Wallbox NV (WBX) 2025 Q2 法說會逐字稿

Hello, everyone, and welcome to Wallbox's second-quarter 2025 earnings conference call and webcast. (Operator Instructions)

大家好，歡迎參加 Wallbox 2025 年第二季財報電話會議和網路廣播。（操作員指示）

I would now like to turn the call over to Michael Wilhelm from Wallbox. Michael, please go ahead.

現在我想將電話轉給 Wallbox 的 Michael Wilhelm。邁克爾，請繼續。

Thank you and good morning and good afternoon to everyone listening in. Thank you for joining today's webcast to discuss Wallbox's second-quarter 2025 results. This event is being broadcast over the web and can be accessed from the Investors section of our website at investors.wallbox.com. I am joined today by Enric Asunción, Wallbox's CEO; and Luis Boada, Wallbox's CFO.

謝謝大家，大家早安，下午好。感謝您參加今天的網路直播，討論 Wallbox 2025 年第二季的業績。本次活動將透過網路直播，您可以透過我們網站 investors.wallbox.com 的「投資者」板塊觀看。今天，Wallbox 執行長 Enric Asunción 和財務長 Luis Boada 也出席了這場活動。

Earlier today, we issued a press release announcing results from the second quarter ended June 30, 2025, which can also be found on our website. Before we begin, I would like to remind everyone that certain statements made on today's call are forward-looking, that may be subject to risks and uncertainties relating to future events and/or the future financial performance of the company.

今天早些時候，我們發布了一份新聞稿，公佈了截至 2025 年 6 月 30 日的第二季業績，您也可以在我們的網站上找到新聞稿。在我們開始之前，我想提醒大家，今天電話會議上做出的某些陳述是前瞻性的，可能會受到與未來事件和/或公司未來財務表現有關的風險和不確定性的影響。

Actual results could differ materially from those anticipated. The risk factors that may affect results are detailed in the company's most recent public filings with the SEC, including in the Annual Report on Form 20-F for the fiscal year ended December 31, 2024 filed on May 6, 2025. We will be presenting unaudited financial statements in IFRS format that reflect management's best assessment of actual results.

實際結果可能與預期結果有重大差異。可能影響結果的風險因素詳細說明在公司向美國證券交易委員會提交的最新公開文件中，包括 2025 年 5 月 6 日提交的截至 2024 年 12 月 31 日的財政年度的 20-F 表年度報告中。我們將以 IFRS 格式提供未經審計的財務報表，以反映管理階層對實際結果的最佳評估。

Also, please note that we use certain non-IFRS financial measures on this call and reconciliations of these measures are included in the presentation posted on the Investors section of our website. Also, a copy of these prepared remarks can be obtained from the Investor Relations website, under the Quarterly Results section, so you can more easily follow along with us today.

另請注意，我們在本次電話會議上使用了某些非國際財務報告準則 (IFRS) 財務指標，這些指標的對帳資訊已包含在我們網站「投資者」部分發布的簡報中。此外，您可以從投資者關係網站的「季度業績」部分獲取這些準備好的評論的副本，以便您今天更輕鬆地關注我們。

So with that out of the way, I'll turn it over to Enric.

因此，既然已經解決了這個問題，我就把發言權交給恩里克 (Enric)。

Thank you, Michael, and thanks, everyone, for joining us today. We will start today's call reviewing highlights from the second quarter 2025, and spend time discussing commercial wins, strategic achievements, and the EV market. Luis will offer a closer look at our financial results and our key financial metrics before I close the conversation to highlight what we're focused on for the second half of the year.

謝謝你，邁克爾，也謝謝大家今天加入我們。今天的電話會議我們將首先回顧 2025 年第二季的亮點，並討論商業上的勝利、策略成就和電動車市場。在我結束談話並強調我們下半年的重點之前，路易斯將仔細研究我們的財務表現和關鍵財務指標。

Q2 revenue was EUR38.3 million, within our EUR37 million to EUR39 million guidance range, up 2% compared to last quarter but down 22% from a record high Q2 last year. The different revenue lines contributed similarly as the previous quarter with the growth resulting from increased AC sales and software.

第二季營收為 3,830 萬歐元，在我們 3,700 萬歐元至 3,900 萬歐元的指導範圍內，比上一季成長 2%，但比去年第二季的歷史最高水準下降 22%。不同收入線的貢獻與上一季類似，成長源自於空調銷售和軟體的成長。

Sales in Europe incrementally improved compared to last quarter with countries such as Spain and Italy showing strong growth. But considering the solid EV market growth in the region, we are looking forward to improvements and further growth ahead. We are seeing sales accelerating with larger partners and we have decided to selectively invest in parts of our sales structure to capture the renewed market growth with smaller customers.

