Welcome to this first, or rather fourth quarter financial results for Zaptec. Today, myself, Peter Bardenfleth-Hansen, CEO of Zaptec, as well as our CFO, Kurt Østrem, will be presenting our financial results for Q4. It's been a fantastic year for us here at Zaptec. 2022, of course, had its ups and downs, but for us, it was a fantastic year where we have shaped ourselves up for an even more fantastic journey as we go into the new years of 2023 and 2024. It's also, this is the first quarter report as a ASA, means that we have now up-listed to the main exchange, which we did in December. This has been a huge milestone for Zaptec.
In order to ensure that we are continuing to stay at the very forefront of technology, we have some exciting news to be sharing with you this morning on, I would call it a game changer when it comes to IP and patents. Without further ado, we will jump straight into it. Our agenda for this morning is a summary of Q4. We'll do an operational update and the 2023 strategy, and then we'll be looking at the financial performances and outlook as we go into Q4 and beyond that. Again, exceedingly excited this morning. We have some fantastic news to share with you guys. Firstly, we'll do a very quick outlook on this.
I'm not gonna dwell too much on these numbers because Kurt will be taking you a little bit meticulously through them later on in the presentation. Suffice to say that our revenue is increasing by 29% year-on-year. Has to be says here that the Q4 2021 was an extremely extraordinary strong one, so the fact that we are growing on top of that is in itself a milestone. Our order intake, 85% on last Q4 2021, and our international share remains high, again, 11% higher than last year. Our gross margins could have been stronger, but they're still very strong. We are pretty confident that you're gonna see even better numbers as we go into the full year.
These numbers we will be sending out in April for the year on the full year of 2022 numbers. Our story is one of continued growth. Our trajectory, well, speaks for itself, goes only one way. 55% year-on-year growth in our revenue, and this will continue.
This is just warming up for 2023, and we are pretty bullish that those numbers are even gonna be higher as we go into the next year. Q4 of 2022 again, plays straight into our growth story, and this will continue. Most of the growth, as we could see in the numbers before, is within our international growth. We have been investing a lot of money, and of course, that is also being mirrored in the numbers today.
A lot of money has been invested into our new markets, specifically U.K., Germany, and France and Benelux. Our more established countries such as, of course, Norway, home market, Sweden, Denmark, as well as Switzerland, has also been meeting or seeing a lot of growth in our team sizes. We have placed further distributors across Europe here under Spain and Italy. We are continuing our potential look for strategical partners as we go into the U.S. This is something that we are very focused on and specifically ensuring that our international sales will continue to follow this trajectory that we're on. Other highlights.
This is probably the most exciting slide of everything that we are showing you guys this morning. This is the fact that we have now been informed by the European Patent Office that our patent for phase balancing technology will be approved for the European continent. We've had it as a pending for a number of years. It's been granted in China and Japan. We have, of course, been crossing our fingers to ensure that we could get the phase balancing approved for the European continent as well. This was granted in December. We just cannot get our arms down because this is a major achievement. This sets Zaptec completely apart from everybody else out there who are working on AC charging.
This puts us into a league of our own and again underlines the fact that Zaptec is at the very forefront of technology. We have further in relation to the Q4, and this plays into all the other parts of this phase-balancing information we're sharing with you. It plays into the momentum that we have in the U.K., for instance, where we are signing many big contracts. We've now signed six of the largest home builders, which basically ensures that we have a very strong foothold on the U.K. market. This has of course been one of the big issues in 2022. We needed to ensure that we could finalize all the compliance requirements for the U.K. markets. They were changing them almost as quickly as they were changing their prime ministers.
It was a very big result that we could report that in Q4 2022 that now we were fully compliant with all the U.K. requirements and production started at the end of the year, with also the first deliveries taking place in the beginning of 2023. Of course, as I alluded earlier, the fact that we did our up-listing, which is a fantastic thing.
Of course, this also comes at a price, and I'm sure Kurt will tell you guys a little bit later when we do the financials that has an impact on the OpEx for that quarter. Nonetheless, the overall story of up-listing is a positive one. It really sets us onto a different stage and broadens our potential for new investors.
In summary, I mean, growth story 55% up, I basically cannot get my arms down. I'm very happy about this, but I'm more, and, as you guys can hear in my voice, so happy about our European Patent, something that we've been working on for a number of years, and this has finally been granted to us.
