Hello, and welcome to Zaptec's second quarter 2026 presentation. The second quarter was another strong quarter for Zaptec. We delivered record revenue, record EBITDA, record installation levels, and record order intake. At the same time, we maintained gross margins above 40%, generated strong cash flow, and further strengthened our position in key European markets. I will start with a few highlights before Eirik takes you through the financial performance. The quarter was strong across most areas of the business. Revenue increased 32%, while the order intake almost doubled compared to second quarter last year. Installation rates reached new record levels, showing strong underlying demands for Zaptec products. We also maintained our market leadership in core regions and saw continued progress in major European markets. Overall, we are pleased with the development and believe the second quarter supports a positive outlook going forward.
Thank you, Kurt. Q2 was our highest revenue quarter ever. Revenue reached NOK 506 million , which is 32% higher than last year. More importantly, the growth is supported by strong underlying demand. Our order intake increased 94%, ending the quarter at NOK 894 million. The order book exceeded NOK 1.1 billion at the end of the quarter, providing good visibility for future revenue. Gross margin remained above 40%. The quarter was impacted by a stronger NOK and component-related cost pressures. Despite this, gross margin remained resilient at 40.7%. Going forward, we continue to focus on design improvements, scale efficiencies, and product optimization. The EBITDA reached NOK 69 million in Q2, corresponding to a margin of 14%. Profitability continues to improve as revenue grows faster than OpEx. Our business model is demonstrating increasing scalability as volumes continue to increase. The LTM EBITDA increased to NOK 185 million .
We have now achieved double-digit EBITDA margins on an LTM basis. Again, this demonstrates the progress that Zaptec has made over the last few years in building a profitable and scalable platform.
Before returning to Zaptec, let's briefly look at the market. The European EV market continued to grow strongly during the second quarter. Plug-in vehicle sales increased around 35% compared to the same quarter last year. Growth was particularly strong in large European markets such as France, Germany, and the U.K. This supports our view that Europe continues to move toward mass EV adoption. While the market is growing, what is most important to us is our position within that market. For the second consecutive year, Zaptec was ranked as Europe's leading AC charging provider, according to LCP Delta. We believe this reflects the strength of our products, our installer network, and our long-term investment in technology and innovation. One of the metrics we monitor most closely is installations. Installations increased 45% compared to last year and reached a new record level.
In June alone, approximately 1,000 Zaptec chargers were installed every day, seven days a week. This is an important indicator because installations reflect actual usage and customer demand across our markets. To support future growth, we continue to expand our manufacturing footprint. Production in Hungary is expected to start during the third quarter. The new production line increases available capacity while supporting long-term cost efficiencies. Together with our existing facilities, this strengthens our ability to support future growth across Europe. Technology remains central to our strategy. We continue to invest in innovation, software, connectivity, and integration. As the EV market evolves, charging solutions become increasingly connected to vehicles, energy system, and the related services. We believe continued innovation is important to maintain our competitive position over time. One of our strategic priorities is continued growth in Europe's largest EV markets.
Revenue in our Tier 1 markets, Germany, France, and the U.K., increased 32% compared to last year. We continue to see significant growth opportunities going forward. We are encouraged by the strong momentum in Germany, despite project delays in the U.K. and France during the quarter.
Another important focus area is cash generation. The business continues to scale efficiently. OpEx as share of revenue continued to decline over time. At the same time, we maintain a strong balance sheet and healthy liquidity. During the quarter, shareholders received a dividend payment of NOK 175 million, equivalent to NOK 2 per share. Even after this distribution, liquidity remains strong at the end of Q2, following over NOK 100 million in cash flow.
Before we conclude, let me summarize why we believe Zaptec continues to perform well. We are Europe's leading AC charging brand. We see record installation growth and strong momentum in key markets. Benelux is emerging as an increasingly important growth engine. We continue to expand in Europe's largest EV markets. We benefit from strong relationships with installers and distribution partners, resulting in high levels of repeat business. Finally, we combine technology leadership with a strong balance sheet and the ability to invest for future growth. Looking ahead, we see continued positive market development. EV adoption continues to increase across Europe. Our order book provides visibility for future growth, and we expect further benefits from operating leverage as the business scales. Our priorities remain unchanged. We will continue to grow in Tier 1 markets, invest in innovation and integration, and maintain strong gross margins through design and scale efficiency.
To conclude, the second quarter was another record quarter for Zaptec. Revenue, EBITDA, installations, and order intake all reached new heights. We strengthened our market position, maintained healthy margins, and delivered strong cash generation. Thank you for your continued interest in Zaptec, and thank you for watching.