歐洲的銷售額與上一季相比逐步提高，西班牙和義大利等國家表現出強勁成長。但考慮到該地區電動車市場的穩健成長，我們期待未來的改善和進一步的成長。我們看到，隨著大型合作夥伴的加入，銷售額正在加速成長，我們決定有選擇地投資部分銷售結構，以抓住小型客戶帶來的新的市場成長機會。

North America has remained a strong contributor as we continue to develop our position in this region with existing and new partners. DC sales have been flat quarter over quarter, but we signed new partnerships and already see the results in orders for the second half of the year. In total, during the second quarter, we delivered over 39,000 AC units and more than 140 DC units.

隨著我們繼續與現有和新的合作夥伴一起發展我們在該地區的地位，北美仍然是我們強大的貢獻者。直流銷售額每季都持平，但我們簽署了新的合作夥伴關係，並且已經看到了下半年訂單的成果。總體而言，第二季我們交付了超過 39,000 台空調機組和超過 140 台直流機組。

Most importantly, we built a significant backlog for both AC and DC, which increased by more than EUR5 million. We aim to continue building our backlog to increase sales visibility and as a result improve our operational efficiency. Gross margin was 37.8% in the second quarter, which is within the 37% to 39% guided range. Compared to last quarter, the gross margin was stable as the revenue mix was similar as well.

最重要的是，我們為 AC 和 DC 累積了大量訂單，增加了 500 多萬歐元。我們的目標是繼續增加我們的積壓訂單，以提高銷售可見度，從而提高我們的營運效率。第二季毛利率為37.8%，符合37%至39%的指引範圍。與上一季相比，由於收入結構相似，毛利率保持穩定。

The additional gross margin improvements we are working on are not visible yet in the results. As we have been able to significantly reduce our inventory, which Luis will comment on later, this gives us an opportunity to improve gross margin in the future. On top of that, we continue to review our Bill of Material costs and are increasing our prices in certain regions.

我們正在努力實現的額外毛利率改善目前尚未在業績中顯現。由於我們已經能夠大幅減少庫存（Luis 稍後會對此發表評論），這為我們提供了未來提高毛利率的機會。除此之外，我們也會繼續檢討物料清單成本，並提高某些地區的價格。

Improving the operational efficiency by rightsizing the organization remains on track. For the second quarter of 2025, labor costs and operating expenses are down 3% compared to last quarter and declined 25% compared to the same period last year. In the case of cash costs, which is defined as labor costs & OpEx excluding R&D activation, non-cash items and one-off expenses, the result is even more impressive as we achieved a 35% year-over-year reduction.

透過調整組織規模來提高營運效率的工作仍在進行中。2025年第二季度，勞動成本和營運費用與上一季相比下降3%，與去年同期相比下降25%。就現金成本而言，其定義為勞動力成本和營運支出（不包括研發啟動、非現金項目和一次性費用），結果更加令人印象深刻，因為我們實現了 35% 的同比下降。

It is great to see our efficiency improve each quarter as we edge closer towards profitability. We are achieving this expanded efficiency, meanwhile, consciously taking care of how our set-up is best serving our markets, business units and allowing us to capture maximum growth. If this means we need to selectively invest in the sales structure or customer support, we are doing so, but always with a profitability and return on investment mindset.

隨著我們越來越接近盈利，我們很高興看到我們的效率每個季度都在提高。我們正在實現這種提高效率的同時，有意識地關注我們的設置如何最好地服務於我們的市場、業務部門，並讓我們獲得最大的成長。如果這意味著我們需要有選擇地投資於銷售結構或客戶支持，我們會這樣做，但始終以盈利能力和投資回報的心態。

The second-quarter 2025 adjusted EBITDA is within our guided range, landing at minus EUR7.5 million and reflecting a small improvement compared to last quarter. If we compare to the same period last year, adjusted EBITDA improved 33%. Our improvements towards operational breakeven are consistent. However, our Q2 results could have been on the higher end of our guidance range. The main reason for this relative softness is a slower-than-expected decrease in operating expenses, which Luis will comment on. We are confident about our potential for the coming quarters.

