Q&A

What drove the record Q4 order intake?

Q4 orders reached €95.1m, exceeding the €300m full-year target and reflecting strong team performance. Demand was driven by continued BEV adoption, strong fast-charging infrastructure investment, and successful new-customer acquisition with 19 added customers. Performance was strong across all regions, with Europe ex-Nordics up 45%, North America up 85%, and the Nordics up 25%. Broad-based wins across public charging, trucks, buses, ports, and airports highlight the competitiveness of our product offering.

What is your 2026 growth guidance based on?

The 2026 outlook is based on market activity visible in our pipeline, our strong backlog, and share gains supported by new-customer growth. The 10–30% revenue growth expectation reflects record backlog, continued North American strength, and expanding European investments.

Does strong BEV registration growth signal increasing CPO investment activity?

Continued BEV growth supports CPO investment activity. In Europe, BEV registrations grew 30% while DC fast-charging points increased 9%, indicating some lag. Funding for CPOs is improving and utilization levels are rising, while grid connection delays remain a key bottleneck. Overall, we remain cautiously optimistic.

How is the gross margin evolving, and what are the main factors?

Q4 gross margin declined to 45.6% due to price erosion, mix effects, and temporary operational inefficiencies. Ongoing cost-excellence initiatives and product cost-reduction efforts are expected to support margin recovery in 2026.

What caused declining profitability and how are you addressing it?

Profitability was pressured by lower gross margin, higher personnel expenses, and scaling-phase costs. Actions underway include cost-reduction programs and operational-excellence improvements across the value chain.

Was Q4 order intake in line with expectations, and how do you assess performance?

Q4 orders of €95.1m exceeded expectations, confirming strong customer confidence and broad regional demand, with growth of 40% overall, 85% in North America, 45% in Europe ex Nordics, and 25% in the Nordics.

Do you need more organizational resources, or will growth improve profitability?

The organization is largely scaled, allowing most new revenue in 2026 to flow through with lower incremental cost. Investments will be selective and focused on technology, sales, and service, and will grow more slowly than revenue, supporting improved profitability.

Is accelerating EU passenger car BEV growth visible in CPO investment?

BEV growth supports CPO activity, but charging point expansion is lagging registrations. Funding conditions and utilization are improving, while grid delays remain a short term constraint. Overall, we remain cautiously optimistic.

Did you share the challenging short term U.S. outlook, and what could improve it?

Short term BEV softness exists, but infrastructure growth remains strong. NEVI implementation is accelerating especially at state level, fleets are electrifying, and U.S. order intake grew 85% in Q4 and 137% in 2025.

Was there changes in pricing pressure or Chinese competitor presence?

Pricing pressure continues but remains manageable with cost excellence efforts. Competition is increasing, but our differentiators—modularity, software, lifecycle offering, and >99% uptime—remain strong.

Were weaker Q4 margins driven by temporary production challenges?

Delivery timing fluctuates significantly within the quarter, and concentrated delivery loading created labor inefficiencies that are being addressed.

What financial improvements will come from the cost reduction program?

Bill of materials reductions, supplier consolidation, and assembly efficiency improvements will structurally lower unit costs and support gross margin recovery.

Are the Nordics slowing?

Yes but this was expected. In Q4, Nordic revenue fell 39% and orders declined 17% for the full year, reflecting a mature market, while growth remains strong in Central Europe and North America.

Q4 Financial Results