short-term)

Climate data was obtained from authoritative sources including World Bank Climate Change Portal, EU Copernicus Wind Atlas, and NASA, analyzed at regional administrative level for supply chain locations and site-specific level for own operations.

Step 3: Conducting analyses and assessing financial impact

For each identified hazard and location, we assessed:

Exposure: Geographic location vulnerability to expected changes in climate variables under both scenarios

Sensitivity: Potential impact on operations, supply chain continuity, and product performance

Likelihood: Three-level scale (Rare / Possible / Certain) based on scenario analysis results

Anticipated financial effect: Three-level scale (0- 10 MNOK / 10-35 MNOK / >35 MNOK) considering potential operational disruptions, supply chain delays, and adaptation costs

Results were consolidated in a risk matrix aligned with Zaptec's Double Materiality Assessment framework, identifying 11 distinct physical climate risks across the value chain. One downstream climate-related risk has been omitted from this report due to commercial sensitivity. The assessment provides a complete analysis of physical climate risk exposure for Zaptec's operations and value chain in the short-term horizon.

20

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability →

Board of directors report

Financial statements +

C4

Hazard Type

Classification

Value Chain Impact

Description

Time Horizon

Trend

Heatwaves

Acute

Upstream

Lower worker productivity and may trigger power curtailment/ blackouts, both slowing upstream production

Short-term (2020-2039)

Increasing

Wildfires

Acute

Upstream

Can damage facilities, force evacuations, and smoke-contaminate operations; road/rail closures may delay shipments

Short-term (2020-2039)

Increasing

Cyclones/Storms

Acute

Upstream

May damage manufacturing sites and ports causing delays in the supply chain and interrupt transport

Short-term (2020-2039)

Increasing

Floods (pluvial)

Acute

Upstream

Intense rainfall overwhelms storm-water systems; blocks access, damages inventory and electrical systems, halts operations

Short-term (2020-2039)

Stable

Drought

Acute

Upstream

Rationing and cooling restrictions limit water-intensive processes (semiconductor manufacturing), leading to delays and increased costs

Short-term (2020-2039)

Increasing

Wildfires

Acute

Own Operations

Disruptions in own operations due to facility shutdowns/reduced production capacity and/or damaged infrastructure

Short-term (2020-2039)

Increasing

Floods

Acute

Own Operations

Heavy rainfall and/or sea level rise worsening flooding events near the coast or rivers causing damage to critical infrastructure

Short-term (2020-2039)

Stable

Water Stress

Chronic

Upstream

Persistent water scarcity may raise costs; unreliable water supplies can slow/halt manufacturing; requires extra spending on water treatment

Short-term (2020-2039)

Stable

Changing Temperature & Variability

Chronic

Upstream

Can affect the efficiency and reliability of manufacturing, leading to increased maintenance costs and potential downtime

Short-term (2020-2039)

Increasing

Sea Level Rise

Chronic

Upstream

Sea level rise worsening flooding events near the coast causing damage to critical infrastructure and device manufacturing

Short-term (2020-2039)

Increasing

Overview of physical climate risks identified

21

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability →

Board of directors report

Financial statements +

B5

C4

Climate transition risks

Zaptec has not yet assessed climate-related transition events as part of its climate risk program. The company's initial climate risk assessment focused on physical climate hazards affecting upstream suppliers, own operations, and downstream markets.

Transition Risk Assessment Timeline:

Zaptec plans to conduct a climate transition risk assessment in 2026, following the completion of its GHG emission reduction target-setting process.

Adaptation measures

Zaptec completed its first physical climate risk assessment in early 2026, identifying 11 climate hazards across its upstream suppliers, own operations, and downstream markets (as listed above). Climate adaptation measures are currently in development, with a dedicated workshop planned for 2026 to identify specific resilience strategies for high-priority risks including heatwaves, wildfires, cyclones, and

floods affecting critical suppliers in Asia. In the interim, Zaptec's existing supply chain resilience practices provide a foundation for climate adaptation, including risk-based supplier assessments, multi- tier supplier engagement through the Responsible Business Alliance (RBA), and category-based sourcing to strengthen knowledge of industry-specific vulnerabilities.

The company is working to increase supply chain resilience by integrating climate risk considerations into supplier selection and contingency planning processes.

Biodiversity and Land Use

Zaptec has screened its operational sites against biodiversity sensitive areas designated by World Database on Protected Areas (WDPA). One leased site was identified as being located in or near a biodiversity sensitive area; details on this site and its land area are provided in the table below.

Water Management

Total water withdrawal has been calculated by retrieving the overall water withdrawal per building for the locations we operate in, which have the data on water withdrawal available and been calculated per employee daily to find the average. Then the average was multiplied with the number of employees in the whole Group.

Water withdrawal (m^3) 2024

Water withdrawal (m^3) 2025

All sites

958,86

1109,88

Zaptec does not operate in any area with high water stress.

Location

Area (hectares)

Biodiversity Sensitive Area

Specification

Pleinfeld, Germany (warehouse - leased)

0,296

Altmühl Valley Nature Park (Naturpark Altmühltal)

Located on the northern boundary of the protected nature park

22

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability →

Board of directors report

Financial statements +

B6/B7

Circular Economy and Waste

Circular economy principles applied by Zaptec recognize that electronic waste is a global challenge. Our Environmental Policy commits to increasing product longevity, repairing products, increasing recycled and fair materials, optimizing packaging for recycled content with FSC certification, and minimizing single-use plastics.

Between 2023 and 2025, we refurbished 5,883 charging stations to Grade A standards (functioning and looking as good as new) and responsibly recycled 5,012 units at Stena recycling facility. We have successfully introduced recycled plastics in Zaptec Chill (cable holder made from production waste), recycled aluminum heatsinks in Zaptec Go 2, and cardboard packaging replacing plastic for charging cables.

Our Environmental Product Declarations (EPDs) include end-of-life scenarios with material recycling, incineration with energy recovery, and recyclability credits for metals, plastics, and electronic components.

Our Supplier Code of Conduct requires suppliers to implement systematic approaches to identify, manage, reduce, and responsibly dispose of or recycle both hazardous and non-hazardous waste with tracking and documentation. As an office-based company, Zaptec's direct operational waste is limited to typical office waste (paper, cardboard, small electronics). The waste, first separated at the offices, is later being sorted and managed through municipal waste collection and recycling services.

Consumers and end users

Zaptec ensures consumer safety through IEC 61851- 1 compliant products with integrated protection systems. All products feature long design lifetimes, smart charging, energy monitoring, and publicly available Environmental Product Declarations (EPDs) for our core products.

User manuals, technical specifications, and EPD data are publicly available in multiple languages across 18 European markets.

23

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability →

Board of directors report

Financial statements +

B8

Workforce Characteristics

Social Performance

At Zaptec, we are proud to have a team of highly motivated and skilled people who support each other in achieving our shared goals. We foster a culture of curiosity, always seeking new and improved solutions while maintaining a strong commitment to continuous learning and growth. It is important for us to create a safe and inclusive work environment.

Our Employee Handbook provides clear guidelines on workplace policies, health and safety, and employee rights, while our Working Environment Committee (WEC) continuously works to improve working conditions. Discrimination, harassment, or inappropriate behavior toward employees, customers, vendors, contractors, or business partners is strictly prohibited.

As a multicultural and dynamically growing company, Zaptec recognizes the importance and challenges of maintaining a healthy, unbiased, and inclusive workplace. The People and Culture Department, headed by Chief People and Culture Officer, makes continuous effort to ensure that both collective and individual needs of employees are being taken care of as well as possible, and in accordance with the local laws and regulations. Each employee has its own contact person within the People and Culture department, and informing new employees about their rights, duties and benefits is a part of the internal onboarding process. To measure employees’ satisfaction, Zaptec runs, in cooperation with Great Place To Work, an annual employee satisfaction survey. The results are later being used to identify opportunities for improvement and plan them.

Characteristics of our workforce

2024

2025

Change

FTE

Number of employees

193

201

8

Number of female

55

58

3

Number of men

138

143

5

Employee turnover rate

8,10%

7,10%

-1%

Female in management

2

1

-1

Number of temporary employees

12

16

4

Number of employees for each country:

Norway

120

124

4

Sweden

16

17

1

Denmark

7

6

-1

United Kingdom

8

8

0

Germany

8

8

0

Netherlands

8

11

3

France

4

5

1

Switzerland

21

21

0

Italy

1

1

0

24

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability →

Board of directors report

Financial statements +

B9/B10/C5/C6/C7

Health and Safety

We recorded no work-related accidents or fatalities during the reporting period.

Fair Employment Practices

Zaptec confirms that all employees receive pay equal to or above the applicable legally binding minimum pay levels in each country in which it operates. This includes the statutory national minimum wage where such a wage exists (United Kingdom, France, the Netherlands and Germany), and, where relevant, subnational minimum wages such as the cantonal minimum wage in Zurich (Switzerland). In Denmark, Norway, Sweden and Italy, where no statutory national minimum wage exists and minimum pay is generally determined through collective bargaining at sector level, we nevertheless ensure that all employees receive pay at or above the minimum levels required by applicable law and regulations. No collective bargaining agreements are used to determine minimum pay levels. The below table illustrates average salary in NOK:

Collective bargaining coverage

We do not currently have any collective bargaining agreements in place. However, we are open to engaging in collective bargaining where this is requested by employees or their representatives and in line with applicable legislation.

Training hours per employee

The average training hours per employee is 9,46. It is not possible to break down by gender as our training portals do not ask for gender when employees register their profile. This figure only includes hours tracked through our online training portals which means e.g. external coursing comes in addition.

Human Rights policies and processes

At Zaptec we are committed to upholding and supporting human rights. Our Human Rights policy and work is based on the International Bill of Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work, the UN Guiding Principles on Business and Human Rights, the Transparency Act, and the Modern Slavery Act. Moreover, as a signatory of the UN Global Compact, we also pledge to promote and uphold the Ten Principles of the Global Compact, including those relating to human rights.

The policy applies to all employees, workers, consul- tants, and other people doing business with Zaptec ASA including all its wholly owned or controlled subsidiaries or majority joint ventures, its contractors, and its direct suppliers. We commit to protecting and improving conditions for workers by identifying, preventing, and mitigating human rights violations. Zaptec does not tolerate violence against human rights defenders or peaceful protesters that are against our operations.

Severe negative human rights incidents

No incidents have been identified or confirmed within our own workforce related to child labour, forced labour, human trafficking, discrimination, or other severe human rights violations.

We are not aware of such cases in our value chain, among affected communities, consumers, or end- users. At the same time, we recognize the underlying human rights risks associated with the industries in which we operate and therefore continue to monitor our supply chain closely and work systematically to prevent and address potential violations.

For more detailed information regarding human and labour rights, please refer to our Transparency Act and Modern Slavery Report 2025.

Pay gap between women/men

2024

2025

Women

Men

Women

Men

868 547

1 063 367

875 777

1 043 299

Pay gap between women/men in percentage:

18%

16%

25

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability →

Board of directors report

Financial statements +

B9/B10/C5/C6/C7

Policy area 

Covered by policy 

Commitment 

Details 

Child labour 

Yes 

Prohibited 

No employment of person under legal minimum age 

Forced labour 

Yes 

Prohibited 

Work must be voluntary, with freedom to leave employment. 

Human trafficking 

Yes 

Prohibited 

Recruitment or transport of people through coercion or fraud is not allowed  

Non-discrimination 

Yes 

Not tolerated 

Workplace free from harassment and discrimination 

Equal pay 

Yes 

Ensured 

Equal pay for equal work and qualifications 

Health and safety 

Yes 

Ensured 

System in place for accident prevention, safe conditions, and focus of wellbeing 

Freedom of association 

Yes 

Respected 

Employees have the right to unionize and engage in collective bargaining 

Whistleblower protection 

Yes 

Ensured 

Whistleblower system in place 

Overview of the human rights policy and our commitment:

A green car is parked in a garage next to a potted plant and a stack of boxes.

AI generated content

26

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability →

Board of directors report

Financial statements +

B11/C8/C9

Governance and Business Conduct

Zaptec strictly prohibits bribery, corruption, and unethical conduct through our Anti-Bribery and Anti-Corruption Policy, which applies to all employees, agents, contractors, and business partners. The content of that policy is being communicated to the organization in the form of a course that all new and existing employees are obliged to complete.

We conduct supplier due diligence through audits, RBA Risk Assessment Platform audits and self-assessment questionnaires.

We have invested in dedicated whistleblower software that was rolled out in 2025, together with a line manager training for case handling.

94% of Tier 1 suppliers comply with our Supplier Code of Conduct covering business ethics standards.

Zaptec recorded zero convictions and zero fines for corruption or bribery violations in 2025.

We do not engage in political lobbying or make political contributions. Our supplier payment

practices follow standard commercial terms; we prioritize transparent, fair dealings with all business partners.

The Audit Committee holds primary responsibility for ESG; however, ESG matters have remained a key focus in Zaptec ASA board meetings throughout 2025.

Key ESG-related discussions included:

Zaptec’s work on Environmental Product Declarations (EPDs).

Preparations for estimating Zaptec’s GHG emissions data for 2025.

Defining emissions reduction targets for 2027

The outcomes of Zaptec’s Double Materiality Assessment, identifying material topics across Environmental, Social, and Governance areas.