2025 年第二季調整後的 EBITDA 在我們的指導範圍內，為負 750 萬歐元，與上一季相比略有改善。如果與去年同期相比，調整後的 EBITDA 提高了 33%。我們在營運損益平衡方面的改善是持續的。然而，我們的第二季業績可能處於預期範圍的較高水準。相對疲軟的主要原因是營運費用的下降速度低於預期，路易斯將對此發表評論。我們對未來幾季的潛力充滿信心。

Overall, in the last couple of quarters, we have consistently been achieving our guidance, reflecting our ability to control the business. This control is crucial as the European EV market resumes strong growth, allowing us to leverage the Wallbox platform. Wallbox has a leading set-up with a full product portfolio, geographically diversified position with a targeted market approach and strong commercial partnerships. We believe the combination of these elements sets us up for success.

總體而言，在過去幾個季度中，我們一直在實現我們的預期，這反映了我們控制業務的能力。隨著歐洲電動車市場恢復強勁成長，這種控制至關重要，使我們能夠利用 Wallbox 平台。Wallbox 擁有領先的設置、完整的產品組合、地理多樣化的定位、有針對性的市場方針和強大的商業合作夥伴關係。我們相信這些因素的結合將為我們帶來成功。

For the second quarter of 2025, Europe contributed EUR26.1 million of consolidated revenue, or 68% of total top line. The European EV market has continued to recover well and showed 30% growth year over year for the second quarter. We have seen this growth trend reflected in our performance in certain countries but not across the board.

2025 年第二季度，歐洲貢獻了 2,610 萬歐元的綜合收入，佔總收入的 68%。歐洲電動車市場持續復甦，第二季年增30%。我們已經看到這種成長趨勢反映在某些國家的業績上，但並非全面反映。

We recognize the importance of focusing on capturing the growth now that the market improves. With our strategic positioning across Europe with a complete product portfolio, we expect there are incremental growth opportunities in this region for the upcoming quarters. North America continued to be a cornerstone of our business performance and contributed EUR11.4 million or 30% of the total revenue, same as last quarter.

我們體認到，在市場好轉的當下，集中精神抓住成長機會非常重要。憑藉我們在歐洲的戰略定位和完整的產品組合，我們預計未來幾季該地區將出現增量成長機會。北美繼續成為我們業務表現的基石，貢獻了 1,140 萬歐元或總收入的 30%，與上一季相同。

The EV market growth has slowed down in this region, decreased 5% compared to last year, but we continue to build out our position with our main partners such as Stellantis, Florida Power & Light, Ensol, and Generac. In parallel, we aim to replicate these types of partnerships with new partners and new regions. Both APAC and LatAm remain small regions for Wallbox, now contributing approximately EUR260,000 or 1% and EUR550,000 or 1%, respectively, for the quarter.

該地區的電動車市場成長已經放緩，與去年相比下降了 5%，但我們繼續與 Stellantis、Florida Power & Light、Ensol 和 Generac 等主要合作夥伴鞏固我們的地位。同時，我們的目標是與新的合作夥伴和新的地區複製這種類型的夥伴關係。亞太地區和拉丁美洲仍然是 Wallbox 的小區域，本季分別貢獻約 26 萬歐元或 1% 和 55 萬歐元或 1%。

These regions continue to have significant future potential, however, considering our efficiency efforts and refocus, are not our top priorities. AC sales of EUR26.6 million, including ABL and Quasar, represented approximately 69% of our global consolidated revenue, with a 4% improvement compared to last quarter and down 18% year over year.

這些地區仍然具有巨大的未來潛力，但是，考慮到我們的效率努力和重新關注，這些地區並不是我們的首要任務。包括 ABL 和 Quasar 在內的空調銷售額為 2,660 萬歐元，約占我們全球合併收入的 69%，與上一季相比成長 4%，年減 18%。

Compared to the record high quarter last year, the results in Europe have been weak, but with positive outliers in certain countries and a stronger outlook. For example, we have announced a collaboration with PowerGo to deploy EV charging solutions across hotels in the Netherlands. The installations will feature Wallbox's eM4 and the Supernova DC fast charger.

與去年創紀錄的季度相比，歐洲的業績表現疲軟，但某些國家出現了積極的異常情況，前景也更加強勁。例如，我們宣布與 PowerGo 合作，在荷蘭的飯店部署電動車充電解決方案。該裝置將採用 Wallbox 的 eM4 和 Supernova DC 快速充電器。

This collaboration brings together Wallbox's advanced charging technology and PowerGo's renewable energy-powered infrastructure to support the growing demand for sustainable mobility in the Netherlands. Besides, we are working on ramping up sales with new products such as the Pulsar Pro Socket and the Pulsar Max Socket with orders from Rexel, Sonepar, Libra, and others.