We've been doing a lot of front-loading in relation to investments into our subsidiaries, ensuring that we're getting compliant, ensuring that we are making our MID compliances ready for the European markets hereunder, and specifically the German market, the French market, and also the Benelux area to ensure that we are ready to take on 2023.
This, of course, is something that has been a cost in the year, but again, I have to underline it's front-loading. It's getting the whole company ready to rocket ship into the future. We have a very positive outlook also, and with that, of course, a positive outlook in our gross margins increased. We have set increased pricing for our products, which were set to be effectuated on February 1, 2023. That, I can say that now that we're in the middle of February 2023, I can say that this has been effectuated. This is of course a Q4 report.
In relation to our EBITDA margins, we are also looking to ensure that this will increase considerably as we go into the new year. For an operational update and our strategy. This again is very important for us. This is a strategic look at where we are when it comes to safety. I have to underline that we are safety without compromise is everything that we do for Zaptec basically. We are fully compliant in IEC standards. I think it's important to note that this is important. There's been a lot of focus on this. It's the elephant in the room, if you like, specifically because the Swedish authorities have been looking into this recently.
I'd like to underline that Zaptec Go is a NAF-approved test winner. This means that we have gone through all the safety aspects and came out best in test in relation to this. The Swedish safety authorities have successfully completed technical review and testing of Zaptec Go, I can thankfully and happily report, not that that was a surprise to me, that we went through this with flying colors as one of only two that went through that eye of the needle. Again, it doesn't surprise me because we use the TÜV SÜD to test all our products. It is one of the most prestigious certification agencies.
We also, on top of that, ensure that we do another two years of guarantee on our products because we feel safe in the knowledge that everything that we make has a high quality. Again, it works with our unique patented dynamic phase balancing technology, and I am again so happy that this is no longer pending, but actually being granted. In relation to our 2023 focus, again, wide-scale international expansion.
We spent the first couple of years, 2017- 2020, developing our products, ensuring that it was calibrated to what our customers wanted. We built this in a collaboration with electricians to ensure that this was something that worked and was market compliant. In 2021, 2022, we had enormous growth.
We also launched the Zaptec Go for the home markets, and we started our expansion internationally, started to the closer ones such as the Scandinavian Nordic markets, and also Switzerland. Here in 2023, as we go forward, we're doing almost a full-on European rollout. Of course, this is also going to be significant impact onto our revenue as we go into that new year. These slides are quite important because again, in relation to the maps that we just looked at before, the pool of which we're fishing in has suddenly become a lot bigger. As you guys can see in 2020, we were fishing in something that was below quarter of a million EV vehicles registrations.
That in 2022 was 287. Now that we're going into bigger markets where we include Sweden, Switzerland, Denmark and Iceland, it's almost twice that. We're going up to 413,000 and then quadrupling this as we go into France, U.K. and Germany with 1.8 million EVs being registered in last year alone. This number of course will increase significantly. Our numbers tell us that this will grow by at least 25% into 2023, and we definitely expect to be getting a slice of this as we move into new markets.
More importantly, when we look at the sort of grander effects of these mega trends that are going on that we're playing into, it's important to note that the number of registered vehicles on the whole European market in which we are now going to be addressing here in 2023 is over 7 million cars. You can say, well, you know, if these are not all EVs, but they will be soon. That's the whole point of this slide.
here, and I'm sure you guys are all aware of what's going on on the European Association as well, and yesterday the European Parliament actually formally made a new law to ensure that all ICE vehicles will be banned by 2035, sorry. But already by 2030, 55% reductions have to be met in relation to CO2 emissions on 2021 numbers. So this is all pushing into the need to have even more EVs on the road and of course, more EVs mean a lot stronger and harder focus on infrastructure buildout, which is exactly where Zaptec fits in. So these are exciting numbers.
These are the numbers that are the foundation for our company, and they are growing significantly just like we are as a company. When we look at these observations, we can say that when we look at the way that we have been developing in our home market, Norway, where we can see where we are as a market leader, we could say that in the beginning, and this is only a few years ago, the adoption was maybe 3% or 4%, which is similar to where many of the European markets are right now. Very, very quickly this has grown.
Over 20% of new vehicles, or sorry, vehicles in total are already EVs in Norway with all new car sales, being somewhere between 85% and 90% EV, or they're all plug-in vehicles. We're expecting the same thing to happen here in the rest of the European markets. Again, playing into the numbers that we looked at before. On top of this, all automakers are being even more aggressive in relation to putting on new models into the markets.