Looking ahead to 2026, ESG matters will continue to be integrated into board meetings to provide insights, facilitate discussions on Zaptec’s sustainability initiatives, and ensure proactive monitoring of the evolving regulatory landscape.

Gender diversity at the Board level is: 2 women:3 men.

Anti-Corruption and Business Ethics

In the beginning of 2026, Zaptec rolled out a course about anti-corruption and anti-bribery to create more knowledge and awareness amongst the employees. The course is mandatory for all employees.

Convictions and fines for corruption/bribery

Zaptec has not received any convictions or fines for corruption or bribery during the reporting period.

Revenues from certain sectors and exclusion from EU reference benchmarks

Zaptec is not excluded from any EU reference benchmarks aligned with the Paris Agreement. This means that the company is considered eligible for inclusion in sustainable investment benchmarks within the EU, reflecting that our operations are not linked to sectors or practices that conflict with climate goals or responsible business conduct.

28

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report →

Financial statements +

profit before tax, and an annual result after tax of KNOK 18 080.

Share capital and own shares

The share capital is NOK 1,312,811.85, divided into 87,520,790 freely tradable shares, each having a nominal value of NOK 0.015. As of 31.12.2025, Zaptec ASA held no own shares.

Outlook

There is a strong correlation between sale of electric vehicles and demand for charging infrastructure. In 2025, the transition to electric vehicles from petrol, diesel and hybrid vehicles continued and the number of EVs sold in Europe increased significantly. In the years to come, mass-market adoption of electric vehicles is expected across Europe which is forecasted to translate into strong demand for Zaptec's core products.

Zaptec strategic direction point towards continued leadership in Europe and Zaptec is working decisively to be optimally positioned in this fast-moving and growing EV landscape. Its goal is to be a leading player and create value by delivering on its vision “We change our world with cutting-edge charging solutions.”

The recent years Zaptec has been focusing on delivering sustainable growth and the company is

now positioned to scale efficiently while maintaining strong operational discipline and high product quality.

Overall, there are substantial uncertainties associated with the Board of Directors’ assessment of the Group’s future, as both operational and financial performance may be significantly affected by factors beyond the control of the Group and the Board.

Risk factors

Component souring risk

The Group may experience component shortages which may impact both global EV production and the Group’s production of EV charging systems. If the Group is unable to source key components to its EV production, this could decrease the Group’s revenue, which could adversely affect the Group’s business, financial condition, results of operations, cash flow and/or prospects.

IP risk

In the opinion of the Board of Directors, the Group’s most important competitive advantage is its advanced and sophisticated technology for electric car chargers. Any failure to protect the Group’s proprietary rights adequately, including but not limited to competitive actions from former employees, could result in (i) loss of key-employees, suppliers or customers of the Group and (ii) the Group’s competitors offering similar products,

potentially resulting in the loss of some of the Group’s competitive advantage and a decrease in the Group’s revenue, which would adversely affect the Group’s business, financial condition, results of operations, cash flow and/or prospects.

Financial risk

The Group’s ability to implement its strategy and achieve its business and financial objectives is subject to a variety of factors, many of which are beyond the Group’s control. Further, acquisitions (if made) may involve significant risks. The Group’s failure to execute its business strategy or to manage its growth effectively could adversely affect the Group’s business, financial condition, results of operations, cash flow and/or prospects. In addition, there can be no guarantee that even if the Group successfully implements its strategy, it would result in the Group achieving its business and financial objectives.

Credit and liquidity risk

Depending on the balance between supply and demand, which fluctuates over time, the Group either sells its products on a continuous basis, or operates with order reserves, or products in stock.

Currently the Group has order reserves due to a surplus of orders compared to its production. However, there is a risk that the Group in the future may experience a lack of order reserves combined

29

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report →

Financial statements +

with higher future purchase commitments towards its suppliers, as production levels are set to increase going forward. If the number of chargers ordered by the Group significantly deviates from the number of orders received from the Group’s customers, the Group may incur unnecessary costs related to such purchases (in the event that the demand for the Group’s products is lower than expected) or inability to meet the demand and thereby suffer loss of potential income (in the event that the demand for the Group’s products is higher than expected).

Market risk

Significant changes in users’ preferences away from the Group’s offerings and towards competing car chargers or a decline in the market for electric cars are factors that may negatively affect the Group’s business, financial condition, results of operations, cash flow and/or prospects. The Group operates in a market that is competitive, fragmented and rapidly changing. The Group expects to continue to experience competition from existing and new competitors, some of which are more established and who may have (i) greater capital and other resources, (ii) more superior brand recognition than the Group, and/or (iii) more aggressive pricing policies. There is no assurance that the Group will be able to compete successfully in such a competitive marketplace.

Personnel risk

The Group is highly dependent upon retaining and attracting qualified personnel. The loss of a key person might impede the achievement of the development and commercial objectives. Any failure to retain or attract such personnel could result in the Group not being able to successfully implement its strategy, which could have a material and adverse effect on the Group’s business, financial condition, results of operations, cash flows and prospects.

Climate risk

The Group has mapped its scope 1,2 and 3 emissions for 2022-2025, and established systems to do so annually.

Social and Corporate Governance

Refer to our homepage for information on social and corporate governance policies:

https://www.zaptec.com/company/investor-relations/ corporate-governance

Research and development activities

The Group’s core electric vehicle charging hardware products were launched before 2025: Zaptec Pro in 2016 and Zaptec Go in 2021. The Group is continously improving its product offerings and during 2025 two new product variants were launched; the Zaptec Go 2 and the Zaptec Pro MID und Eichrecht (M&E). Further,

there is continuous ongoing work to scale and improve the company’s software solutions.

The working environment and the employees

The group’s sick leave was 1638 days in 2025, which amounted to 3.0% of total working hours. No serious occupational accidents or accidents that resulted in major property damage or personal injury have occurred or been reported during the year. The working environment is considered good, and ongoing measures for improvements are implemented.

Cash flow

The deviation between operational cash flow and operating results can be explained by the Group’s growth strategy. The Group’s cash flow from operational activities is generally reinvested to continue its future growth efforts. The Group’s investments are related to the development of its electric vehicle charging systems, and operational expenses are mainly due to the building of the organization in new markets.

Going concern

In accordance with the Accounting Act § 3-3a, the Board of Directors of Zaptec ASA confirms that the financial statements have been prepared under the assumption of going concern. This assumption is supported by the Group’s solid financial position

30

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report →

Financial statements +

and long-term forecasts. As of the end of 2025, the Group maintained a strong financial standing, with total liabilities of 403 MNOK and total equity of 752 MNOK. Trade payables accounted for 133 MNOK of the debt, while the Group held a net cash position of 436 MNOK. Additionally, the company holds financial flexibility through an undrawn 300 MNOK credit facility.

Liability insurance

The Group has Directors & Officers’ liability insurance that covers Directors and executive management. The coverage’s total limit is 25 MNOK.

Social responsibility

Transparency Act

The Group is a member of the Responsible Business Alliance, which allows it to gain more insights and the ability to strategically work with human rights in the supply chain. The Group has set up routines to regularly conduct human rights due diligence and disclosure, with the 2025 report available on the website. The 2026 report will be released no later than 30 June 2026.

Equality

The Group aims to treat every employee and business partner equally. This is becoming important with expansions abroad, where differences are more

significant than where we come from. In 2023, the Group implemented the UN Human Rights Policy to protect and defend human rights and, in addition, joined the Responsible Business Alliance to join efforts with the rest of the electronics industry.

As per end of the year 2025, the Group had 214 full- time employees, of which 61 (29%), were female. The proportion of women in management and Board of Directors was 16.6% and 40%, respectively.

The average salary for women and men in full- time positions amounted to NOK 875 777 and NOK 1 043 299, respectively.

The Group has 8 employees in part-time positions. The Group’s policy is that work of equal value should provide equal pay. The Group works actively, purposefully, and systematically for gender equality within the business. When recruiting, both internally and externally, personal qualifications take precedence over gender. The underrepresented gender will to a greater extent be encouraged to apply. In this way, the Group will try to increase the proportion of women in the job categories where this is particularly low.

Equal opportunities and discrimination

The Group actively promotes equality, ensures equal opportunities and rights, and prevents discrimination based on ethnicity, national origin, descent, skin color, language, religion, and outlook on life. To this end, the company has established recruitment routines.

Human rights

The Group has a Human Rights policy aligned with the United Nations Guiding Principles on Business and Human Rights. Our policy is also reflected in our suppliers’ code of conduct. We aim to protect workers and reassure them that they work according to reasonable and considerate standards, free from exploitation and unfair business practices. The Group seeks to follow a combination of national rules with those provided by being a member of the Confederation of Norwegian Enterprise.

The Confederation of Norwegian Enterprise is also a member of the UN Global Compact, building on the ten principles. Zaptec has been a member of the Responsible Business Alliance and the Responsible Minerals Initiative since 2023.

Anti-corruption

The Group works to comply with high standards of anti-corruption work. We aim to cease cases of corruption, extortion, bribery, and grey zone cases.

31

Contents



Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report →

Financial statements +

We aim to have our subcontractors participate in implementing the Anti-Corruption Principles by working closely with them. The Group is also scaling up operations by onboarding more support in the supply chain and operations.

The Group has Ethical Rules regulating gifts and other economic advantages in its employee handbook. In case of uncertainty, the CFO is available to reply to questions for review. The company also operates with red periods regarding the purchase and sale of stocks.

Working environment

To comply with the principles of working with subcontractors to verify their actions, the Group is collecting reports from our Norwegian factory assembling the products assessing their subcontractors’ delivery of the material and the parts for the production process. The Group is documenting the reports we receive through our documentation system.

In addition, we have brought HR in-house, which ensures closer control of adhering to HR. The Group

has strict protections for the employees in place, and we provide a collaborative working environment. This is outlined in our Employee Handbook, which also includes protections for whistleblowers, both working on permanent and temporary contracts.

Climate Change

The Group has mapped its scope 1,2 and 3 emissions annually since 2022. The results of 2025 GHG emissions are included in the sustainability section of Zaptec’s Annual Report for 2025.

Allocation of net income and dividend

Dividend policy

Zaptec introducing a dividend policy targeting payouts of up to 50% of annual net profit from 2025 onwards.

Allocation of net income

The Group had a net profit of 53 889 KNOK which the Board of Directors has proposed to be attributed to:

Dividend KNOK 0

Retained earnings KNOK 53 889

Net income allocated KNOK 53 889

Zaptec ASA had a net profit for 2025 of 18 080 KNOK which the Board of Directors has proposed to be attributed to:

Proposed Dividend KNOK 175 042

Share premium transfer KNOK -25 385

Other paid-in equity transfer KNOK -52 988

Other equity KNOK -78 589

Net income allocated KNOK 18 080

The proposed dividend consists of an ordinary dividend of KNOK 26 945, equivalent to NOK 0.30 per share, in line with the recently introduced dividend policy, and an extraordinary dividend of KNOK 148 097, equivalent to NOK 1.70 per share, reflecting the Company’s strong liquidity and solid financial position. In total, a dividend of KNOK 175 042 is proposed, corresponding to NOK 2.00 per share.

The dividend is subject to approval at the Annual General Meeting scheduled for 10 June 2026, as well as consent from the Company’s financial creditors.

An old-fashioned signature is written in cursive on a white background.