此次合作將 Wallbox 的先進充電技術與 PowerGo 的再生能源基礎設施結合在一起，以支援荷蘭日益增長的可持續旅行需求。此外，我們正在努力提高 Pulsar Pro Socket 和 Pulsar Max Socket 等新產品的銷售量，並已獲得 Rexel、Sonepar、Libra 等公司的訂單。

AC sales in North America remain strong, growing 9% year over year. As mentioned before, we have continued to expand the scope of the activities with our commercial partners in the region. In addition, we delivered the first units of the Quasar 2, contributing more than EUR100,000 in this quarter. This is a very exciting step for Wallbox and our partners, as we spearhead bi-directional charging, allowing us to create more value beyond driving your EV. Shortly, I will provide more about this milestone.

北美空調銷售依然強勁，較去年同期成長9%。如前所述，我們不斷擴大與該地區商業夥伴的活動範圍。此外，我們交付了第一批 Quasar 2 設備，本季貢獻了超過 10 萬歐元。對於 Wallbox 和我們的合作夥伴來說，這是一個非常令人興奮的舉措，因為我們率先推出雙向充電，這使我們能夠創造除了駕駛電動車之外的更多價值。很快，我將提供更多有關這一里程碑的資訊。

DC has been the weakest link in our results compared to the same quarter last year. But after a weak performance in the second half of last year, we believe it has now stabilized and we expect that its performance will improve in the upcoming quarters. DC sales in the second quarter landed at EUR4.2 million or 11% of sales, the same contribution to our total result as last quarter.

與去年同期相比，DC 是我們業績中最弱勢的環節。但在去年下半年表現疲軟之後，我們認為它現在已經穩定下來，我們預計其表現將在未來幾季有所改善。第二季 DC 銷售額達到 420 萬歐元，佔銷售額的 11%，對我們總業績的貢獻與上一季相同。

After a period with a conservative approach from CPO customers regarding the roll-out of their infrastructure, we see opportunities to grow again with our existing partner and new partners and we saw our backlog for the second half of the year grow accordingly. Recently, we announced the expansion of our partnership with Ensol, which provides EV charging infrastructure in Texas, Florida, and Georgia.

在 CPO 客戶對其基礎設施的推出採取了保守態度的一段時間之後，我們看到了與現有合作夥伴和新合作夥伴再次成長的機會，並且我們看到下半年的積壓訂單也相應增長。最近，我們宣布擴大與 Ensol 的合作夥伴關係，Ensol 為德克薩斯州、佛羅裡達州和喬治亞州提供電動車充電基礎設施。

Initially, this partnership was focused on installing Wallbox's Pulsar line of AC chargers at residential and commercial sites. The new phase extends our partnership into DC fast charging for the first time, centered around Wallbox's Supernova charger, now certified under both CTEP and NTEP standards. Overall, the upward trend we see in the DC sales compared to the last quarters is exciting, both for top-line growth and margin improvement.

最初，此次合作的重點是在住宅和商業場所安裝 Wallbox 的 Pulsar 系列交流充電器。新階段首次將我們的合作關係擴展到直流快速充電領域，以 Wallbox 的 Supernova 充電器為中心，該充電器現已通過 CTEP 和 NTEP 標準認證。總體而言，與上一季相比，我們看到 DC 銷售額呈上升趨勢，無論是營收成長還是利潤率提高，這都令人興奮。

Software, services, and others have been the best-performing business activities compared to the same period last year, growing 27% year over year. These activities generated EUR7.6 million or 20% of the total revenue. Especially, software showed strong performance compared to last quarter, mainly driven by Electromaps, our eMSP service. The growing European EV market is creating more demand for public charging, which we can see in the increase of charging sessions managed by our software.

與去年同期相比，軟體、服務和其他業務是表現最好的業務活動，較去年同期成長 27%。這些活動創造了 760 萬歐元的收入，佔總收入的 20%。特別是，與上一季相比，軟體表現強勁，這主要得益於我們的 eMSP 服務 Electromaps。不斷增長的歐洲電動車市場對公共充電的需求越來越大，我們可以從我們軟體管理的充電會話的增加中看到這一點。

Installation services continue to be the largest contributor of this category but less than last quarter. Overall, we are happy to see that the category software, services and others is performing well and is contributing significantly to the overall business performance.

安裝服務仍然是該類別的最大貢獻者，但貢獻比上一季減少。總體而言，我們很高興看到軟體、服務和其他類別表現良好，並對整體業務表現做出了重大貢獻。

On our last earnings call, we commented on the pre-orders opening for Quasar 2 and the importance of this product as part of our Smart Energy Solutions. Now the first units have been installed in Menifee, California. This groundbreaking project, in collaboration with Wallbox, Kia, and the University of California, Irvine, has the goal of accelerating EV infrastructure and enabling fully electric, energy-resilient communities. We are very excited about these developments as our mission is to be the ultimate energy player, and we believe these developments bring us closer to that reality.

