VASRO has published an update report on Zaptec ASA (Oslo Børs: ZAP) following its results for the third quarter, reported on 4 November 2026.
Revenue rose 39% to a record NOK 512m and EBITDA reached NOK 60m from NOK 21m, as running costs fell to 29% of revenue from 34%. The gross margin came in at 41.2%, up from 40.7% in the second quarter.
Order intake of NOK 288m was 13% below the third quarter of 2025. The third quarter has been Zaptec's lowest order quarter in each of the last four years, and this year customers ordered earlier: second-quarter orders nearly doubled, and the second and third quarters together rose 49%. VASRO expects fourth-quarter orders of about NOK 850m, against NOK 645m a year earlier.
VASRO raises its 2026 revenue estimate by 5.0% to NOK 2,073m and its earnings per share to NOK 1.89 for 2026 and NOK 2.66 for 2027. At NOK 58.30, the share price assumes Zaptec grows 1.9% a year for ever, about half the 3.5% in VASRO's value.
VASRO reiterates its BUY recommendation with a target price of NOK 79, up from NOK 72.
Read the full report (PDF): https://vasro.de/wp-content/uploads/2026/11/VASRO-GmbH_Update-Equity-Report_Zaptec_EN_10112026.pdf
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Research, not investment advice. Every report carries its full disclosures. Research disclosures
The post Zaptec ASA: Sales Rose 39% in Zaptec's Usual Low Quarter for Orders appeared first on VASRO GmbH.
