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 morning, everyone, and welcome to Kempower's Q2 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 Basker Koshal and CFO Jukka Kainulainen. The gentlemen will walk us through the highlights and results of the quarter and the first half of the year. And after the presentation, we will, as always, end with a Q&A session. But without any further ado, let's begin. So let me hand over to Basker. Basker, please, the floor is yours.

Well, thank you, Kale, and good morning, everyone, and thank you for taking the time to be with us today. Starting with the key messages for the second quarter, we delivered double-digit revenue growth, our gross margins improved sequentially, and we entered the third quarter with 18% higher backlog. Revenue was up 10% in Q2 and up 28% for the first half of the year. Now, where's this growth coming from? North America up 54% in the quarter and more than doubled for the first half. Aftermarket up 35% in Q2 and up 40% in the first half. Next, gross margins, and this is one that I'm most pleased with. We came in at 47.2%, up almost two percentage points sequentially versus the first quarter. And that's a strong signal that our product cost reduction program is working, it's ramping up and delivering results. We've achieved around 4 million euros of savings in the first half, which is helping us absorb and offset real price pressure. On profitability, we've improved 40% in the first half year on year. Operative EBIT went from minus 9 million euros in the first half last year to minus 5.4 million this year. Now we're closing the gap to break even while continuing to grow our top line. Further, we've launched a fixed cost calibration program to calibrate our cost base to the market conditions and to the new strategic priorities that we announced in May. Now, I'll talk a little bit more about this program later today. And lastly, the order backlog is 138 million euros, up 18% versus the same time last year. So that's a solid platform going into the coming quarters. We have refined the top end of our revenue growth guidance. Now it is 10% to 25%, and the EBIT improvement guidance is unchanged. Now, let's look at the financial highlights next. Let me walk through the four buckets very quickly. First, order intake, 69.8 million, which is down 6% year-on-year in Q2. Now, that's partly because of timing, a couple of large deals that have shifted out, and some of it is softness on the CPO side. But we still have strong momentum in adding new customers, 14 new customers acquired in the quarter. So a bit of an order timing story here in the quarter, but for the first half of the year, order intake is still up 4%. Second, revenues, 68.6 million, up 10%. Our growth was broad-based. Strong momentum in APAC in North America and aftermarket, up 35%. Third, profitability. Operative EBIT was minus 1.9 million, essentially flat versus last year. Overall, when you look at what we're doing, we grew the top line 28% through the first half. We've absorbed real price pressure, and we've held profitability steady in the second quarter while our cost programs are ramping up underneath. So that drives an upward trajectory from here. And finally, cash flow. Operating cash flow was minus 11.7 million. And working capital was temporarily higher this quarter, mostly due to higher receivables tied to some longer payment terms that we have from some bigger strategic partners. Now, it's great that we're driving strong growth with these strategic partners. But in the quarter, this shift in mix drove temporarily higher receivables. Overall cash management, it's a key focus area for us, and we expect cash flow to improve in the coming quarters. Overall, our liquidity remains solid at 102 million. Next, let's look at the market context as that also explains our guidance move. So let me talk a little bit about the leading indicators and the lagging indicator. The main leading indicator for our demand is battery electric vehicle registrations and sales. And for passenger cars, the underlying BEV growth is diverging by region. Europe up 27% in the quarter and for the first half. So that's quite strong fundamental growth in the electric vehicles. North America is going the other way. It's down 24% in the first half. And on commercial vehicles, e-truck and e-bus registrations, the data comes with a one-quarter lag, but that grew 37% in the first quarter of the year. That means that the heavy-duty market also continues to show quite strong growth. Then the lagging indicator, which is the public DC fast-charging new installs. Now, this was down 14% in the quarter overall. North America up, but Europe down 19% in Q2. So what's happening in Europe? There's some market consolidation taking place in the CPO segment. We've seen a slew of announcements here in the last quarter, plus the operators are focused a bit more on utilization and profitability in this moment versus accelerating their network expansion. But if you step back, it's a very healthy growth signal on electric vehicle growth, which is the key leading indicator that drives the charging infrastructure market. So that network capacity gets built, driven based on the strong growth in the number of electric vehicles on the road. But in the near term, we're seeing some quarter-to-quarter fluctuation in terms of the new installs. So it's really a question of timing, and there's some lag between when we see registration growth in EVs to the charger installations. So that's why we've refined the top end of our revenue guidance based on what we're seeing in the market and how we are responding to that. One, our diversification into Europe outside the Nordics has been strong, and our aftermarket growth partly offset that. And importantly, the cost programs that I will talk about mean that we are holding our EBIT improvement guidance regardless. So next, let me talk about our performance in Europe. So in Europe, we're continuing to execute on our strategy. We've talked about we want to grow across continental Europe, and we did a solid job in this quarter. Europe outside Nordics, order intake up 16%, and revenues up 9%. We have strong winds in France and Germany. We've added 12 new customers in the quarter, The Nordics came down, but the context is important here. I mean, the Nordics were 32% of revenue this quarter, down from what was 40% a