Again, growing the infrastructure to ensure that this is happening. We can see that with the recent price reductions here under, for instance, Tesla, this has put even more pressure on these OEMs to put out even cheaper and more vehicles on the road.
It's also becoming quite apparent that EVs are becoming quite price competitive comparatively to ICE vehicles on the road. Although 2021, 2022 and specifically 2022 has seen some bumps on the road in relation to purchase and the numbers that have been coming out, there is no doubt that this is exactly what I just now used the word for, bumps. We are expecting that this will continue at a very strong high trajectory as we move into 2023 and 2024. Again, playing into the mega trend that we described earlier. I'll pass this over to Kurt.
Yes. When we look at the OpEx for 2022, you will see that in 2022 we have invested heavily in new subsidiaries and technical developments to get compliance in new markets. Our headcount almost doubled in 2022, and now 20% of our staff is in early stage target markets. Tech development often take more time than expected to ensure safety and high quality.
Therefore, we have got this front loading of OpEx in new markets in 2022. However, this has given us technology that ensures compliance in each market. We have also got an organization which gives employees and all the infrastructure so we can handle the growth. We are therefore well prepared to handle high sales growth in 2023.
To do that with limited increase in cost, and that's very important.
Now I'll just spend some minutes going over some of our main and up-and-coming markets. I'd like to talk about U.K. to begin with. As I mentioned earlier, this has been one of the markets with a lot of compliance regulations that we needed to meet. I'm happy to announce, as I did earlier, that we're now fully compliant. There are not that many of our competitors that are fully compliant with this market yet.
This has become quite apparent with the number of contracts that we're being able to sign, specifically in relation to the home builder market, where we've now signed 6 of the 10 largest home builders, with significant volume contracts over the next 2-3 years. On top of this, we're also continuing strategic partnership opportunities, which are ongoing.
These are the discussions that we've started in Q4 and where we are definitely looking at even higher potential for this market. I'd like to say that we have, along with the fact that we now launched our products in the U.K., we've also launched our U.K. payment solution, which is the Zaptec Park solution. Our team is extremely strong.
Again, we front-loaded the whole team throughout 2022, with 16 full-time employees, all very, very focused on delivering on numbers. We can definitely tell that with our production that started end of Q4, that these products that have been produced for the U.K. market are already being torn off the shelves. Next is Germany. We're still working on our MID certification. We're expecting this to be finished by end of Q1 2023. We have in the meantime, ensured that we have a very strong organization in place by Q4 2022.
We had seven full-time employees. On top of that, we are leveraging our Swiss organization, which again is one of our most successful parts of Zaptec. Therefore of course, being able to leverage their knowledge into the market is also very, very helpful. Again, our distributions in Germany will be through wholesalers as well. We are getting a full focus on ensuring that we get contracts similar to what we've done in the U.K. as we go into the new year. Benelux, again, at the end of second half of 2022 and also in Q4, we recruited a very, very strong organization.
We are already present with over 2,000 chargers being sold already in 2022 in this market, so we are definitely not starting from scratch, but now we are getting ready for significant numbers as we go into the new year.
Again, the need for MID certification for the more B2B market is one of the requirements. Again, as mentioned before, this is something that we're expecting to have in place by the end of Q1, 2023. The potential in Benelux area is enormous, as well as it is in Germany, as mentioned earlier. Specifically now that we're talking MID certification, this is also very much the foundation for the French market.
On top of the French market, we also need some technical compliances, which I'm happy to announce that we have now finalized, and we're ready to go into production once our MID certification is ready. We also have an organization in place right now. We have three full-time employees, but we're getting ready to further ramp up the numbers as the compliances fall into place for this market. Over the years, we have now installed a cumulative of 120,000 new chargers. This of course tells a very clear story that is similar to the rest of what we've been looking at, i.e., a very steep upward going trajectory. We are again, playing very much into this mega trend.
We also are and will continue to focus on recurring revenue, specifically from our payment solutions in Charge 365, which we use in Norway, and Zaptec Park, which we use in all our other subsidiaries across Europe. As we go further into the new year, Also I'd like to say some of the significant investments that we made in 2022 and not least in the second half, is very focused on solar integration, Plug & Charge, and vehicle-to-grid. This is an area that we as a company will also excel in.
