Hello, and welcome to Zaptec's third quarter 2026 presentation. The third quarter was another strong quarter for Zaptec. We delivered record revenue and record installation levels while significantly improving profitability and operating leverage. Gross margin improved above 41%. EBITDA nearly tripled year-over-year, and liquidity remained strong. Quarterly order intake was impacted by increased seasonality in customer ordering patterns, and last 12-month order intake and backlog remained strong. I will start with a few highlights before Eirik takes you through the financial performance. The third quarter delivered strong operational and financial progress. Revenue increased 39% to a new record level. Installations reached an all-time high, and EBITDA nearly tripled compared to last year. Gross margin improved despite macro headwinds, while operating leverage continued to strengthen. Overall, we are pleased with the quarter and remain confident in the long-term growth outlook for Zaptec.
Thank you, Kurt. Q3 marked another record quarter for Zaptec, with revenue reaching NOK 512 million. Revenue increased 39% compared to Q3 last year and continues the strong growth trend we've seen over the past several years. Importantly, this growth is supported by strong installation activity and increasing EV adoption across Europe. Quarterly order intake ended at NOK 288 million. Customer ordering patterns continue to evolve, with customers increasingly placing orders earlier and further ahead of delivery. This has increased seasonality, with Q2 and Q4 typically representing the strongest ordering quarters. Importantly, LTM order intake increased 42%, and backlog remained robust at approximately NOK 0.9 billion. Early Q4 order activity is encouraging and consistent with historical seasonal patterns. Our gross margin improved to 41% during the quarter. This reflects our ongoing focus on product design, scale benefits, and supply chain optimization.
We remain committed to maintaining strong gross margins as the business grows. EBITDA reached NOK 60 million in Q3 compared to NOK 21 million in the same quarter last year. In Q3, we delivered an EBITDA margin of 12%. The improvement demonstrates the scalability of our business model, with revenue growth continuing to outpace OpEx growth. Last 12-month EBITDA increased to [NOK 224 million], and we have now delivered around 12% margin on an LTM basis. This reflects the progress we have made in building a profitable and scalable platform while continuing to invest for future growth.
Before returning to Zaptec, let me briefly comment on the market backdrop. The European EV market continued to accelerate during the third quarter. Plug-in vehicle sales increased approximately 42% year-over-year, and today, around 40% of all new vehicles sold in Europe are plug-in vehicles. At the same time, fleet electrification remains at an early stage. While EVs account for a significant share of new vehicle sales, only a small percentage of the total European vehicle fleet has been electrified. This means Europe is still in the early stage of a multi-year transition from combustion vehicles to electric vehicles. As the installed EV fleet continues to grow, demand for home, workplace, and destination charging infrastructure is expected to grow alongside it. For Zaptec, this creates a large and expanding addressable market, supported by structural growth drivers that we can expect to remain in place for many years to come.
Our core market continued to perform well during the quarter. Benelux delivered particularly strong growth, while we maintained our leading position in Norway and Sweden. These markets form the foundation of Zaptec's business and continue to generate attractive growth and profitability. Installation reached another all-time high during the third quarter. The last 12 months average now exceeds 25,000 installations per month, confirming continued strength in end-customer demand across our markets. Installation remains one of our most important leading indicators, and the trend continues to be very encouraging. A major milestone during the quarter was the start of production in Hungary. We now have manufacturing established across three sites. This scalable and resilient manufacturing footprint increases capacity, strengthens supply chain flexibility, and supports long-term efficiency improvements. Innovation remains a key competitive advantage for Zaptec.
During the quarter, Zaptec Go 2 achieved important product milestones, including French approval and readiness for upcoming AFIR requirements. We also expanded our ecosystem through new integration and partnerships, strengthening our position across energy, utility, and fleet management channels. Germany remains one of Zaptec's most important long-term growth opportunities. Revenue approximately doubled year-over-year during the third quarter, significantly outpacing market growth. Our expanding installer and distribution network continues to support increased market penetration. Performance in France was stable during the quarter. Importantly, approval of the French Zaptec Go 2 variant expands our addressable market by opening the single-family home segment from the fourth quarter onward. We believe this provides a stronger platform for future growth in France. Performance in the U.K. remained below expectation during the quarter, with revenue declining 43% year-over-year.
We have strengthened leadership, launched improvement initiatives, and initiated a comprehensive review of commercial execution and go-to-market activities in U.K. The U.K. remains an attractive long-term growth market, and turnaround actions are underway.
Our operating leverage continues to improve. Revenue growth continues to outpace OpEx growth, resulting in lower OpEx as a percentage of revenue. This demonstrates the scalability of the platform as we continue to grow. Inventory increased modestly during the quarter as we began rebuilding inventory levels following strong demand and inventory drawdowns earlier in the year. Inventory remains below our long-term target range, and we expect further normalization as production ramps up. We ended the quarter with available liquidity of NOK 735 million. Liquidity increased during Q3, reflecting continued strong cash generation and disciplined working capital management. Our strong financial position provides significant flexibility to invest in R&D and growth while maintaining a robust balance sheet.
To summarize why we continue to be confident in Zaptec's position, we hold a leading position in the European AC charging market. We continue to gain market share, supported by a strong brand, leading technology, and close relationships with installers and distribution partners. Combined with a strong balance sheet and growing profitability, this provides a solid platform for long-term growth. Looking ahead, market indicators remain positive. European EV adoption continues to accelerate. Installations remain strong, and our backlog provides visibility into future growth for Zaptec. Our priorities remain unchanged: strengthening leadership in core markets, scaling in larger European markets, accelerating innovation and integration, and maintaining strong profitability as the business grows. To conclude, the third quarter was another strong record quarter for Zaptec. We delivered record revenue, record installation, improved gross margins, strong EBITDA growth, and continued operating leverage.
The European EV market continues to accelerate, and Zaptec remains well-positioned to capture the long-term growth opportunity ahead. Thank you for your continued interest in Zaptec, and thank you for watching.