AI generated content

Ingelin Drøpping

Rune E Marthinussen

Stig Harry Christiansen

Gunnar Hviding

Karoline Nystrøm

Kurt Østrem

Chair of the board

Deputy chair of the board

Member of the board

Member of the board

Member of the board

General manager

Sandnes, 24.03.2026

34

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Consolidated statement of financial position

In NOK 1000

Note

12/31/2025

12/31/2024

ASSETS

Goodwill and intangible assets

Goodwill

11

82 931

81 734

Other intangible assets

11

118 536

101 930

Deferred tax asset

Deferred tax asset

9

43 182

37 219

Tangible assets

Property, plant and equipment

12,19

10 559

14 490

Right-of-use assets

13

47 623

41 079

Other non-current assets

4

521

392

Total non-current assets

303 352

276 844

Inventories

Inventories

14,19

221 754

491 779

Receivables

Trade receivables

15,19

182 409

170 404

Other current assets

Other current assets

22

41 585

95 521

Cash and cash equivalents

Cash and cash equivalents

16

435 520

177 744

Total current assets

881 269

935 448

TOTAL ASSETS

1 184 620

1 212 293

Consolidated statement of financial position

In NOK 1000

Note

12/31/2025

12/31/2024

EQUITY AND LIABILITIES

Equity

Share capital

17

1 313

1 313

Treasury shares

0

-1

Share premium

646 945

646 945

Other paid in equity

35 871

20 851

Foreign exchange reserve

47 689

36 686

Other reserves

26 906

-27 212

Total equity

758 724

678 581

Non-current liabilities

Deferred tax

9

889

5 475

Long-term lease liabilities

13

41 891

36 453

Long-term deferred income

6

65 999

59 626

Long-term provisions

7,18

0

574

Total non-current liabilities

108 778

102 127

Current liabilities

Trade payables

4,20

132 703

138 963

Short-term loans and borrowings

19

0

159 971

Short-term lease liabilities

13

7 841

6 439

Deferred income

6

36 562

28 227

Tax payable

9

25 525

10 412

Other current liabilities

20

91 130

65 264

Short-term provision

18

23 356

22 309

Total current liabilities

317 116

431 585

Total liabilities

425 895

533 713

TOTAL EQUITY AND LIABILITIES

1 184 620

1 212 293

35

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Consolidated statement of cash flows

In NOK 1000

Note

2025

2024

Cash flow from operating activities

Profit (+)/loss (-) before tax

69 667

-2 769

Taxes paid

-18 967

-20 984

Depreciation and amortisation expense

11,12,13

37 653

33 952

Shared based payment expense

7

18 291

5 869

Finance income

8

-4 149

0

Finance expense

8

20 310

18 680

Change in trade receivables

15

-12 005

15 641

Change in inventories

14

270 025

-44 430

Change in trade payables

-6 260

-105 641

Change in other accrual items

65 041

64 357

Net cash flow from operating activities

439 605

-35 325

Cash flow from investment activities

Capitalized intangible assets

11

-45 131

-39 383

Purchases of property, plant and equipment

12

-2 033

-5 010

Proceeds from sale of PP&E

0

0

Advances/loans to suppliers

22

36 984

-22 819

Net cash flow from investment activities

-10 180

-67 212

Cash flow from financing activities

Repayment of loans and borrowings

19

-159 971

0

Draw down on credit facility

19

0

159 971

Lease liabilities

13

-8 866

-8 651

Interest on lease liabilities

8,13

-2 482

-2 442

Interest on debts and borrowings

8,19

-1 648

-11 366

Purchase of treasury shares

17

-1 469

0

Sale of treasury shares

2 787

1 125

Proceeds from equity

0

0

Net cash flow from financing activities

-171 648

138 638

Net change in cash and cash equivalents

257 775

36 100

Cash and cash equivalents at start of period

177 744

141 643

Cash and cash equivalents at end of period

435 520

177 744

36

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Consolidated statement of changes in equity

In NOK 1000

Share Capital

Tresury shares

Share premium

Other paid in capital

Foreign exchange reserve

Other equity

Total equity holders of the parent

Non- controlling interest

Total equity

1 January 2024

1 313

-3

646 945

14 982

28 960

-27 373

664 823

0

664 823

Profit (+)/loss (-) after tax

0

0

0

0

0

-3 236

-3 236

0

-3 236

Other comprehensive Income

0

0

0

0

7 726

-3 443

4 283

0

4 283

Sale of treasury shares

0

2

0

0

0

1 123

1 125

0

1 125

Share based payments

0

0

0

5 869

0

0

5 869

0

5 869

Differences from earlier periods*

0

0

0

0

0

5 717

5 717

0

5 717

31 December 2024

1 313

-1

646 945

20 851

36 686

-27 212

678 581

0

678 581

1 January 2025

1 313

-1

646 945

20 851

36 686

-27 212

678 581

0

678 581

Profit (+)/loss (-) after tax

0

0

0

0

0

53 889

53 889

0

53 889

Other comprehensive Income

0

0

0

0

11 001

0

11 001

0

11 001

Purchase of treasury shares

0

1

0

0

0

-1 469

-1 468

0

-1 468

Share based payments

0

0

0

15 021

0

2 787

17 808

0

17 808

Differences from earlier periods*

0

0

0

0

0

-1 086

-1 086

0

-1 086

31 December 2025

1 313

0

646 945

35 871

47 689

26 906

758 724

0

758 724

* Relates to differences in opening balance versus consolidated financial statement for 2024 and 2025.

38

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Foreign currency

Transactions in foreign currency are converted at the exchange rate at the time of the transaction. Monetary items in foreign currency are converted into the component`s functional currency using the statement of financial position date’s exchange rate. Non-monetary items measured at historical exchange rates expressed in foreign currency are converted into functional currency using the exchange rate at the time of the transaction. Gains and losses from exchange rate changes are recognized in the consolidated statement of profit and loss on an ongoing basis during the accounting period.

Assets and liabilities in foreign operations are converted from functional currency to presentation currency (NOK) using the statement of financial position date’s currency rate. Revenues and expenses in foreign operations converted into NOK using quarterly average currency rates. The translation difference because of the conversion of foreign operations is recognised in other comprehensive income. Accumulated translation differences in equity are recycled into profit or loss upon divestment of foreign operations.

Receivables and financial assets

These assets arise principally from the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest. Apart from trade receivables the assets are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment.

The Group’s financial assets measured at amortised cost comprise of trade receivables, other current receivables and cash and cash equivalents in the consolidated statement of financial position.

Cash and cash equivalents includes cash in hand and deposits held at call with banks. Bank overdrafts are shown within loans and borrowings in current liabilities on the consolidated statement of financial position.

Financial liabilities

The Group classifies its financial liabilities into one of two categories, the Group’s accounting policy for each category is as follows:

Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.

Other financial liabilities

Bank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of financial position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Share capital

Financial instruments issued by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.

The Group’s ordinary shares are classified as equity instruments.

Share-based programs

Where equity settled share options and shares are awarded to employees, the fair value of the options and shares at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options and shares that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied. Employer’s social security contributions are calculated based on the period’s closing price for the share.

Where the terms and conditions of options and shares are modified before they vest, the increase in the fair value of the options and shares, measured immediately before and after the modification, is also charged to the consolidated statement of comprehensive income over the remaining vesting period.

Employer contribution payable is accrued over the vesting period based on the intrinsic value of the options.

Leases

The Group recognizes a right-of-use asset and a lease liability for all leases, except for leases of low-value assets. Lease liabilities are measured at the present value of future lease payments, discounted using the rate implicit in the lease, or if not available, the Group’s incremental borrowing rate. Only variable lease payments based on an index or rate are included in the lease liability measurement. Other variable payments are expensed as incurred.

The lease term includes the non-cancellable period and any extension options if reasonably certain to be exercised. The initial lease liability includes:

- Expected payments under residual value guarantees

- Exercise price of purchase options, if reasonably certain

- Penalties for termination, if applicable

Right-of-use assets are initially measured at the lease liability amount, adjusted for lease incentives, payments made before commencement, and initial direct costs. Lease liabilities are subsequently increased by interest and reduced by payments. Right-of-use assets are amortized on a straight-line basis over the lease term or the asset’s remaining economic life, whichever is shorter.

Adjustments to the lease liability are made for changes in the lease term or variable payments, with corresponding adjustments to the right-of-use asset. If the asset is reduced to zero, further reductions are recognized in profit or loss.

Internally generated intangible assets (development costs)

Expenditure on internally developed products is capitalised if it can be demonstrated that:

- It is technically feasible to develop the product for it to be sold

- Adequate resources are available to complete the development

- There is an intention to complete and sell the product

- The Group is able to sell the product

- Sale of the product will generate future economic benefits, and

- Expenditure on the project can be measured reliably

Capitalised development costs are amortised over the periods the Group expects to benefit from selling the products developed. The amortisation expense is included within the “ Depreciation and amortization expense” in the consolidated statement of profit or loss.

39

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects are recognised in the consolidated statement of profit or loss as incurred.

Taxes

The tax expense in the Consolidated statement of profit and loss includes both current tax payable and changes in deferred tax/ deferred tax assets.

Current tax constitutes the expected tax payable on the year’s taxable result at the applicable tax rates in the consolidated statement of financial position and any corrections of tax payable for previous years.

Tax payable and deferred tax/ deferred tax assets are calculated at the tax rate applicable in different jurisdictions.

Deferred tax/ deferred tax assets are calculated on the basis of the temporary differences that exist between accounting and tax bases of assets and liabilities, as well as tax losses carried forward at year end. Net deferred tax assets are recognized to the extent that there is convincing evidence that there will be taxable income available to utilize the deferred tax asset.

Property, plant and equipment

Items of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost includes directly attributable costs.

Depreciation on assets under construction does not commence until they are complete and available for use. Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives.

Treasury shares

Consideration paid/ received for the purchase/ sale of treasury shares is recognised directly in equity. Any excess of the consideration received on the sale of treasury shares over the weighted average cost of the shares sold is credited to retained earnings.

Inventories

Inventories are initially recognised at cost, and subsequently at the lower of cost (FIFO principle) and net realisable value after. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

Government grants

Government grants received on capital expenditure are generally deducted in arriving at the carrying amount of the asset purchased. Grants for expenditure are netted against the cost incurred by the Group. Where retention of a government grant is dependent on the Group satisfying certain criteria, it is initially recognised as deferred income. When the criteria for retention have been satisfied, the deferred income balance is released to the consolidated statement of comprehensive income or netted against the asset purchased.

Provisions

The Group has recognised provisions for liabilities of uncertain timing or amount including those for warranty claims and provision for employer’s tax related to share based incentive program. The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date, discounted at a pre-tax rate reflecting current market assessments of the time value of money and risks specific to the liability.

Note 3 - Critical accounting estimates

The Group makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Significant estimates:

- Deferred tax asset (note 9)

- Goodwill and other intangible assets (note 11)

- Deferred revenue recognition and calculation of transaction price on performance obligation related to 4G (note 6)

- Impairment of trade receivables (note 15)

- Impairment of inventory (note 14)

- Provision for warranty claims (note 18)

Note 4 - Risk Management

The Group is exposed through its operations to the following financial risks:

- Credit risk

- Interest rate risk

- Foreign exchange risk

- Other market price risk

- Liquidity risk, and

- Operational risk

In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.

There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.

(i) Principal financial instruments

The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:

- Trade receivables

- Other receivables

- Cash and cash equivalents

- Trade and other payables

- Bank overdrafts

- Floating-rate bank loans

40

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

(ii) Financial instruments by category

2025

In NOK 1000

Financial assets

Financial liabilities

Total

Fair value

Amortized cost

Fair value

Amortized cost

Assets

Other non-current assets

521

521

Trade receivables

182 409

182 409

Other current assets

41 585

41 585

Cash and cash equivalents

435 520

435 520

Total

660 035

660 035

Liabilities

Short-term loans and borrowings

0

0

Trade payables

132 703

132 703

Other current liabilities

23 356

23 356

Total

156 059

156 059

Net financial assets and liabilities at 31 December

660 035

-156 059

503 976

2024

In NOK 1000

Financial assets

Financial liabilities

Total

Fair value

Amortized cost

Fair value

Amortized cost

Assets

Other non-current assets

392

392

Trade receivables

170 404

170 404

Other current assets

95 521

95 521

Cash and cash equivalents

177 744

177 744

Total

444 061

444 061

Liabilities

Short-term loans and borrowings

159 971

159 971

Trade payables

138 963

138 963

Other current liabilities

22 309

22 309

Total

321 243

321 243

Net financial assets and liabilities at 31 December

444 061

-321 243

122 818

41

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

(iii) Financial instruments not measured at fair value

Financial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings.

Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value.

General objectives, policies and processes

The Board has overall responsibility for the determination of the Group's risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group's finance function.

The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. Further details regarding these policies are set out below:

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices.

Further disclosures regarding trade receivables are provided in Note 15.

Market risk

Market risk arises from the Group's use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk).

Interest rate risk

The Group’s interest rate risk arises in both the short and medium-term perspective as The Group’s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities.

Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk.

As per 31.12.2025 the Group`s borrowings is mainly an overdraft facility. The terms are explained in details in Note 19.

Foreign exchange risk

Foreign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency.

The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency.

The main currency risk relates to performance obligation related to purchases from Sanmina and sale in foreign currency. These are the only items which has been included in the below sensitivity tables.

USD 1 000

2025

2024

Non-interest bearing loan

0

3 838

Purchase obligation

0

5 921

Effect in profit before tax with change in foreign exchange rate USD/NOK:

10% increase

0

-208

10% decrease

0

208

EUR 1 000

2025

2024

Non-interest bearing loan

556

0

Purchase obligation

1 531

0

Effect in profit before tax with change in foreign exchange rate USD/NOK:

10% increase

-98

0

10% decrease

98

0

Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation.

At year end the company had available 300 MNOK in undrawn overdraft facility and 436 MNOK in cash and cash equivalents.

Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors.

The Group is comitted to purchase obligations amounting to 301 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina.

42

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

The table below shows the maturity structure of the Group's financial liabilities:

2025

In NOK 1000

Cash flows including interest

Carrying amount

Less than 3 Months

3-12 Months

1-2 Years

2-5 Years

After 5 years

Loans and borrowings with interest

0

0

0

0

0

0

Trade payables

132 703

132 703

0

0

0

0

Lease liabilities including interest

49 732

2 206

5 634

13 979

17 072

10 841

Other current liabilities

91 130

75 022

16 108

0

0

0

Total

273 565

209 931

21 742

13 979

17 072

10 841

2024

In NOK 1000

Cash flows including interest

Carrying amount

Less than 3 Months

3-12 Months

1-2 Years

2-5 Years

After 5 years

Loans and borrowings with interest

159 971

0

159 971

0

0

0

Trade payables

138 963

138 963

0

0

0

0

Lease liabilities including interest

42 892

1 480

4 958

12 563

13 068

10 823

Other current liabilities

65 264

27 073

38 191

0

0

0

Total

407 090

167 516

203 120

12 563

13 068

10 823

Operational risk

Operational risk is the risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can't be avoided as it is part of the daily business activity of a company.