We have a specific task force set to ensure that we will continue to be at the very forefront of technology, specifically with these parts-Also, although these are often being mentioned as being unanimous with DC charging, we also have a solution where we can use AC charging, which again, is first in class. We have recently shown Plug & Charge abilities on AC chargers, both in at an event in Berlin in 2022 and also here in 2023 in Stockholm. Without further ado, we will now go into financial performance and outlook, which Kurt will be taking.
Yes. Look at the gross margin in the Q4, it was 38%. This ensures a gross margin of 41% as we expected for the whole 2022. This is due to stable production cost despite an unstable market when it comes to supply and supply chain. Also due to strong sales of Zaptec Pro, which held a strong gross margin. The development of the gross margin in 2023 looks even better since we have increased our price in all our markets from 1st of February, and at the same time managed to reduce components costs in our production. We expect to maintain our prices in the coming year, and it should therefore be possible to increase the gross margin in 2023.
I will say that the OpEx in 2022 reflects Zaptec's business as a growth company. We have spent 44 million NOK on building the organization and done marketing in new markets without significant sales in these markets in 2022. We have also spent 14 million NOK in one-off cost related to the uplisting to Oslo Stock Exchange main list in the fourth quarter. In our opinion, everything is now in place for us to increase the EBITDA in 2023 with entry into these new markets with a strong margin and at the current OpEx.
Concluding remarks here. We are continuing our growth story, and this is backed by the EV transition mega-trend. This mega-trend, as discussed earlier, is being even more enforced by the likes of the European Parliament's new regulatory that were placed just yesterday. Again, these are mega-trends that have been going on for a number of years and are definitely not looking to, in any way, to be slowing down. Quite the opposite. The same can be said for Zaptec and our growth story. Of course, the investments into our subsidiaries and front-loading, as just described by Kurt, will help us to grow even quicker into Europe, and we will be doing this with large scale.
Again, one of my most exciting things today, our European patent for dynamic phase balancing will set and has set a significant milestone for our company and specifically setting us apart from all of our competitors out there. Positive momentum in U.K., we're seeing huge numbers coming in, and we are very bullish on the positive markets uplift that we're gonna be seeing from this market and not least from the other European major markets as our MID compliances will unlock these markets and segments in major of these markets that we're going into. As mentioned by Kurt, and I will mention this again, with this increase, with this rocket ship, we will expect that our positive outlook for the growth margin will hold true.
And our EBITDA, of course, will follow this, as we focus on costs and also, as mentioned earlier, the even more focus on ensuring that we are going forward and being very precise on our pricing and ensuring that we will keep this in place. All in all, a fantastic end of 2022 and even more fantastic view into the future and specifically with our phase balancing, specifically with fully compliances in all markets that we're touching into. And of course, MID to come for the German, French and Benelux will be a significant secondary milestone as we look into new markets that we are opening up. A growth story with full trajectory.
Again, very excited both for Q4 and specifically for 2023 and 2024 as we go on. Thank you very much. We're now getting ready to take questions that you may have. I'll be reading these questions out and then Kurt and I will be sharing these either whether it's me or Kurt who will be answering these. The first question is, could you give us some color on the OPEX, more specifically on non-payroll related expenditure, with reference to investments in the international markets?
Yes.
Um.
Of course, our biggest OPEX is the payroll, of course, and especially building up the organization in these new markets. Another major increase in OPEX is the marketing. We have spent a lot more on marketing in a bigger area, of course, than earlier. When the revenue is postponed due to the lack of compliance, we get this picture that the upfront and get the OPEX too high compared to the sales in the Q4.
Your order backlog and inventory increased in Q4. Can you comment on the production capacity and conversion from inventory to sales?
Yes. That's right. We are planning to increase the inventory for both of our products, because that had been a huge challenge for us earlier. In Q4, when the market was a bit slow, we thought that this may be a challenge. Now we see that we are very happy that we have built this inventory, and we hope that we can keep the order backlog as low as possible so we can be able to deliver quickly to our customers. We are very pleased with our inventory level now.
When it come to production capacity, as mentioned earlier, quarters, we have doubled the production capacity with our supplier Westcontrol in Norway, as they have built a new plant and invested in new production line. We have started up in Germany with Sanmina, and they are in full production now as planned. So the production capacity is huge. We hope to proceed as we have started in 2023 with high volume on production, but also sales, so the inventory is in a decent level.
Yeah. Just to add a last comment to that is, of course, one of the major reasons for ensuring that we have inventory in place is also to help to alleviate such challenges as we had in April 2022, when component shortages stopped production, and thereby also stoppe our ability to do deliveries to customers. Of course, we don't wanna get into that kind of situation again, and therefore, also one of the reasons why we are being quite focused on building up some inventory to sustain such problems if they should arise again in any time in the future.
