Q&A

Kempower delivered double-digit revenue growth in the first half of 2026. Revenue increased by 28% year-on-year to EUR 135.5 million, while order intake increased 4% to EUR 138.8 million. The company also improved its operative EBIT by 40% compared with the same period last year.

The second quarter continued Kempower’s revenue growth momentum. Revenue increased by 10% year-on-year, supported by continued new customer wins and strong momentum in the aftermarket business. Gross profit margin improved sequentially (from Q1 26), reflecting the success of ongoing cost reduction and productivity initiatives. Operative EBIT remained at the last year’s level in Q2.

At the end of June, the order backlog was EUR 138 million, an 18% increase compared to the previous year. This gives Kempower a solid foundation for the upcoming quarters.

In conjunction with the Q2 results, Kempower reduced the upper end of its revenue outlook from 30% growth to 25% to reflect the slower market development among charge point operators (CPOs) driven by ongoing consolidation and their prioritization on network utilization and profitability. For Kempower, the activity with fleet customers has remained strong and some long-standing CPO customers are gradually increasing their investments.

Kempower has launched a fixed cost reduction program to calibrate its cost base to market conditions and the new strategic priorities. The cost reduction program is expected to generate fixed cost savings of more than EUR 5 million, and savings are expected to begin towards the end of 2026 and ramp up through the course of the first half of 2027. Accordingly, the program does not change Kempower’s operative EBIT outlook for 2026.

The specified outlook is:
– 2026 revenue is expected to grow between 10%-25% compared to year 2025, assuming no major impact from foreign currency exchange rates (revenue 2025: EUR 251.3 million).
– 2026 operative EBIT is expected to improve significantly compared to year 2025 (operative EBIT 2025: EUR -12.4 million).

BEV registrations grew 27% in Europe but declined 22% in North America in Q2. New public DC fast charging installations in Europe fell 19% amid ongoing charge point operator consolidation and greater focus on profitability versus network expansion, while North American installations returned to growth, up 11%. The fleet segment continues to expand strongly on the electrification of trucks and buses; e-truck and e-bus registrations grew 37% year-on-year in Q1 2026 (data reporting is subject to a lag).

BEV registrations remain a leading indicator of charging infrastructure demand, and despite quarter-to-quarter market fluctuations, recent registration growth suggests stronger installation trend ahead given the typical lag between registrations and charger deployments. Despite slower infrastructure deployment, the long-term outlook remains supported by rising EV adoption, regulatory support and ongoing investment in high-power charging.

Growth is becoming increasingly international. In the first half of 2026, revenue in North America more than doubled, while revenue in APAC & MEA (Asia-Pacific & Middle East and Africa) grew by 92%. Europe outside the Nordics also delivered strong growth, highlighting the company’s expanding global footprint.

Kempower continues to strengthen its recurring revenue streams through services, software and lifecycle solutions. Aftermarket revenue, including service contracts, modernization services and software solutions, grew 40% during the first half of the year and 35% in Q2 26. This supports the company’s strategy of building long-term customer relationships and creating additional value throughout the charger lifecycle.

Kempower continued to invest in technology leadership. During the quarter, the company launched the Mega Satellite Flex charger, supporting both today’s fast charging standards and future megawatt charging needs. Kempower also introduced Analytics View in its ChargEye platform, giving customers advanced tools to monitor and optimize charging network performance.

Kempower maintains a solid financial foundation to support its growth strategy. At the end of the reporting period, the company had total liquidity of EUR 102 million, including cash and cash equivalents, other financial assets and unused credit facilities. This provides flexibility to invest in innovation, global expansion and strategic priorities.

On 25 May 2026, in conjunction with its Capital Markets Day, Kempower updated its strategy and financial targets for 2026-2030. The new financial targets are:

– Revenue growth: 15-25% CAGR over 2025–2030, in constant currency, range based on different market growth scenarios. Kempower targets above-market revenue growth, and the range reflects Kempower’s target performance across different market scenarios.

– Profitability: Operative EBIT margin of 10-15% by 2030, driven by operating leverage, aftermarket mix, productivity and disciplined reinvestment.

– Dividends: No dividends in the short term. Capital reinvested to compound long-term value.