In 2025 the Group had two main suppliers, Westcontrol and Sanmina.

Capital Disclosures

The Group's objectives when maintaining capital are:

- To safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholdersand benefits for other stakeholders, and

- To provide an adequate return to shareholders by pricing products and services commensurately with the level of risk

The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

43

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Note 5 - Segment information

The Group consists of several legal entities where most of the entities are established to handle sales in a specific country. For management purposes, financial information is reported to the group management based on a legal entity basis. The group management is identified as the chief operating decision maker. Based on the internal reporting the following reportable segments are identified.

Zaptec Charger AS

This segment is involved in the sale of Zaptec products in Norway, and to customers in other countries where the Group has not established an entity or sales organization. Zaptec Charger AS also handles procurement of goods and internal sales.

Zaptec Sverige AB

This segment is involved in the sale and distribution of Zaptec products in Sweden.

Zaptec Schweiz AG

This segment is involved in the sale and distribution of Zaptec products in Switzerland.

Zaptec Danmark ApS

This segment is involved in the sale and distribution of Zaptec products in Denmark.

Zaptec Netherlands B.v.

This segment is involved in the sale and distribution of Zaptec products in Netherlands and Belgium.

01.01 - 31.12.2025

In NOK 1000

Zaptec Charger AS

Zaptec Sverige AB

Zaptec Schweiz AG

Zaptec Danmark ApS

Zaptec Netherlands B.v.

Other

Adjustments and eliminations

Total

Operating income

Revenues from contracts with customers

413 787

385 962

224 090

199 819

218 316

104 700

-14 705

1 531 969

Revenues from internal sales

772 166

0

0

0

0

1 750

-773 916

0

Revenues from Marketing

0

533

0

0

0

678

-1 212

0

Revenues from shared services

0

11 185

1 706

0

10 210

6 779

-29 881

0

Revenue from TP adjustment

13 326

0

0

0

0

0

-13 326

0

Other operating income

0

77

0

0

0

0

0

77

Total operating income

1 199 279

397 757

225 795

199 819

228 526

113 908

-833 040

1 532 046

Operating expenses

Cost of inventories

886 726

289 596

122 228

155 704

155 826

83 922

-776 031

917 971

Employee benefit expenses

166 957

28 027

38 322

9 461

16 985

35 463

-6 627

288 587

Depreciation and amortisation expense

20 824

110

0

0

209

527

15 982

37 653

Other operating expenses

127 907

30 564

-2 014

12 598

20 288

41 405

-28 741

202 006

Total operating expenses

1 202 413

348 297

158 536

177 764

193 308

161 316

-795 417

1 446 217

Operating result

-3 135

49 460

67 259

22 055

35 219

-47 409

-37 622

85 828

44

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

01.01 - 31.12.2024

In NOK 1000

Zaptec Charger AS

Zaptec Sverige AB

Zaptec Schweiz AG

Zaptec Danmark ApS

Zaptec Netherlands B.v.

Other

Adjustments and eliminations

Total

Operating income

Revenues from contracts with customers

369 534

339 309

237 811

148 427

124 646

60 847

-13 586

1 266 988

Revenues from internal sales

590 710

0

0

0

0

1 750

-592 460

0

Revenues from Marketing

0

46

0

0

0

1 532

-1 578

0

Revenues from shared services

6 851

7 715

0

736

5 236

4 908

-25 446

0

Revenue from TP adjustment

82 878

0

0

0

0

0

-82 878

0

Other operating income

1 930

0

0

0

0

732

-2 662

0

Total operating income

1 051 904

347 070

237 810

149 163

129 882

69 768

-718 610

1 266 988

Operating expenses

Cost of inventories

739 900

258 926

112 695

112 686

87 186

47 814

-583 464

775 743

Employee benefit expenses

151 445

19 679

36 834

9 473

13 968

31 668

-20 994

242 072

Depreciation and amortisation expense

16 224

73

0

0

64

610

16 982

33 952

Other operating expenses

131 881

15 952

20 344

16 235

6 516

37 242

-34 269

193 902

Total operating expenses

1 039 450

294 630

169 872

138 394

107 734

117 334

-621 745

1 245 669

Operating result

12 453

52 440

67 938

10 769

22 148

-47 566

-96 865

21 318

45

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Adjustments and eliminations

The Group evaluates segmental performance on the basis of profit or loss from operations calculated based on local financial statements. Adjustments for IFRS 16 and eliminations are included in the column adjustments and eliminations. Depreciation and amortisation excess values from business combinations are not allocated to individual segments as the underlying assets are managed on a group basis.

01.01 - 31.12.2025

In NOK 1000

Revenues from internal sales

Cost of inventories

Employee benefit expenses

Depreciation and amortisation expense

Other operating expenses

Elimination of internal sales(1)

-773 916

-774 302

0

0

0

Elimination of employee benefits allocated (2)

-44 444

0

-27 484

0

-18 716

IFRS 16 adjustments (3)

0

0

0

9 035

-11 348

GAAP-adjustment to inventory (4)

0

-1 122

0

0

0

Amortization of excess values (5)

0

0

0

6 947

0

Gains on internal transactions (6)

0

-607

0

0

0

Share-based incentive program (7)

0

0

20 856

0

0

Provision for warranty claims (8)

0

0

0

0

2 536

IFRS 15 adjustments (9)

-14 705

0

0

0

0

Other

24

0

1

0

-1 214

Total

-833 040

-776 031

-6 627

15 982

-28 742

01.01 - 31.12.2024

In NOK 1000

Revenues from internal sales

Cost of inventories

Employee benefit expenses

Depreciation and amortisation expense

Other operating expenses

Elimination of internal sales(1)

-592 460

-589 034

0

0

0

Elimination of employee benefits allocated (2)

-37 672

0

-17 805

0

-21 627

IFRS 16 adjustments (3)

0

0

0

10 136

-11 093

GAAP-adjustment to inventory (4)

0

4 661

0

0

0

Amortization of excess values (5)

0

0

0

6 845

0

Gains on internal transactions (6)

0

1 021

0

0

0

Share-based incentive program (7)

0

0

5 550

0

0

Provision for warranty claims (8)

0

0

0

0

2 160

Transfer pricing adjustment

-14 127

0

0

0

0

IFRS 15 adjustments (9)

-74 892

0

0

0

0

Other

540

-112

-8 739

0

-3 709

Total

-718 610

-583 464

-20 994

16 982

-34 269

(1) Elimination of internal sales relates to sale of inventory from Zaptec Charger AS eliminated against cost of inventory, and purchased made by Zaptec Charger from other group Companies eliminated against other operating expenses.

(2) As part of the increased activity outside of Norway, Zaptec Charger AS has provided significant services to other subsidiaries. The amount charged for these services is presented as reduction of cost in the financial statement of Zaptec Charger. The amount is eliminated on consolidation.

(3) Lease payment are expenses on a linear basis under local GAAP. In the IFRS financial statement the leases are accounted for in accordance with IFRS 16, by recognition of are right of use asset and a lease liability. The expenses are included as amortization of the right-of-use asset and interest on the lease liability.

(4) Zaptec Schweiz AG includes an additional reduction of the carrying amount of inventory in line with local GAAP. In the consolidated IFRS statement these reductions are reversed.

(5) Excess value from the acquisition of Zaptec Schweiz AG is included on group level.

(6) Gains on internal transaction of inventory (downstream sales).

(7) Share-based incentive program, ref. note 7

(8) Provision for warranty claims, ref. note 18

(9) IFRS 15 adjustments, ref note 6

46

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Note 6 - Revenues from contracts with customers

Disaggregation of Revenue

The Group has disaggregated revenue into various categories in the following table which is intended to:

- Depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic date; and

- Enable users to understand the relationship with revenue segment information provided in Note 5

Set out below is the disaggregation of the Group’s revenue from contracts with customers:

01.01 - 31.12.2025

Segments

In NOK 1000

Zaptec Charger AS

Zaptec Sverige AB

Zaptec Schweiz AG

Zaptec Danmark ApS

Zaptec Netherlands B.v.

Other

Total

Product sales

413 787

385 962

224 090

199 819

218 316

90 072

1 532 046

Total operating income

413 787

385 962

224 090

199 819

218 316

90 072

1 532 046

By business area - Geographical distribution

Norway

350 418

0

0

0

0

-14 705

335 713

Sweden

6 439

385 962

0

0

0

0

392 401

Switzerland

0

0

224 090

0

0

0

224 090

Denmark

0

0

0

199 819

0

0

199 819

Iceland

7 702

0

0

0

0

0

7 702

Finland

35 958

0

0

0

0

0

35 958

Belgium

0

0

0

0

32 405

0

32 405

Netherlands

0

0

0

0

185 911

0

185 911

Ireland

4 630

0

0

0

0

0

4 630

Deutschland

0

0

0

0

0

23 813

23 813

UK

0

0

0

0

0

51 653

51 653

Portugal

6 198

0

0

0

0

0

6 198

France

0

0

0

0

0

29 286

29 286

Rest of Europe

1 964

0

0

0

0

0

1 964

Other

480

0

0

0

0

24

504

Total operating income

413 788

385 962

224 090

199 819

218 316

90 071

1 532 046

Timing of revenue recognition

Goods transferred at a point in time

399 082

385 962

224 090

199 819

218 316

90 072

1 517 341

Goods and services transferred over time*

14 705

0

0

0

0

0

14 705

Total operating income

413 787

385 962

224 090

199 819

218 316

90 072

1 532 046

*Consists of deferred revenue related to IFRS 15, for more information see below.

47

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

01.01 - 31.12.2024

Segments

In NOK 1000

Zaptec Charger AS

Zaptec Sverige AB

Zaptec Schweiz AG

Zaptec Danmark ApS

Zaptec Netherlands B.v.

Other

Total

Product sales

369 534

339 309

237 811

148 427

124 646

47 261

1 266 988

Other

0

0

0

0

0

0

0

Total operating income

369 534

339 309

237 811

148 427

124 646

47 261

1 266 988

By business area - Geographical distribution

Norway

295 188

0

0

0

0

-13 586

281 601

Sweden

22 899

339 309

0

0

0

0

362 208

Switzerland

0

0

237 811

0

0

0

237 811

Denmark

0

0

0

148 427

0

0

148 427

Iceland

7 781

0

0

0

0

0

7 781

Finland

26 208

0

0

0

0

0

26 208

Belgium

0

0

0

0

22 311

0

22 311

Poland

1 735

0

0

0

0

0

1 735

Netherlands

0

0

0

0

102 335

0

102 335

Ireland

6 691

0

0

0

0

0

6 691

Deutschland

0

0

0

0

0

6 721

6 721

UK

74

0

0

0

0

43 182

43 257

Portugal

4 211

0

0

0

0

0

4 211

France

0

0

0

0

0

10 942

10 942

Rest of Europe

1 925

0

0

0

0

0

1 925

Other

2 823

0

0

0

0

0

2 823

Total operating income

369 534

339 309

237 811

148 427

124 646

47 259

1 266 988

Timing of revenue recognition

Goods transferred at a point in time

356 072

339 309

237 811

148 427

124 646

47 261

1 253 526

Goods and services transferred over time*

13 462

0

0

0

0

0

13 462

Total operating income

369 534

339 309

237 811

148 427

124 646

47 261

1 266 988

*Consists of deferred revenue related to IFRS 15, for more information see below.

The table below shows the movement in deferred income during 2025 (IFRS 15).

Deferred income

31.12.2025

In NOK 1000

Opening balance

87 853

Movement

14 708

Closing balance

102 561

The Group has a performance obligation related to 4G connectivity, which is recognized as revenue over time. The transaction price is determined based on an estimated future price on 4G connectivity. As goods and services are transferred over time, revenue is allocated and recognized progressively throughout the product`s five-year warranty period, with discounting applied over the same period. Future estimated obligations related to 4G connectivity are recognized as deferred income.