So.
We have a question. Could you also.
Yeah.
Could you also add some more color on the supply capacity situation and your thoughts on availability in 2023? Well, I can definitely say that for the time being, it all looks extremely good. We have all our contracts in place well into 23, and we do not foresee any problems in relation to our supply chain in any way. Of course, curve balls can be thrown, so you never know in relation to geopolitical situations and so forth. But we remain bullish, and we certainly, on a contractual level, have ensured that we are in a good place. Please talk about competition. Do you see others, other players going Europe, and which ones could would this be?
Which one would be those? Well, I think most of our competition out there are European players in one way or another. I don't think we in any way align ourselves when it comes to a competitive let's say alignment without them also being European players. We often align ourselves with the likes of Easee or Alfen, ABB, or it could be Wallbox.
These, of course, are all European players whom are very present in most of the European markets. Again, we feel that we, to date, have been very competitive, specifically because of our focus on safety, on quality, and we've also been very competitive on pricing.
Now with our new patent that's coming through, of course, this gives us an even stronger USP, specifically when it comes to the load balancing, phase balancing, that ensures and gives us the ability to play into the need for building out infrastructure quicker, even in locations where there is not much electricity available. That's exactly what our phase balancing technology can alleviate and thereby, of course, being a very strong USP. Can you give some details about the ongoing German charger approval process? My understanding is that both the charger and the production process need to approve. What is the status here? Do you wanna say something on this, Kurt?
Yes. This have taken longer time than we expected, and had dragged out in time. Now, we are happy to say that we are very near to complete this approval. We expect the charger to be approved in few days we are finished, and then we are waiting for the certificate. The production process will also be finished in few weeks. Within the end of Q1, we will have then this in place. That's for certain.
Can you comment on your financial situation and financial needs? Do you need to raise new equity?
Yes. This is an ongoing task that we are working with all the time. We have different ways to solve this need. New equity is one of the alternative. Of course, we are also working with the bank. We are also working with other way to finance or receivables and or debt. This is an ongoing process. We will make sure to raise the capital or the loans that are needed to continue our growth.
Yeah. Just to underline what Kurt says, this is, again, we are very focused on ensuring a very strong trajectory of growth both in 2023 and 2024. Of course, this does have a cost, and we are ensuring that we have that capital to keep that momentum as we go into the new year and the years beyond. Please talk about your technology and technological roadmap. In the past, you were talking about adding some DC products for home use. Is this still the wish? What about AC, what can we expect going forward? All right, if we take the AC first. AC is as I mentioned during our presentation, is something that we have been very focused on.
In 2022 we did a strategic investment, small but all by being very focused investment into a company called Switch EV, where the specific intention there is to keep developing what is called vehicle-to-grid, Plug & Charge through the new ISO certification 15118, which is a platform that basically sets up the protocol for communication between the chargers and the vehicles. This is also one that very clearly defines the need for vehicle-to-grid as well as Plug & Charge and many other aspects, OCPP 2.0, amongst other things. These are again parts that have to date not really been usable in AC chargers.
We have actually made this by embedding new software into our probes that we expect we will be launching later this year. Again, putting AC chargers at the very, very forefront of technology. This is an area where our research and development teams will continue to work on. In relation to your question on DC, yes, DC is still very much something that we are planning to in one way or another to be part of our growth strategy as we move into 2023, 2024. However, we're still at a stage where we're doing research and development, and so we haven't got a product that I can give you a specific date as to when this will be launched.
This has been something that we as a company actually have been working on for a number of years. In the last year, we have been very focused, our tech team has been very focused on the compliance regulative requirements across Europe and ensuring that we don't lose any momentum in relation to our market development across the European markets. Therefore, of course, this is where our main focus areas have been when you put this up against the need for a DC charger.
We still believe that this is an area that we want to be strong in, but we have decided, as mentioned, to ensure that our compliance is, our safety is in place, and continuing to ensure that our AC chargers, our main product, are at the very forefront of the technology, both in relation to, as mentioned, ISO 15118, as well as also being compliant on all the other issues that we have mentioned earlier. Your closest competitors are seeing some challenges in Sweden. How is this affecting you? Have you seen higher interest for your chargers from new distributors? The answer is yes. We of course are sorry to see that some of our competitors are having some challenges.
