Kempower

Powering planet cool. We charge our planet for the better by powering the electric movement. We enable quick and scalable EV charging solutions for everyone and everywhere. We make it positive. We believe in the power of positive energy. We see opportunities where others see obstacles. As a team, we create success for us all and add value to people's lives. We make it quick. We like our charging experience fast and easy. We are quick to respond and quick to deliver. Our service is easy to sell and buy. We make it click. We make the most user-friendly EV chargers that become future standards. Our products just click. They are flexible to integrate and to scale. We make it happen. We empower the EV evolution and create a cleaner and more quiet environment for us all. We inspire our audiences to join the electric movement, plug in and be the change.

Good afternoon, everyone, and welcome to Ken Powers Q1 2026 results presentation. My name is Kalle Loikkanen, I'm Director of Investor Relations, and it is my pleasure to introduce today's speakers, CEO Baskar Kaushal and CFO Jukka Kainulainen. The gentlemen will walk us through the highlights and results of the quarter, and after the presentation, we will end with a Q&A session. But without any further ado, let me hand over to Baskar. So, Baskar, please, the floor is yours.

Well, thank you, Kale, and good afternoon, everyone, and thank you for taking the time to be with us today for ChemPower's first quarter results in 2026. We have good news to share this morning, and let me start with the headline. Q1 was a strong start to the year. Revenue grew 54% year on year. North America tripled, more than tripled, up 230%, and these are share gains, and we are outperforming the market. Gross margin held flat sequentially versus the fourth quarter of 2025. Our product cost reduction program is offsetting the price pressure. And we expect that program to ramp up further in the second half. Significant operative EBIT margin improvement, which is up 11.6 percentage points. And this was driven by revenue being up 54% versus the fixed cost being up just 20%. Now, this is the operating leverage model working as designed. And finally, the order book. Our backlog stands at 141 million euros, which is up 32% year on year. And order intake of 69 million euros is a record for the first quarter. And this gives us a strong foundation for the rest of 2026. Next, let's look at the financial highlights. And let me take you through the four headline metrics. I'll start with order intake first, which is up 16% year-on-year and driven by continued momentum across key European markets. Second, revenue, up 54% year-on-year. Our growth has been broad-based. North America more than tripled. We see strong growth in Europe outside the Nordics, and services revenue up 45%. Third, profitability. Revenue grew 54% versus the fixed cost up just 20%, which is the operating leverage that I referenced. Gross margin was a key contributor. It was 45.3%, which is flat quarter on quarter, but lower year on year. Our operative EBIT margin improved by 11.6 percentage points overall. And finally, cash flow. Cash flow from operating activities improved by 6.4 million euros year on year. And this was driven by the improved profitability. Our liquidity position also remains strong. And I'd say overall, a very solid set of numbers across the board. Next, let me put our performance in the context of the market. So let's start looking at the growth in BEVs and new public fast charging installations. New BEV registrations, which is the chart on the left, Europe up 26%, with North America down 27%. The new public DC fast charging installations, the chart on the right, Europe up 56% and North America down 1%. So you see two very different market backdrops. And in Europe, the policy environment is supportive. Around 5 billion euros of new public funding has been announced in the beginning of 2026. 3 billion in Germany and a billion pounds in the UK. In North America, the picture is a bit more mixed. We see the slowdown in EV passenger car sales, which is somewhat expected given the federal subsidy expiration in September of 2025, and the surge in EV demand prior to that expiration. But even in a soft registration market, the funding fundamentals have been intact. We see the federal NEVI program rules have been streamlined, and the funding is available. It's actively being dispersed, being actually used by a number of our customers. California introduced a new voucher program to drive the adoption of clean trucks and buses. Now, in North America, for ChemPower, our focus has been to grow faster than the market, and that's through share gain, given that we entered the market about two years back. And we're doing this very well. We're gaining share, and I'll talk more about that in a minute. A quick note on commercial vehicles. E-truck and e-bus registrations grew 52% in the fourth quarter of 2025. Now, that market data is published with a bit of lag, but this reflects the acceleration in the heavy-duty market. Next, let me go a little bit deeper into our regional performance. I'll start with Europe, and our strategy there has been clear. Grow across