48

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Note 7 - Employee benefit expenses

Payroll costs

In NOK 1000

2025

2024

Salaries

212 603

165 413

Share based payment expense excluded payroll tax

15 021

5 869

Payroll tax

30 443

23 111

Other benefits

30 520

47 679

Total

288 587

242 072

Average full-time employees

201

193

2025

Board of directors

In NOK 1000

Board fee

Bonus

Share based payment

Other benefits

Total

Ingelin Drøpping

595

0

0

0

595

Rune Edvin Marthinussen*

0

0

0

0

0

Stig H. Christiansen

450

0

0

405

855

Gunnar Hviding

295

0

0

0

295

Karoline Nystrøm

300

0

0

0

300

Jennifer Jacobs Dungs**

330

0

0

0

330

Total

1 970

0

0

405

2 375

Chief executive officer and CFO

Salary

Bonus

Share based payment

Other benefits

Total

Kurt Østrem

4 075

0

724

226

5 025

Eirik Fjellså Hærem

2 601

0

440

16

3 056

Total

6 676

0

1 164

242

8 082

* Member of the board from 13.06.2025

** Member of the board up until 13.06.2025

49

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Others in management

Salary

Bonus

Share based payment

Other benefits

Total

Joris Laponder

3 006

648

409

429

4 491

Knut Braut

2 418

0

567

117

3 101

Trude Rekkedal Schulberg

1 573

0

201

16

1 790

David Froli Stangeland*

1 558

0

0

0

1 558

Total

8 555

648

1 177

561

10 940

*Part of management from 01.01.2025

2024

Board of directors

In NOK 1000

Board fee

Bonus

Share based payment

Other benefits

Total

Ingelin Drøpping

395

0

0

0

395

Stig H. Christiansen

630

0

0

0

630

Jennifer Jacobs Dungs

295

0

0

0

295

Gunnar Hviding*

0

0

0

0

0

Karoline Nystrøm*

0

0

0

0

0

Christian Rangen**

300

0

0

0

300

An Joanna De Pauw**

350

0

0

0

350

Total

1 970

0

0

0

1 970

Chief executive officer and CFO

Salary

Bonus

Share based payment

Other benefits

Total

Kurt Østrem***

3 557

0

2 526

221

6 304

Eirik Fjellså Hærem****

2 141

0

939

14

3 094

Total

5 698

0

3 464

235

9 397

* Member of the board from 12.07.2024

** Member of the Board up until 12.07.2024

*** CFO and acting CEO in the period 01.01.2024-22.02.2024. Appointed as CEO 22.02.2024.

**** Appointed as CFO and Deputy CEO 29.02.2024

50

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Others in management

Salary

Bonus

Share based payment

Other benefits

Total

Kristian Sæther

1 451

0

1 317

14

2 783

Joris Laponder*

2 384

459

0

119

2 962

Knut Braut

1 977

0

1 976

114

4 067

Lasse Hult***

1 530

0

1 317

9

2 857

Anna-Karin Andersen**

1 727

0

1 174

4

2 905

Trude Rekkedal Schulberg

1 265

0

464

14

1 743

Total

10 334

459

6 248

273

17 315

*Part of management from 01.08.2024

**Left company 09.08.2024

***Left company 30.01.2025

Pension

The group is required to provide an occupational pension scheme pursuant to the Act relating to Mandatory Occupational Pensions. The group's pension schemes comply with the requirements under that law. This year's pension cost of 15.2 MNOK is recognised in the consolidated statement of profit and loss and included in Other benefits.

Remuneration to auditors

In NOK 1000

2025

2024

Statutory audit

3 005

2 632

Other non-auditing services

1 619

1 513

Total

4 624

4 144

All amounts exclude VAT.

Loans and guarantees to management and leading employees

The group does not have any loans or guarantees to management and leading employees.

Share-based compensation

Share-based incentive program for all employees

As of 01.01.2023 The Group implemented a new share-based incentive program for new employees in 2022. Under the program all employees are entitled to a bonus equal to 20% of the annual salary at 31.12.2022. The shares will be allocated to the employees after the three year vesting period, i.e. shortly after 01.01.2026. Under the program the number of shares received is fixed at 01.01.2023. The number of shares equals 20% of the annual salary divided by the share price of Zaptec ASA based on average stock price last 15 days of 2022.

The share portion is accounted for as an equity settled share-based payment program, that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2026). Fair value is measured by using the actual average stock price of the last 15 days of 2022. The share-based payment program for 2022 employees has been replaced by cash settlements in 2026. The accounting treatment applied is in accordance with IFRS 2. The cash settlement is recognized as a deduction from equity, with no profit or loss impact in 2026 (excluding any AGA adjustment). The personnel expense are recognized over the vesting period 2023–2025, represents the total IFRS 2 expense for this program.

The company operates two equity-settled share-based remuneration schemes for key management:

Share-based incentive program for management

As of 01.01.2025 The Group implemented a new share-based incentive program for management. The program consist of a share element and a cash element defined by the board on a year-to-year basis. The bonus will be determined based on achievement of certain metrics. One half of the bonus is paid in form of shares, and the other half is in the form of a cash payment. The employee may choose to utilize the cash payment, in whole or in part, to acquire additional shares. If the Employees utilize the cash payment to acquire additional shares, the company will give each employee one share for each additional share acquired by said employee (1:1 matching). All shares acquired by the employee will be valued at market value at the time of acquisition, with a deduction of 15 per cent for the purposes of determining the number of shares which each employee is entitled to receive under the bonus program. The market value of the shares shall be equal to the volume weighted average listed price of the shares in the company during the two-week period prior to the date when the employee elected whether to use the cash payment to acquire additional shares.

51

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Share-based payment program for key management and board of directors (Stock option program)

2025

2024

In NOK 1000

Weighted average exercise price

Number

Weighted average exercise price

Number

Outstanding at 1 January

13.25

450 000

13.25

500 000

Granted during the year

0.00

0

0.00

0

Forfeited during the year

0.00

0

0.00

0

Exercised during the year

13.25

450 000

0.00

0

Lapsed during the year

0,00

0

15.25

50 000

Outstanding at 31 December

13.25

0

13.25

450 000

Vested at 31 December

0

450 000

The following information is relevant in the determination of the fair value of options granted during the year under :

2025

2024

Option pricing model used

Black-Scholes

Black-Scholes

Share price at date of grant

*

*

Strike

*

*

Contractual life (in days)

*

*

Expected life (in days)

*

*

Expected volatility

*

*

Risk-free interest rate

*

*

Fair value at grant date (average)

*

*

* No new options granted

During the year all options was exercised and no new options were granted in 2025.

The employees have not paid any premium when acquiring the options. A provision is made for future obligations related to employer contribution from the option program. The provision is based on the intrinsic value of the options as of year-end and proportional to the vesting of the option granted. As of 31.12.2025 the provision for employer contribution is 0 MNOK.

All sale or purchase of treasury shares are related to options and/or the share-based incentive programs.

Total share-based payment expense is charged to the consolidated statement of profit and loss with the following amount:

In NOK 1 000

2025

2024

Share-based incentive program for all employees

5 005

4 711

Share-based incentive program for management

10 016

1 157

Total share based payment expense excluded social security costs

15 021

5 868

Payroll tax expense

3 270

-318

Total share based payment expense

18 291

5 550

52

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Note 8 - Financial income and expense

In NOK 1000

2025

2024

Finance income

Other finance income

1 369

2 764

Foreign currency gain

2 780

0

Total finance income

4 149

2 764

Finance expense

Interest on debts and borrowings

1 648

11 366

Interest from leases

2 482

2 442

Other finance expense

7 433

12 597

Foreign currency loss

8 746

447

Total finance expense

20 310

26 851

Note 9 - Income tax

In NOK 1000

2025

2024

Income tax expense

Current income tax

25 519

10 412

Changes in deferred tax

-9 741

-9 943

Total income tax expense (+)/benefit (-)

15 779

468

Temporary differences and tax positions

Intangible assets

-3 560

-10 527

Property plant and equipment

10 999

7 383

Right of use assets

-47 623

-41 079

Inventories

17 323

17 805

Receivables

6 388

-3 135

Lease liabilities

49 732

42 892

Provisions

24 409

19 925

Deferred revenue

102 558

87 853

Other differences

31 157

5 476

Total temporary differences and tax positions

191 383

126 592

Tax losses carried forward

22 726

12 504

Temporary differences and tax positions not included in the basis for deferred tax

20 860

32 086

Basis for deferred tax

193 250

139 896

Net deferred tax asset

22%

42 293

31 745

The deferred tax assets is mainly due to deferred revenue, provision for warranty claims, inventory and tax losses carried forward in Norwegian entities. The carried forward loss is expected to be utilized going forward as the Group is expected to have a taxable income going forward.

There is no time limit of the tax losses carried forward. Tax losses not included in the basis for deferred tax relates to subsidiaries where there a still uncertainty about the availability of future tax income that can utilise these losses.

Specification in the statement of financial position

Deferred tax asset

43 182

37 219

Deferred tax

889

5 475

Net deferred tax

42 293

31 745

Tax payable in the statement of financial position

Current income tax payable

25 525

19 303

Prepaid tax

0

1 680

Net tax payable

25 525

20 984

In NOK 1000

2025

2024

Reconciliation of effective tax rate

Result before tax

69 667

-2 769

Income tax based on applicable tax rate (22%)

22%

15 327

-609

Effect from foreign currency and different tax rates

4 044

451

Changes in not recognized tax loss carried forward

-57

-75

Not deductible expenses employee share options

0

0

Not deductible expenses

-2 505

702

Tax loss in foreign subsidiaries

0

0

Goodwill

0

0

Not taxable income

-1 030

0

Total income tax expense (+)/benefit (-)

15 779

468

Effective tax rate

22,6 %

-16,9 %

53

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Note 10 - Earnings per share

Basic earnings per share is based on the earnings attributable to shareholders of the company and the weighted average number of ordinary shares outstanding for the year, less ordinary shares purchased by the company and held as treasury shares.

In NOK 1000

2025

2024

Net profit or loss for the year attributable to owners of the parent company

53 889

-3 236

Adjustments for basic earnings

0

0

Earnings used in basic EPS

53 889

-3 236

Adjustments for diluted earnings

0

0

Earnings used in diluted EPS

53 889

-3 236

No. of shares outstanding as at 1 January

87 520 790

87 520 790

Share issue during the year

0

0

No. of shares outstanding as at 31 December

87 520 790

87 520 790

Weighted average number of shares outstanding through the year used in basic EPS

87 520 790

87 520 790

Potential shares relating to employee share options

784 954

887 595

Weighted average number of shares used in diluted EPS

88 305 744

88 408 385

Basic earnings per shares

0,616

-0,037

Diluted earnings per shares

0,610

-0,037

Note 11 - Intangible assets and goodwill

2025

In NOK 1000

Developement cost / Patents

Goodwill

Customer relations

Webshop

Total

Acquisition cost 1 January

175 000

81 734

32 333

749

289 816

Additions

44 689

0

0

0

44 689

Foreign currency effects

0

1 197

-20

0

1 177

Acquisition cost 31 December

219 689

82 931

32 313

749

335 682

Acc. amortisation and impairments 1 January

84 345

0

21 806

0

106 151

Amortisation charge

15 556

0

6 947

0

22 503

Impairment charge

5 561

0

0

0

5 561

Foreign currency effects

0

0

0

0

0

Acc. amortisation and impairments 31 December

105 462

0

28 753

0

134 215

Carrying amount 31 December

114 226

82 931

3 560

749

201 467

2024

In NOK 1000

Developement cost / Patents

Goodwill

Customer relations

Webshop

Total

Acquisition cost 1 January

135 613

79 171

31 956

749

247 489

Additions

39 383

0

0

0

39 383

Foreign currency effects

4

2 564

378

0

2 946

Acquisition cost 31 December

175 000

81 734

32 333

749

289 817

Acc. amortisation and impairments 1 January

73 037

0

14 961

0

87 998

Amortisation charge

11 307

0

6 845

0

18 153

Disposals

0

0

0

0

0

Foreign currency effects

0

0

0

0

0

Acc. amortisation and impairments 31 December

84 345

0

21 806

0

106 151

Carrying amount 31 December

90 654

81 734

10 526

749

183 664

Expected economic life

2-10 years

Indefinite

5 years

Indefinite

Amortization plan

Linear

None*

Linear

None

54

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Goodwill is tested for impairment annualy. See below for more information regarding the impairment test of Goodwill. In 2025, the Group identified impairment indicators related to capitalised development costs for DC charging technology. Following updated strategic and commercial assessments, the Group concluded that future growth will be driven by AC charging solutions. Consequently, the carrying amount of NOK 5.6 million was fully impaired.

Intangible assets relate to capitalized development and the purchase of customer relationships. The amortization period is based on the best estimate for useful life for the assets.

Development costs is internally generated development of products consisting of both costs of material and services and cost of employee benefits. In the financial year ended 2025 the Group invested 44.7 MNOK in development/patents. The main development project in 2025 was the Zaptec GO2 project. The remaining investments where distributed among several projects.

The goodwill and customer relationships are allocated to the Zaptec Schweiz AG CGU for the impairment test.

Goodwill assets by segment or CGU

In NOK 1000

Goodwill

Total

Zaptec Schweiz AG

82 931

82 931

Impairment test of goodwill and intangible assets

Goodwill is allocated to the Group's cash flow generating units as shown above. The recoverable amount of the cash-generating units is calculated based on the value of the asset for the business (value of use).

The impairment tests are based on budgets for next year with a projection based on long-term strategic plans. Management has set budgeted figures for 2026 based on previous performance and expectations for market developments. Growth rates for the period 2027 are in accordance with management's long-term plan and are used as projections of budgeted figures for 2025. After 2028, 1,5% perpetual growth is based on cash flows in the year 2027. The discount rate used is after tax and reflects specific risks to the relevant operating segment/CGU.

Impairment test of Zaptec Schweiz AG CGU

The Zaptec Schweiz AG CGU consist of all operations in the Zaptec Schweiz AG and is identical to the swiss segment. The impairment test shows that the calculated value in use estimated usage value is higher than the carrying amount. The calculation, is based on a model with budgeted/ projected cash flows for a period of five years with residual value after year five. The cash flows estimate includes estimated annual growth in revenues based on business plan with 15%, which is reduced to a 1,5% perpetual growth from 2027 (which is the long-term inflation estimate for Switzerland). Gross margin is based on actual gross margin for 2024, and then reducing the gross margin with 5% each year as it is expected that gross margin will be reduced in the future. A WACC of 22,20% is used for the value in use calculation for 2023. In 2023 the WACC used was 24,69%. The input data for the WACC is gathered from representative sources, peer groups etc., and this is used to determine best estimate. All parameters were set to reflect the long-term period of the assets and time horizon of the forecast period of the cash flows.