Of course, One door closes for somebody, or there's somebody else. Of
Okay. Seems like we have some technical challenge. You are back, Peter?
Yes. Sorry, I think I fell out there. Yeah, in relation to our Swedish challenges on the Swedish market, yes, again, it is affecting us in a positive way. As mentioned before, we're fully compliant. We also had a product that went through the Swedish authorities. We passed with flying colors. Of course that has to be seen in the light that somebody else did not pass. Naturally, as a distributor, one would perhaps focus your attention to those who passed the tests. Naturally we expect that this will give some positive news in relation to contracts as we go into the new year. We're very bullish on that. Again, I would like to say that this.
I wouldn't say it's not surprising for us. What I would like to say is that Zaptec has, as part of our DNA, been very focused on ensuring that everything we do is safety related, and we've always gone that extra mile to ensure that perhaps some things took longer time to develop and perhaps we went through the safety regulations with even more meticulous eye for what they were requiring. This is now paying off very clearly.
I want to add on that, this have a positive impact for us, not only in Sweden, but in all our markets.
Okay. You talk about positive momentum in U.K. How are you now, how sure are you that you'll be able to succeed in the U.K. and deliver strong growth in 2023 and onwards? As mentioned in our presentation, we have some contracts that have been that are very solid. They are significant volume numbers, and they're not just for this quarter. They actually go way into 2023, 2024, and actually 2025 in some cases, and thereby ensure that we can continue growing in the U.K. market. I can also allude that, as mentioned earlier, in Q4, we started discussions on potential further volume numbers, which we're still working on.
I believe, and I feel very bullish in relation to the U.K. market, more so than almost any other markets that we are looking at, specifically when it comes to being able to show very quick results because we are already manufacturing, we're already delivering, we have already established a U.K. warehouse, which we're filling with U.K. products. Therefore we are again very, very bullish on this market, and see absolutely no clouds in the way for this market. Question. Can you expand a bit on the statement from the Q4 report, total current purchase obligations of EV chargers from Westcontrol and Sanmina amounts to 88, or 888 million NOK, from January 2023 to end of 2023.
A significant portion of the committed production may be postponed to 2024 based on quarterly updated forecasts.
Well, this gives us the opportunity to postpone production to help us with the working capital if needed. I have to say in light of the latest news about our competitor and so on, it's more likely that we will increase the production in 2023 than postpone it. This is not so relevant as the situation that we see today.
Can you elaborate on the current sales in Q1? In general, EV sales seem to be at an all-time high share of new cars. Yes, we can say a little bit about it. I'm not gonna divulge any numbers, but I can definitely say that we are seeing positive effects on our compliances from 2022 and the front-loaded investments that we've done into our markets in 2022 are paying off in this new quarter.
As mentioned, the fact that there's been an even more focus on the need for safety when it comes to chargers, something that has for, thankfully, for a number of years been completely aligned with the need, what Zaptec has been producing, of course, again is paying off in relation to what customers are looking for out there.
Of course that, again, is giving us a very-Fantastic rocket ship start into 2023. The positive news continues and our trajectory continues as we go into the new year. Based on note 10, it seems like you are planning for 2023 sales of NOK 1.5 billion. How good visibility do you have for 2023 sales?
Well, I can say that when it comes to production and planning, we are able to change this as we have in the last question. We can postpone or we can increase the production orders. That's like the, we cannot do so much for the next three months, and then we can change it more after three months, and after six months, we can increase or postpone. We are in position to increase this volume as we're going on and as we see the sales up ramp in 2023.
How is the bonus program plans for 2023, specifically probably impacting OpEx costs?
The bonus program for 2023 is not settled yet. Our plans, our budget, it's included this. We are very optimistic when it comes to our target for increase in EBITDA also after the bonus.
Right. I think these were the last questions. Again, I'd like to thank you all for joining us today, this morning. Wanna leave you with the fact that Zaptec is at the very top of a mega trend wave that's rolling not only across Europe, but most of the Western world and also Eastern for that matter. Something that we are playing into. We are front-loading and have front-loaded our whole organization for this growth, so we're ready to go even faster into the new year.
Again, we had this huge milestone when it comes to ensuring that our IP and patents are at the very forefront of technology, and ensures to put Zaptec into a league of its own when it comes to being the go-to AC charger manufacturer anywhere in the world, not just Scandinavia, not just Europe, but actually globally. Thank you very much for listening in this morning.
Thank you.