More than a Q2 beat

研报英文原文证据摘录

More than a Q2 beat

Equity Research - 2 July 2026 21:21 CEST

Reason: Preview of resultsZaptec

• BUY ahead of Q2; we expect a strong print, 4–6% above cons.

• Zaptec's pricing edge fuels European expansion

• BUY, TP NOK 60 (50), implying '27e EV/EBIT ~18x Renewable Energy

Q2 beat expected Estimate changes (%)

We would buy ahead of Q2, expecting another strong report. We forecast 2026e 2027e 2028e

sales of NOK 467m, up 22% y-o-y, driven by continued Nordic strength Sales 0.0 2.1 2.1

and rapid growth in newer markets including the Netherlands and France, EBIT 0.0 2.9 2.9

as well as the UK and Germany. In Germany, the new Sonepar partnership EPS 0.0 2.9 2.8

Source: ABG Sundal Collier

should materially improve distribution reach and market access for H2'26.

We expect gross margin of 42.0%, up 1.4pp y/y, and Q2 EBIT and EPS of ZAP-NO/ZAP NO

NOK 55m and NOK 0.55, respectively, 4–6% above FactSet consensus. Share price (NOK) 1/7/2026 46.95

Target price (50.00) 60.00

Winning on price, gaining share

The European EV market remains strong, with sales expected to grow

by ~30% in 2026, underpinned by long-term structural growth drivers. MCap (NOKm) 4,109

Against this backdrop, Zaptec has established itself as one of Europe's MCap (EURm) 364

leading home-charging providers, with an estimated ~11% market share. No. of shares (m) 87.5

We argue that Zaptec's position is set to strengthen further, supported by Free float (%) 76.7

our European competitive review, which shows that Zaptec Go is priced Av. daily volume (k) 333

~20% (EUR 200) below comparable chargers on average. We believe

this compelling value proposition is a key reason behind Zaptec's success

Next event Q2 report 19 August 2026in new markets and its ability to consistently outperform peers on sales

growth.