continental Europe and diversify beyond the Nordics. Q1 shows that our strategy is working. Revenue in Europe outside the Nordics is up 87%, and order intake in Europe outside Nordics is up 16%. We've seen strong growth across France, the UK, and Germany. In Q1, Nordics is now about 24% of our revenue, and a year ago it was 32%. So year over year, Nordic's revenues and order intake declined, which is somewhat expected as the demand in that market has somewhat normalized in passenger cars. But we're seeing signs of acceleration in e-trucks and the next wave of charging infrastructure for heavy-duty vehicles. A couple of customer highlights in Europe. We strengthened our airport presence with an installation with Hilton Heathrow Terminal 5. And our partner, Plugit, deployed Finland's first public MCS site for electric trucks, and that's at the port of Hamena Kotka. And that's a real sign that heavy-duty charging is moving from concept to deployment now. On to North America, and there our strategy has been clear, that we outpace the market through share gains. And the headline number, which is revenue up 230%, shows that we're executing on our strategy. That revenue growth is more than triple year on year. Order intake is up 16%, and the underlying momentum there remains strong. I mean, growth is coming from across our customer base, including public charging and fleet customers. And we added four new customers in the quarter. The standout in North America was our partnership with EV Realty. We supplied their multi-fleet truck charging hub in San Bernardino, California. And I was there at the site two weeks back, and what a tremendous site. More than 70 plugs, and that site is ready to help drive the adoption and scaling of e-trucks in that market. And as we've been talking about, heavy-duty fleet electrification is a major opportunity for us, in addition to public charging. And this deployment validates our position in that segment. We also showcased our products at the EV charging summit in Las Vegas, which I attended as well. And there was strong engagement with ChargePoint operators and fleet customers. And our booth had one of the best attendance and footfall at the show. So overall in North America, our pipeline's healthy. We see strong opportunities to continue to gain share. Now let me step back and talk about our strategic priorities. Four pillars, all are progressing well, and we are making measurable gains there. First, winning with customers. We acquired eight new customers in Q1. Our MCS deployments are transitioning from pilots to full-scale orders now in both Europe and North America. And as a reminder, megawatt charging technology allows charging speeds of up to 1.2 megawatts, and it's the new standard for heavy-duty charging. Second, on differentiated technology, we launched the analytics view of our ChargeEye software in Q1. That gives operators uptime, performance, and fault analytics. We're very excited about continuing to bring more advanced analytics features to ChargeEye. Also, in terms of the more plug solution that we launched late last year, customer deployments continue to advance there as well. Third, operational excellence. On-time delivery performance was strong. That's what allowed us to deliver 54% revenue growth year on year. And our product cost reduction program is on plan, and I'll talk more about that in a second here. Fourth, winning culture and team. We rolled out a new organization structure during the quarter, which is focused on driving clearer accountability, faster decisions, and aligned to our strategic priorities. Next, gross margins deserves a closer look. This chart here on the left shows our trajectory over the last three years. And in Q1, gross margin held flat sequentially quarter over quarter at around 45%. And the story behind that number is important. There are three drivers at play here. First is the price, and there's continued pressure on price in the market given the intense competition. Second, there's regional sales mix. As we are scaling into newer markets, the early phase in that carries a different margin profile than our established regions, which is very normal in any geographic expansion. And that margin will improve as we scale and optimize in those regions. And third is productivity. Our unit cost reduction program is offsetting these price and mix headwinds. And that cost reduction program was launched in the second half of last year, as we talked about. It has three work streams. For example, in procurement, we ran multiple rounds of RFQs across categories in Q1 and seen cost reductions there. In production, we're consolidating subcontractors. We're rebalancing our workforce across factories to have labor productivity. In product design, we're running should cost analyses, testing alternative components that are less expensive but still offer the same features functionality. So these benefits will continue to ramp and materialize through the course of the year as these actions that I just talked about mature and the inventory turns. So we expect the gross margin to step up from there and improve. Now I'll hand it over to Jukka to take you through the financials in more detail.