year ago. So the rest of Europe is growing into a much bigger share for us. A couple of customer highlights that I really want to call out. We signed a global framework agreement with APM Terminals to supply charging infrastructure for port terminals, one of the largest port operators in the world. And that's heavy duty charging. That's global. That's exactly where we want to be. And we're very excited about this partnership. And next, also, the first Lidl in Finland with Kempower charging. It's retail destination charging with a premier retailer. And it's a segment that we are quite bullish about. And we have some real runway for growth. And this wind gives us some wind in our sails. Next, let's look at North America. So we've talked about North America as one of our growth engines, and we can see it in our revenue numbers. Revenue was up 54% from 7.7 to 11.8 million. Strong growth across both public charging and fleet. Now, order intake was down 37% in the quarter. It's timing, pure and simple, demand shifting between quarters, not demand loss. I mean, we've added two new customers, our pipeline is healthy, and we remain optimistic. I mean, the proof of that is that the wins that we're seeing the North America team put up. You know, a couple of examples, Blink charging, expanding 14 sites across the U.S. East Coast through the course of 2026. And EV Realty's truck charging hub in California, one that I visited, 74 Kempower satellites and two mega satellites. I mean, the second one tells you where the puck is going. You know, heavy-duty truck charging at scale in North America. And that's the segment that's our strong suite and that we're very excited about. Next, a quick one on how we're doing on our strategic priorities that we talked about at our Capital Markets Day in Oslo in May. Five priorities, and we made real progress on all. First, winning with customers. 14 new customers added. APM terminals, global framework signed. An extended partnership with Circle K across Europe. We're really grateful for the trust these Blue Chip customers are placing in us. Second, technology leadership. We had two launches in the quarter. MegaSatellite Flex, which is our first dispenser that charges with CCS and MCS. And I'll spend a minute on that next. And ChargeEye, we launched an analytics dashboard that helps the operators run their networks more optimally. That directly serves the focus on utilization that I just talked about, you know, that CPOs have. Third, lifecycle solutions. This is aftermarket for us. Service levels are up. We've got 35% growth in aftermarket in the quarter, 40% up for the first half. These are higher margin, higher recurring revenues, stickier revenues. We talked about that, and we're very excited to see this growth come through. Fourth, operational excellence. Our cost program is on track, around $4 million achieved through the first half of the year. And I'll talk a little bit more about that in a minute. And underneath it all, it's the foundation of building and continue to build a winning culture and a dream. And, you know, we think about we've strengthened the leadership team with the hiring of a CIO and a CTO to continue to help scale the organization. And our Kempower 2.0 strategy that we shared in May, it's being rolled out actively across the company. So one minute on the MegaSatellite Flex product, because this is a really exciting one. In very simple terms, this product can charge either high-power CCS up to 560 kilowatts or megawatt charging up to 1.2 megawatts. And the beauty is it's one asset. It's one product that addresses both standards for our customers. It works with both new and existing distributed systems, and it's on sale now. Why this matters for our customers? Because you look at fleet operators and charge point operators, they're looking at a mixed future, which is CCS today and MCS coming for heavy trucks in the future. And this product lets them serve both from a single asset. It's a simpler transition for them. It drives higher uptime. It lowers the total cost of ownership for our customers. And for us, it continues to expand our reach into the truck and heavy duty charging without building a completely separate product line. And that's the beauty of our modular platform. So very excited about that product rolling out. Now, next, I do want to pivot and talk a little bit about our cost architecture. We have two programs running. The first one that we've talked about, it focuses on the cost of the products that we build. And the second one that I'll talk about today, it's what it costs to run the company. And we're addressing both cost structures. So first, the product cost reduction. Our target that we shared is 10 million plus euros for 2026. And we banked already around 4 million year to date. And the program's still ramping up. So we're on track to hit or beat this target. You know how? It's coming from procurement, where we have new RFQ rounds to get lower prices on things like PCBAs. And this is, by the way, despite increase in the cost of some raw materials. And then we're driving subcontractor consolidation in our production environments where our R&D teams are constantly redesigning parts that, by the way, help cost but also help our greenhouse emissions. So a lower footprint on that as well. Now, the results of these actions and savings are already becoming visible in our financials. You can see that in our gross margins, gross margins up from 45.3% in Q1 to 47.2% in Q2. And we expect more of this impact to come through in the second half of the year. Now, second, to the right, this is the new program. You know, it's fixed cost streamlining. And we're launching this program to align our overhead cost base with what we see as the current market conditions and also our new priorities that we announced. We're targeting more than 5 million euros in fixed cost savings. Savings begin towards the end of the 2026 and they really ramp up through the first half of 2027. At the bottom of this, this is about creating a leaner, more agile organization. Lean processes, tighter operating model, better spend management to drive all of this. But look together, these two programs are why the EBIT improvement path for us is unchanged, even as we trim the top end of our revenue guidance. And with that, I'll hand it over to Jukka to take you through the financials in a bit more detail. Jukka?