Key inputs for the WACC for the CGU:

-Risk free rate: Average risk free rate in Switzerland in 2025

-Beta (equity): Assuming no external debt in the company (therefore unlevered beta from peer group is used).

-Market risk premium: The market risk premium is based on empirical data for risk premium.

-Company specific premium: The company specific premium is based on the size of the Groups specific premium minus risk free rate

-Capital structure: Equity ratio of 100%.

Sensitivity

The management do not believe that any reasonable change in a key assumption would cause the CGU’s recoverable amount to fall below the carrying amount.

Impairment testing showed that headroom for the CGU is >31%. An additional sensitivity analysis was performed. The sensitivity analysis showed that with a terminal growth rate of 0% or an increase in the WACC of 1% the VIU was still above the carrying amount for the CGU.

Impairment - test results and conclusion

The VIU exceeds carrying amount for the CGU. The impairment test did not indicate a requirement for write-down.

Note 12 - Property, plant and equipment

In NOK 1000

2025

2024

Acquisition cost 1 January

31 394

26 340

Additions

2 033

5 010

Additions business combinations

0

0

Disposals

0

0

Foreign currency effects

150

44

Acquisition cost 31 December

33 577

31 394

0

Accumulated depreciation and impairments 1 January

16 904

11 223

Depreciation

6 114

5 681

Impairments

0

0

Accumulated depreciation and impairments 31 December

23 018

16 904

Carrying amount 31 December

10 559

14 490

Economic life

3 - 10 year

3 - 10 year

Depreciation method

Linear

Linear

55

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Note 13 - Right of use assets and lease liabilities

Right of use assets

2025

In NOK 1000

Vehicles

Land and buildings

Total

1 January

1 753

39 326

41 079

Additions

2 070

13 410

15 480

Disposals

0

0

0

Additions through business combinations

0

0

0

Depreciation

-1 577

-7 458

-9 035

Foreign currency effects

100

0

100

31 December

2 346

45 277

47 623

2024

In NOK 1000

Vehicles

Land and buildings

Total

1 January

3 357

49 385

52 741

Additions

0

0

0

Disposals

0

-1 721

-1 721

Additions through business combinations

0

0

0

Amortisation

-1 799

-8 337

-10 136

Foreign currency effects

195

0

195

31 December

1 753

39 326

41 079

Economic life/lease term

5 - 15 year

3 - 7 year

Amortisation method

Straight line

Straight line

Lease liabilities

Undiscounted lease payments and year of payment

In NOK 1000

2025

2024

Less than 1 year

10 086

7 609

1-3 years

16 684

11 942

3-5 years

14 076

10 575

more than 5 years

14 926

19 672

Total

55 772

49 797

Changes in lease liabilities

In NOK 1000

2025

2024

1 January

42 892

52 826

Additions

15 480

0

Disposals

0

-2 269

Interest expenses

2 482

2 442

Lease payments

-11 348

-11 093

Foreign currency effects

226

986

31 December

49 732

42 892

In NOK 1000

2025

2024

Current lease liabilities

7 841

6 439

Non-current lease liabilities

41 891

36 453

Total

49 732

42 892

The lease contracts do not include any restrictions with regards to the Group's dividend policy or financing opportunities.

Lease payment expensed

In NOK 1000

2025

2024

Expensed lease payment for short-term leases and low value leases

16 373

16 425

Total

16 373

16 425

Note 14 - Inventories

The inventory consists solely of finished goods (acquired goods produced for the group for resale).

In NOK 1000

2025

2024

Finished goods

210 587

490 237

Goods in transit to end user

15 154

5 528

Inventory obsolescence provision

-3 987

-3 987

Total

221 754

491 779

Total current purchase obligations of EV chargers from Westcontrol and Sanmina amounts to 301 MNOK from January 2026 till June 2026.

The Group has a balance at the end of 2025 of 222 MNOK versus 492 MNOK in the end of 2024. Cost of goods sold in the consolidated statement of profit and loss amounted to 918 MNOK in 2025 (776 MNOK in 2024). Measures are taken to adapt production to a normalized level of inventory in the long term. The stock consists only of current goods and inventory write-downs provision.

As part of the assessment of carrying value of inventory, we evaluate the following:

- General assessment of market and demand

- Average cost price compared to last cost price

- Sales price compared to average cost price

- Slow moving stock items

56

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Note 15 - Trade receivables

In NOK 1000

2025

2024

Accounts receivables at face value as of 31.12

203 101

183 507

Invoiced, not earned

-14 481

-9 096

Less: Allowance for expected credit losses

-6 211

-4 007

Total

182 409

170 404

Receivables written off during the year

Collected on receivables written of in prior periods

0

0

Changes in provision during the year

-2 204

9 717

Changes in provision and write off during the year

-2 204

9 717

Method for assessing credit losses

For trade receivables the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

Overdue trade receivables:

In NOK 1000

0 - 30 Days

31 - 60 Days

61 - 90 Days

Over 90 Days

Total

Trade receivables

150 995

9 282

4 057

18 074

182 409

Trade receivables are non-interest bearing and are generally on terms of 30-45 days.

Note 16 - Cash and cash equivalents

The Group's cash and cash equivalents consists of bank balances and withholding tax.

In NOK 1000

2025

2024

Cash and cash equivalents

435 520

177 744

Including restricted funds of:

Restricted funds for employee withholding tax

6 496

5 806

57

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Note 17 - Shareholders and shareholders information

Share capital at 31 December:

Number of shares

Face value

Book value

Ordinary shares

87 520 790

0.015

1 312 812

Total

87 520 790

1 312 812

Main shareholders at 31 December:

Number of shares

Ownership interest

Voting rights

Nordnet Bank AB

6 445 751

7,36%

7,36%

Avanza Bank AB

4 656 219

5,32%

5,32%

VERDIPAPIRFONDET DNB SMB

4 304 376

4,92%

4,92%

UBS Switzerland AG

3 712 304

4,24%

4,24%

VPF DNB NORGE SELEKTIV

3 263 045

3,73%

3,73%

MUST INVEST AS

2 591 268

2,96%

2,96%

Kontrari AS

2 500 000

2,86%

2,86%

The Bank of New York Mellon SA/NV

2 477 000

2,83%

2,83%

Morgan Stanley & Co. Int. Plc.

2 414 462

2,76%

2,76%

CLEARSTREAM BANKING S.A.

2 342 711

2,68%

2,68%

Saxo Bank A/S

1 948 516

2,23%

2,23%

Danske Bank A/S

1 875 000

2,14%

2,14%

WALEN

1 847 451

2,11%

2,11%

The Bank of New York Mellon SA/NV

1 760 868

2,01%

2,01%

LABOREMUS INDUSTRIER AS

1 725 000

1,97%

1,97%

The Bank of New York Mellon SA/NV

1 340 962

1,53%

1,53%

State Street Bank and Trust Comp

1 258 386

1,44%

1,44%

ØSTREM INVEST AS

1 173 923

1,34%

1,34%

KBC Bank NV

1 104 393

1,26%

1,26%

Goldman Sachs International

1 091 043

1,25%

1,25%

Others

37 688 112

43,06%

43,06%

Total

87 520 790

100,00%

100,00%

Number of shares

Portion of equity

Treasury shares 01.01.2025

78 776

0,090 %

Purchase of treasury shares

130 570

0,149 %

Allocated to management and employees

-209 346

-0,239 %

Treasury shares 31.12.2025

0

0,000 %

Stocks and options owned by members of the board and management:

Name

Position

Numbers of shares

Options

Kurt Østrem

CEO

1 173 923

0

Stig H. Christiansen

Board member

100 000

0

Rune E. Marthinussen

Board member

15 000

0

Karoline Nystrøm

Board member

23 000

0

Knut Braut

CTO

244 362

0

David Stangeland

CSCO

1 645

0

Trude Rekkedal Schulberg

CPO

12 759

0

Eirik Fjellså Hærem

CFO and deputy CEO

159 169

0

Total

1 729 858

0

Note 18 - Provisions

The company have a provision for warranty claims of 21.94 MNOK at period end, a reduction of 0.36 MNOK compared to period end 2024. There has not been any used or reversed provision in the period. However, during 2025, 9.2 MNOK (14.5 MNOK in 2024) has been expensed over profit and loss statement in other operating expenses related to warranty claims.

The warranty expense accrual is based on historical returns of products and projected towards the end of warranty period.

Estimated warranty acrual for products are recognised when products are sold. The accrual is based on historical statistics regarding failure rate and expenses for repair.

Provision for warranty claims is classified as short-term provision according to IAS 1.69d.

The remaining short-term provisions is related to share-based payment and bonus.

58

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Note 19 - Loans and borrowings

In NOK 1000

2025

2024

Short-term loans and borrowings

0

159 971

Guaranties pledges as security

2 500

2 500

Secured in the following assets, book value:

Property, plant and equipment

8 780

13 604

Inventories

174 558

442 791

Trade receivables

43 873

141 823

Total

227 211

598 218

The Group has an undrawn credit facility of 300 MNOK at period end. Interest on drawn credit is based in Norwegian Overnight Weighted Average (“NOWA”) + margin of 1.95% p.a.

The terms are as follows:

- Short term overdraft facility.

- Annual maturity, will be renewed automatically when a credit rating is performed.

The financial covenants are as follows:

-Overdraft shall not exceed 60% of the sum of external trade receivables (not older than 90 days), booked values of projects in progress, and inventory of finished goods. Monthly reporting based on group numbers. Overdraft above this limit will be deemed a breach of covenant.

-The lender shall approve any new owners with controlling influence and/or if the company is taken of the stock exchange.

- IP-rights shall not be transferred or sold between the borrower and/or subsidiaries without approval from the bank.

- The Group's patents and other IP-rights shall not be pledged or in any other way be put as security in advantage for other creditors of the group.

- Cash deposits for the whole Group and available cash liquidity on the credit facility, shall at a minimun be 50 MNOK at each monthly reporting.

- Dividend from Zaptec ASA to be approved by the bank and Eksfin

- The borrower shall not produce coal or sell/produce coal.

- The borrower shall ensure that not any subsidiary are pledging shares or other activa without written approval from the lender.

The Group has complied with all covenants as at, and for the twelve months ended 31 December 2025.

Security:

- First priority pledge in inventory, accounts receivables and machinery/equipment in Zaptec ASA. Face value of 350 MNOK of each pledged item.

- Pledge in inventory, trade receivables and machinery/equipment in Zaptec Charger AS. Face value of 350 MNOK of each pledged item.

Apart from transaction with key management and board members included in Note 7 there are no transactions with related parties.

Note 20 - Trade payables and other current liabilities

In NOK 1000

2025

2024

Trade payables

132 703

138 963

Other current liabilities

VAT

16 698

16 322

Accrued expenses

30 957

10 277

Public taxes

11 321

19 691

Holiday pay

16 108

14 239

Other short term liabilities

16 046

4 735

Other current liabilities

91 130

65 264

Total

223 833

204 227

59

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Note 21 - Notes supporting the cash flows

01.01 - 31.12.2025

In NOK 1000

Non-current

Current

Loans and borrowings

Lease liabilities

Loans and borrowings

Lease liabilities

Total

At 1 January

0

36 453

159 971

6 439

202 863

Cash flows

Down payment of loans

0

0

0

0

0

New loans

0

0

0

0

0

Net change in overdraft facility

0

0

-159 971

0

-159 971

Net lease payments

0

0

0

-8 865

-8 865

Non-cash flows

Changes from business combinations

0

0

0

0

0

Termination of lease agreement

0

0

0

0

0

New lease agreement

0

5 214

0

10 266

15 480

Reclassification short/long term

0

0

0

0

0

Foreign exchange effect

0

224

0

0

224

At 31 December

0

41 891

0

7 841

49 732

01.01 - 31.12.2024

In NOK 1000

Non-current

Current

Loans and borrowings

Lease liabilities

Loans and borrowings

Lease liabilities

Total

At 1 January

0

43 762

0

9 064

52 826

Cash flows

Down payment of loans

0

0

0

0

0

New loans

0

0

0

0

0

Net change in overdraft facility

0

0

159 971

0

159 971

Net lease payments

0

0

0

-8 651

-8 651

Non-cash flows

Changes from business combinations

0

0

0

0

0

Termination of lease agreement

0

0

0

0

0

New lease agreement

0

0

0

0

0

Reclassification short/long term

0

-6 439

0

6 439

0

Foreign exchange effect

0

-870

0

-413

-1 283

At 31 December

0

36 453

159 971

6 439

202 863

Note 22 - Other current assets

Breakdown of other current assets:

In NOK 1000

2025

2024

Loan to finance inventory*

6 585

43 569

VAT refund

9 178

19 203

Other

25 822

32 749

Total

41 584

95 521

* The Group has not identified any impairment indicators related to the loans to Sanmina.

60

Contents

Financial statements (Group)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Note 23 - Consolidated companies

The following companies are included in the consolidated financial statements:

Legal company

Association

Head office

Currency

Ownership

Zaptec ASA

Parent

Stavanger

NOK

Zaptec Charger AS

Subsidiary

Stavanger

NOK

100%

Zaptec IP AS

Subsidiary

Stavanger

NOK

100%

Zaptec Power AS

Subsidiary

Stavanger

NOK

100%

Zaptec Sverige AB

Subsidiary

Stockholm

SEK

100%

Zaptec Denmark ApS

Subsidiary

Copenhagen

DKK

100%

Zaptec Deutchland GmbH

Subsidiary

München

EUR

100%

Zaptec U.K. Ltd

Subsidiary

Broseley

GBP

100%

Zaptec Schweiz AG

Subsidiary

Zürich

CHF

100%

Zaptec France SAS

Subsidiary

Paris

EUR

100%

Zaptec Netherlands B.V.

Subsidiary

Amsterdam

EUR

100%

Zaptec Italia S.r.l

Subsidiary

Milan

EUR

100%

Zaptec Charger AS is funding group entitites in the startup phase with loans.

Note 24 - Government grants

Government grants have been received in relation to R&D project through SkatteFunn. The amount reduces the costs related to the projects.

Note 25 - Related party transactions

Apart from transaction with key management and board members included in Note 7 there are no transactions with related parties.

Note 26 - Events after the reporting date

No events after reporting date.

62

Contents

Parent company financial statements (Zaptec ASA)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

A handwritten signature in cursive writing on a white background.

AI generated content

Ingelin Drøpping

Rune E Marthinussen

Stig Harry Christiansen

Gunnar Hviding

Karoline Nystrøm

Kurt Østrem

Chair of the board

Deputy chair of the board

Member of the board

Member of the board

Member of the board

General manager

Sandnes, 24.03.2026

Income statement

In NOK 1000

Note

2025

2024

Operating income

Other operating income

-441

0

Total operating income

-441

0

Operating expenses

Employee benefit expenses

2

2 938

2 132

Other operating expenses

2,3

12 467

12 677

Total operating expenses

15 405

14 809

Operating loss

-15 846

-14 809

Financial income and expenses

Interest income from group companies

46 393

57 579

Other financial income

5

4 794

16

Other financial expenses

5

12 158

20 347

Net financial income (+) and expenses (-)

39 029

37 248

Profit (+)/loss (-) before tax

23 183

22 439

Tax expense (+)/benefit (-)

6

5 102

6 022

Profit (+)/loss (-) after tax

18 080

31 854

Allocated to

Proposed dividend

7

175 042

0

Transferred from share premium

7

-25 385

0

Transferred from other paid-in capital

7

-52 988

0

Other equity

7

-78 589

31 854

Total allocated

18 080

31 854

Balance sheet

In NOK 1000

Note

12/31/2025

12/31/2024

ASSETS

Deferred tax asset

Deferred tax asset

6

26

22

Non-current financial assets

Investments in subsidiaries

8

225 242

207 140

Convertible loans to group companies

4

548 492

723 976

Investments in shares

8

0

0

Total non-current assets

773 759

931 138

Debtors

Other short-term receivables

7 728

1 559

Short term receivables from group companies

4

32 540

21 854

Cash and cash equivalents

Cash and cash equivalents

9

8 703

912

Total current assets

48 971

24 325

Total Assets

822 730

955 463

Balance sheet

In NOK 1000

Note

12/31/2025

12/31/2024

EQUITY AND LIABILITIES

Equity

Share capital

7, 10

1 313

1 313

Treasury shares

7, 10

0

-1

Share premium

7

621 559

646 945

Other paid in equity

7

0

36 057

Other equity

7

0

80 055

Total equity

622 872

764 368

Liabilities

Other provision

2

0

0

Total provisions

0

0

Current liabilities

Short-term loans and borrowings

11

0

159 971

Trade payables

1 612

2 678

Tax payable

6

0

0

Short-term public dues

0

94

Group contribution

4

23 208

27 151

Other current liabilities

175 039

1 200

Total current liabilities

199 858

191 095

Total liabilities

199 858

191 095

Total Equity and Liabilities

822 730

955 463

63

Contents

Parent company financial statements (Zaptec ASA)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Statement of cash flows

In NOK 1000

Note

2025

2024

Cash flow from operating activities

Profit (+)/loss (-) before tax

23 183

22 439

Finance income

-46 393

-57 579

Write down of financial investments

0

4 872

Change in accounts payables

-1 066

2 084

Share based payment expense

2

15 614

5 869

Change in other accrual items

10 308

6 974

Net cash flow from operating activities

1 645

-15 341

Cash flow from investment activities

Change in convertible intercompany loans

4

175 485

-140 187

Change in intercompany receivables

-10 686

-15 573

Net cash flow from investment activities

164 799

-155 760

Cash flow from financing activities

Draw down on credit facility

11

-159 971

159 971

Purchase of treasury shares

7

-1 469

0

Sale of treasury shares

7

2 787

1 125

Proceeds from equity

0

0

Net cash flow from financing activities

-158 653

161 096

Net change in cash and cash equivalents

7 791

-10 005

Cash and cash equivalents at start of period

912

10 917

Cash and cash equivalents at end of period

8 703

912

65

Contents

Parent company financial statements (Zaptec ASA)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Note 2 - Remuneration to the board and auditor

Payroll costs through profit and loss

In NOK 1000

2025

2024

Remuneration to the board

2 375

1 970

Social security taxes

363

-7

Remuneration to nomination committee

200

170

Total

2 938

2 132

Remuneration to the board

2025

In NOK 1000

Board fee

Bonus

Share based payment

Other benefits

Total

Ingelin Drøpping

595

0

0

0

595

Rune Edvin Marthinussen*

0

0

0

0

0

Stig H. Christiansen

450

0

0

405

855

Gunnar Hviding

295

0

0

0

295

Karoline Nystrøm

300

0

0

0

300

Jennifer Jacobs Dungs**

330

0

0

0

330

Total

1 970

0

0

405

2 375

* Member of the board from 13.06.2025

** Member of the board up until 13.06.2025

2024

In NOK 1000

Board fee

Bonus

Share based payment

Other benefits

Total

Ingelin Drøpping

395

0

0

0

395

Stig H. Christiansen

630

0

0

0

630

Jennifer Jacobs Dungs

295

0

0

0

295

Gunnar Hviding*

0

0

0

0

0

Karoline Nystrøm*

0

0

0

0

0

Christian Rangen**

300

0

0

0

300

An Joanna De Pauw**

350

0

0

0

350

Total

1 970

0

0

0

1 970

* Member of the board from 12.07.2024

** Member of the Board up until 12.07.2024

In 2025 the company employed 0 full-time equivalents.

Kurt Østrem is the general manager in Zaptec ASA. He is compensated through Zaptec Charger AS. His salary is specified in the table below:

CEO and CFO

Salary

Bonus

Share based payment

Other benefits

Total

Kurt Østrem

4 075

0

724

226

5 025

Eirik Fjellså Hærem

2 601

0

440

16

3 056

Total

6 676

0

1 164

242

8 082

Pension liabilities

The company has no employees and is not liable to maintain an occupational pension scheme under the Mandatory Occupational Pensions Act.

Remuneration to auditors for 2025

In NOK 1000

Statutory audit

1 241

Other non-auditing services

1 168

Total

2 410

All amounts exclude VAT.

66

Contents

Parent company financial statements (Zaptec ASA)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

The following information is relevant in the determination of the fair value of options granted during the year under :

2025

2024

Option pricing model used

Black-Scholes

Black-Scholes

Share price at date of grant

*

*

Strike

*

*

Contractual life (in days)

*

*

Expected life (in days)

*

*

Expected volatility

*

*

Risk-free interest rate

*

*

Fair value at grant date (average)

*

*

* No new options granted

2025

2024

Weighted average exercise price

Number

Weighted average exercise price

Number

Outstanding at 1 January

11,25

50 000

11.25

50 000

Granted during the year

0

0

0

0

Forfeited during the year

0

0

0

0

Exercised during the year

0

50 000

0

0

Lapsed during the year

0

0

0

0

Outstanding at 31 December

11,25

0

11.25

50 000

Vested at 31 December

0

50 000

During the year 50 000 options were exercised.

Share-based compensation

Share-based payment program for board of directors (Stock option program)

The company operates a equity-settled share-based remuneration schemes for board of directors.

67

Contents

Parent company financial statements (Zaptec ASA)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Note 3 - Specification of other operating costs

In NOK 1000

2025

2024

Rental cost

740

463

Other operating costs

2 783

1 719

Consultants

8 944

10 495

Total other operating expense

12 467

12 677

Note 4 - Intercompany items between companies in the same group

Receivables

In NOK 1000

2025

2024

Convertible loans to companies in the same group

548 492

723 976

Other short-term receivables within the group

32 540

21 854

Total

581 032

745 831

Liabilities

In NOK 1000

2025

2024

Other short-term liabilities within the group

0

0

Group contributon

23 208

27 151

Total

23 208

27 151

All the subsidiaries are listed in Note 8.

Note 5 - Financial income and expense

In NOK 1000

Finance income

2025

2024

Other finance income

4 792

16

Foreign currency gain

2

0

Gain on realization of shares

0

0

Total finance income

4 794

16

Finance expense

2025

2024

Interest on debts and borrowings

6 136

11 366

Write down of other financial assets

0

4 872

Other finance expense

6 022

4 109

Total finance expense

12 158

20 347

Share-based incentive program for all employees

As of 01.01.2023 The Group implemented a new share-based incentive program for new employees in 2022. Under the program all employees are entitled to a bonus equal to 20% of the annual salary at 31.12.2022. The shares will be allocated to the employees after the three year vesting period, i.e. shortly after 01.01.2026. Under the program the number of shares received is fixed at 01.01.2023. The number of shares equals 20% of the annual salary divided by the share price of Zaptec ASA based on average stock price last 15 days of 2022.

The share portion is accounted for as an equity settled share-based payment program, that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2026). Fair value is measured by using the actual average stock price of the last 15 days of 2022.

Share-based incentive program for management

As of 01.01.2025 The Group implemented a new share-based incentive program for management. The program consist of a share element and a cash element defined by the board on a year-to-year basis. The bonus will be determined based on achievement of certain metrics. One half of the bonus is paid in form of shares, and the other half is in the form of a cash payment. The employee may choose to utilize the cash payment, in whole or in part, to acquire additional shares. If the Employees utilize the cash payment to acquire additional shares, the company will give each employee one share for each additional share acquired by said employee (1:1 matching). All shares acquired by the employee will be valued at market value at the time of acquisition, with a deduction of 15 per cent for the purposes of determining the number of shares which each employee is entitled to receive under the bonus program. The market value of the shares shall be equal to the volume weighted average listed price of the shares in the company during the two-week period prior to the date when the employee elected whether to use the cash payment to acquire additional shares.

Share-based payment expense is charged to the income statements the following amount, where the option program is charged in Zaptec ASA and share-based incentive program is charged in subsidiaries of Zaptec ASA:

In NOK 1000

2025

2024

Share-based incentive program for all employees

5 005

4 711

Share-based incentive program for management

10 016

1 157

Total share based payment expense

15 021

5 868

68

Contents

Parent company financial statements (Zaptec ASA)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Note 6 - Income tax

In NOK 1000

2025

2024

Income tax expense

Current income tax

5 106

5 974

Too much/little allocated previous years

0

0

Changes in deferred tax

-3

49

Total income tax expense (+)/benefit (-)

5 102

6 022

Temporary differences and tax positions

Tangible assets

60

75

Accounts receivables

-177

-177

Provisions

0

0

Total temporary differences and tax positions

-117

-102

Tax losses carried forward

0

0

Basis for deferred tax

-117

-102

Net deferred tax asset

22%

-26

-22

In NOK 1000

2025

2024

Taxable income

Result before tax

23 183

22 439

Permament differences

10

4 933

Change in temporary differences

15

-218

Application of loss to be brought forward

0

0

Group contribution

-23 206

-27 152

Taxable income

0

0

Tax payable in the statement of financial position

Current income tax payable

5 106

5 974

Tax effect on group contribution

-5 106

-5 974

Net tax payable

0

0

In NOK 1000

2025

2024

Reconciliation of effective tax rate

Result before tax

23 183

22 439

Income tax based on applicable tax rate (22%)

22%

5 100

4 937

Tax effect on permanent differences

2

1 085

Too much/to little allocated previous year

0

0

Total income tax expense (+)/benefit (-)

5 102

6 022

Effective tax rate

22,0 %

26,8 %

In NOK 1000

2025

2024

Specification of permanent differences

Other permanent differences

10

4 933

Total permanent differences

10

4 933

69

Contents

Parent company financial statements (Zaptec ASA)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Note 8 - Subsidiaries and investments in shares

Subsidiary

Head office

Currency

Ownership

Carrying amount

Equity

Result

Zaptec Charger AS

Stavanger

NOK

100%

222 393

90 590

-12 230

Zaptec IP AS

Stavanger

NOK

100%

2 849

5 182

935

Zaptec Power AS

Stavanger

NOK

100%

0

5 902

378

Total

225 242

101 673

-10 916

The shares in Zaptec Power AS has been written down to 1 NOK in accordance with "NRS Nedskrivning av anleggsmidler". There is no activity in this company per 31.12.2025.

Note 7 - Equity

In NOK 1000

Share Capital

Treasury Shares

Share premium

Other paid in capital

Other equity

Total equity

Equity 1 January 2024

1 313

-1

646 945

30 187

62 513

740 957

Profit (+)/loss (-) after tax

0

0

0

0

16 417

16 417

Purchase of treasury shares

0

0

0

0

1 125

1 125

Share based payments

0

0

0

5 869

0

5 869

Equity 31 December 2024

1 313

-1

646 945

36 056

80 055

764 367

Profit (+)/loss (-) after tax

0

0

0

0

18 080

18 080

Proposed dividend

0

0

-25 385

-52 988

-96 669

-175 042

Sale of treasury shares

0

1

0

0

-1 467

-1 466

Share based payments

0

0

0

16 932

0

16 932

31 December 2025

1 313

0

621 559

0

0

622 872

The Board of Directors proposes an ordinary dividend of NOK 2.00 per share for 2025, totalling 175 MNOK. As the dividend exceeds the annual result, the excess has been funded from share premium and other paid-in capital. The proposed dividend has been recognised as a current liability at 31 December 2025.

Note 9 - Cash and cash equivalents

Funds standing on the tax deduction account (restricted funds) are NOK 0 at period end.

70

Contents

Parent company financial statements (Zaptec ASA)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Note 10 - Shareholders and shareholders information

Share capital at 31 December:

Number of shares

Face value

Book value

Ordinary shares

87 520 790

0.015

1 312 812

Total

87 520 790

1 312 812

Main shareholders at 31 December:

Number of shares

Ownership interest

Voting rights

Nordnet Bank AB

6 445 751

7,36%

7,36%

Avanza Bank AB

4 656 219

5,32%

5,32%

VERDIPAPIRFONDET DNB SMB

4 304 376

4,92%

4,92%

UBS Switzerland AG

3 712 304

4,24%

4,24%

VPF DNB NORGE SELEKTIV

3 263 045

3,73%

3,73%

MUST INVEST AS

2 591 268

2,96%

2,96%

Kontrari AS

2 500 000

2,86%

2,86%

The Bank of New York Mellon SA/NV

2 477 000

2,83%

2,83%

Morgan Stanley & Co. Int. Plc.

2 414 462

2,76%

2,76%

CLEARSTREAM BANKING S.A.

2 342 711

2,68%

2,68%

Saxo Bank A/S

1 948 516

2,23%

2,23%

Danske Bank A/S

1 875 000

2,14%

2,14%

WALEN

1 847 451

2,11%

2,11%

The Bank of New York Mellon SA/NV

1 760 868

2,01%

2,01%

LABOREMUS INDUSTRIER AS

1 725 000

1,97%

1,97%

The Bank of New York Mellon SA/NV

1 340 962

1,53%

1,53%

State Street Bank and Trust Comp

1 258 386

1,44%

1,44%

ØSTREM INVEST AS

1 173 923

1,34%

1,34%

KBC Bank NV

1 104 393

1,26%

1,26%

Goldman Sachs International

1 091 043

1,25%

1,25%

Others

37 688 112

43,06%

43,06%

Total

87 520 790

100%

100,00%

Name

Position

Numbers of shares

Options

Kurt Østrem

CEO

1 173 923

0

Stig H. Christiansen

Board member

100 000

0

Rune E. Marthinussen

Board member

15 000

0

Karoline Nystrøm

Board member

23 000

0

Knut Braut

CTO

244 362

0

David Stangeland

CSCO

1 645

0

Trude Rekkedal Schulberg

CPO

12 759

0

Eirik Fjellså Hærem

CFO and deputy CEO

159 169

0

Total

1 729 858

0

71

Contents

Parent company financial statements (Zaptec ASA)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Note 11 - Loans and borrowings

In NOK 1000

2025

2024

Short-term loans and borrowings

0

159 971

Guaranties pledges as security

2 500

2 500

Secured in the following assets, book value (from the subsidiary Zaptec Charger AS):

Property, plant and equipment

8 780

13 604

Inventories

174 558

442 791

Trade receivables

43 873

141 823

Total

227 211

598 218

The Group has an undrawn credit facility of 300 MNOK at period end. Interest on drawn credit is based in Norwegian Overnight Weighted Average (“NOWA”) + margin of 1.95% p.a.

The terms are as follows:

- Short term overdraft facility.

- Annual maturity, will be renewed automatically when a credit rating is performed.

The financial covenants are as follows:

-Overdraft shall not exceed 60% of the sum of external trade receivables (not older than 90 days), booked values of projects in progress, and inventory of finished goods. Monthly reporting based on group numbers. Overdraft above this limit will be deemed a breach of covenant.

-The lender shall approve any new owners with controlling influence and/or if the company is taken of the stock exchange.

- IP-rights shall not be transferred or sold between the borrower and/or subsidiaries without approval from the bank.

- The Group's patents and other IP-rights shall not be pledged or in any other way be put as security in advantage for other creditors of the group.

- Cash deposits for the whole Group and available cash liquidity on the credit facility, shall at a minimun be 50 MNOK at each monthly reporting.

- Dividend from Zaptec ASA to be approved by the bank and Eksfin

- The borrower shall not produce coal or sell/produce coal.

- The borrower shall ensure that not any subsidiary are pledging shares or other activa without written approval from the lender.

The Group has complied with all covenants as at, and for the twelve months ended 31 December 2025.

Security:

- First priority pledge in inventory, accounts receivables and machinery/equipment in Zaptec ASA. Face value of 350 MNOK of each pledged item.

- Pledge in inventory, trade receivables and machinery/equipment in Zaptec Charger AS. Face value of 350 MNOK of each pledged item.

Apart from transaction with key management and board members included in Note 7 there are no transactions with related parties.

72

Contents

Parent company financial statements (Zaptec ASA)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Note 12 - Events after the reporting date

No events after reporting date.

Alternative Performance Measures

Zaptec may disclose alternative performance measures as part of its financial reporting as a supplement to the financial statements prepared in accordance with IFRS. Zaptec believes that the alternative performance measures provide useful supplemental information to management, investors, security analysts and other stakeholders and are meant to provide an enhanced insight into the financial development of Zaptec’s business operations and to improve comparability between periods.

Available Liquidity

Cash, cash equivalents, other funds (financial investments) and available overdraft facility. The Group has presented this APM because it considers it to be an important supplemental measure for investors to understand the overall picture of the Group's financial position.

Gross Margin

Gross profit as a percentage of revenues. Gross profit is defined as revenues from contracts with customers less cost of goods sold. The Group has presented this APM because it considers it to be an important supplemental measure for investors to understand the profit generation in the Group's operating activities.

EBITDA

The profit/(loss) for the period before tax expense, finance expense, finance income and depreciation and amortisation expense. The Group has presented this APM because it considers it to be an important supplemental measure for investors to evaluate the operating performance of the Group.

EBITDA Margin

EBITDA as a percentage of revenues. The Group has presented this APM because it considers it to be an important supplemental measure for investors to understand to evaluate the operating performance of the Group.

OPEX

Employee benefit expenses plus other operating expenses

Disclaimer – forward looking statements

Cautionary Statement Regarding Forward-Looking Statements

In addition to historical information, this presentation contains statements relating to our future business and/or results. These statements include certain projections and business trends that are “forward-looking.” All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements preceded by, followed by or that include the words “estimate,” pro forma numbers, “plan,” project,” “forecast,” “intend,” “expect,” “predict,” “anticipate,” “believe,” “think,” “view,” “seek,” “target,” “goal”, “outlook” or similar expressions; any projections of earnings, revenues, expenses, synergies, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations, including integration and any potential restructuring plans; any statements concerning proposed new products, services, developments or industry rankings; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing.

Forward-looking statements do not guarantee future performance and involve risks and uncertainties. Actual results may differ materially from projected results/pro forma results as a result of certain risks and uncertainties. Further information about these risks and uncertainties are set forth in our most recent annual report for the Year ending December 31, 2025. These forward-looking statements are made only as of the date of this press release. We do not undertake any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from Fourth parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies, which are impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

79

Contents

Parent company financial statements (Zaptec ASA)

Update from the CEO

This is Zaptec

2025 in review

Financial Summary

Sustainability

Board of directors report

Financial statements ↓

Consolidate d financial

statement (Group)

Notes to the consolidated

financial statement (Group)

Parent financial

statement (Zaptec ASA)

Notes to the parent financial statement (Zaptec ASA )

Statement by the board of directors and chief executive officer

Pursuant to the Norwegian Securities Trading Act section § 5-5 with pertaining regulations, we hereby confirm that, to the best of our knowledge, the company’s financial statements for the period

1 January to 31 December 2025 have been prepared in accordance with IFRS Accounting Standards, as endorsed by the EU, and in accordance with the requirements for additional information provided for by the Norwegian Accounting Act. The information presented in the financial statements gives a true and fair picture of the company’s liabilities, financial position and results overall. To the best of our knowledge, the Board of Directors’ yearly report, gives a true and fair picture of the development, performance and financial position of the company, and includes a description of the principal risk and uncertainty factors facing the company.

Ingelin Drøpping

Rune Edvin Marthinussen

Stig Harry Christiansen

Chair of the board

Deputy chair of the board

Member of the board

Gunnar Hviding

Karoline Nystrøm

Kurt Østrem

Member of the board

Member of the board

General manager

A green car is parked in front of a house, and a pumpkin is on the driveway.

AI generated content
A black and white image of a logo for Zaptec.

AI generated content

Zaptec ASA

P.O. Box 163

4068 Stavanger, Norway

www.zaptec.com

549300Y5EDWTJNTS8P962025-01-012025-12-31549300Y5EDWTJNTS8P962024-01-012024-12-31549300Y5EDWTJNTS8P962025-12-31549300Y5EDWTJNTS8P962024-12-31549300Y5EDWTJNTS8P962023-12-31549300Y5EDWTJNTS8P962023-12-31ifrs-full:IssuedCapitalMember549300Y5EDWTJNTS8P962024-01-012024-12-31ifrs-full:IssuedCapitalMember549300Y5EDWTJNTS8P962024-12-31ifrs-full:IssuedCapitalMember549300Y5EDWTJNTS8P962023-12-31ifrs-full:TreasurySharesMember549300Y5EDWTJNTS8P962024-01-012024-12-31ifrs-full:TreasurySharesMember549300Y5EDWTJNTS8P962024-12-31ifrs-full:TreasurySharesMember549300Y5EDWTJNTS8P962023-12-31ifrs-full:SharePremiumMember549300Y5EDWTJNTS8P962024-01-012024-12-31ifrs-full:SharePremiumMember549300Y5EDWTJNTS8P962024-12-31ifrs-full:SharePremiumMember549300Y5EDWTJNTS8P962023-12-31ifrs-full:AdditionalPaidinCapitalMember549300Y5EDWTJNTS8P962024-01-012024-12-31ifrs-full:AdditionalPaidinCapitalMember549300Y5EDWTJNTS8P962024-12-31ifrs-full:AdditionalPaidinCapitalMember549300Y5EDWTJNTS8P962023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300Y5EDWTJNTS8P962024-01-012024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300Y5EDWTJNTS8P962024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300Y5EDWTJNTS8P962023-12-31ZAP:RetainedEarningsAndMiscellaneousOtherReservesMember549300Y5EDWTJNTS8P962024-01-012024-12-31ZAP:RetainedEarningsAndMiscellaneousOtherReservesMember549300Y5EDWTJNTS8P962024-12-31ZAP:RetainedEarningsAndMiscellaneousOtherReservesMember549300Y5EDWTJNTS8P962023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300Y5EDWTJNTS8P962024-01-012024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300Y5EDWTJNTS8P962024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300Y5EDWTJNTS8P962023-12-31ifrs-full:NoncontrollingInterestsMember549300Y5EDWTJNTS8P962024-01-012024-12-31ifrs-full:NoncontrollingInterestsMember549300Y5EDWTJNTS8P962024-12-31ifrs-full:NoncontrollingInterestsMember549300Y5EDWTJNTS8P962025-01-012025-12-31ifrs-full:IssuedCapitalMember549300Y5EDWTJNTS8P962025-12-31ifrs-full:IssuedCapitalMember549300Y5EDWTJNTS8P962025-01-012025-12-31ifrs-full:TreasurySharesMember549300Y5EDWTJNTS8P962025-12-31ifrs-full:TreasurySharesMember549300Y5EDWTJNTS8P962025-01-012025-12-31ifrs-full:SharePremiumMember549300Y5EDWTJNTS8P962025-12-31ifrs-full:SharePremiumMember549300Y5EDWTJNTS8P962025-01-012025-12-31ifrs-full:AdditionalPaidinCapitalMember549300Y5EDWTJNTS8P962025-12-31ifrs-full:AdditionalPaidinCapitalMember549300Y5EDWTJNTS8P962025-01-012025-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300Y5EDWTJNTS8P962025-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300Y5EDWTJNTS8P962025-01-012025-12-31ZAP:RetainedEarningsAndMiscellaneousOtherReservesMember549300Y5EDWTJNTS8P962025-12-31ZAP:RetainedEarningsAndMiscellaneousOtherReservesMember549300Y5EDWTJNTS8P962025-01-012025-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300Y5EDWTJNTS8P962025-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300Y5EDWTJNTS8P962025-01-012025-12-31ifrs-full:NoncontrollingInterestsMember549300Y5EDWTJNTS8P962025-12-31ifrs-full:NoncontrollingInterestsMemberiso4217:NOKiso4217:NOKxbrli:shares