在我們上次的收益電話會議上，我們評論了 Quasar 2 的預訂開放情況以及該產品作為我們智慧能源解決方案的一部分的重要性。目前第一批設備已在加州梅尼菲安裝完畢。這個開創性的計畫與 Wallbox、起亞和加州大學歐文分校合作，旨在加速電動車基礎設施的發展並實現完全電動化、能源彈性的社區。我們對這些發展感到非常興奮，因為我們的使命是成為終極能源參與者，我們相信這些發展使我們更接近這個現實。

The Quasar 2 puts our customers in charge of their energy choices and offers innovative solutions, such as back-up power and smart charging, to create value. Bringing this product live required significant research and development efforts internally, but also in collaboration with automotive partners to develop the product, standards and protocols we know today, lowering the threshold and investment for widescale application in the future.

Quasar 2 讓客戶掌控自己的能源選擇，並提供備用電源和智慧充電等創新解決方案來創造價值。要讓該產品投入使用，不僅需要內部進行大量的研發工作，還需要與汽車合作夥伴合作開發我們今天所了解的產品、標準和協議，降低未來大規模應用的門檻和投資。

After all these efforts, we are happy that the product is being installed and is already delivering real value to customers and communities across the US. In addition, as part of our Smart Energy Solutions, we have launched virtual power plants in California and New York through our partnership with Leap. The initiative is part of Wallbox Rewards, a newly launched smart charging program that enables Wallbox users to earn incentives by contributing to grid flexibility through their EV home chargers.

經過所有這些努力，我們很高興看到該產品正在安裝，並且已經為美國各地的客戶和社群帶來了真正的價值。此外，作為我們智慧能源解決方案的一部分，我們透過與 Leap 合作在加州和紐約州推出了虛擬發電廠。該計劃是 Wallbox Rewards 的一部分，Wallbox Rewards 是一項新推出的智慧充電計劃，該計劃使 Wallbox 用戶能夠透過使用電動汽車家用充電器為電網靈活性做出貢獻來獲得獎勵。

We are going to leverage our installed base by connecting an aggregated pool of thousands of residential chargers with local energy programs, which will help utilities manage demand peaks, balance the variability of renewable generation, and improve overall grid stability. On top of the financial incentive to contribute to grid stability, users will enjoy the benefit of charging when electricity is cleaner and more affordable.

我們將利用我們的安裝基礎，將數千個住宅充電器聚合池與當地能源計劃連接起來，這將有助於公用事業管理需求高峰，平衡再生能源發電的變化，並提高整體電網穩定性。除了為電網穩定做出貢獻的經濟誘因之外，用戶還將享受在電力更加清潔、價格更實惠時充電的好處。

The EV sales in our addressable market, which we define as all regions except China, continues to show growth in the second quarter and strengthens our belief that the future is electric. Rho Motion reported 1.9 million EVs sold in Europe, North America and Rest of World combined, which represents a 23% increase compared to last year.

我們的目標市場（我們將其定義為除中國以外的所有地區）的電動車銷售在第二季度繼續呈現成長，並增強了我們對未來屬於電動車的信念。Rho Motion 報告稱，歐洲、北美和世界其他地區的電動車總銷量為 190 萬輛，比去年增長了 23%。

The Rest of World and Europe both showed approximately 30% growth compared to the same period last year, while the North American market contributed negatively with a 5% decrease year over year. Europe is showing a strong recovery due to a larger range of more affordable vehicles and government support in certain countries.

世界其他地區和歐洲與去年同期相比均實現了約30％的增長，而北美市場則出現了負增長，同比下降了5％。由於廉價汽車種類增加以及某些國家政府的支持，歐洲正呈現強勁復甦勢頭。

We are excited to see this turnaround and we believe it will provide us with tailwinds as Europe remains our largest market. While this recovery does differ per country and it is not across the board, we see strong growth in countries that historically had low adoption of EVs such as Spain.

我們很高興看到這種轉變，我們相信它將為我們提供順風，因為歐洲仍然是我們最大的市場。雖然這種復甦在每個國家都有所不同，而且並非全面復甦，但我們看到，在歷史上電動車普及率較低的國家（如西班牙），電動車出現了強勁增長。

In the second quarter of 2025, more than 66,000 EVs were sold in Spain, which is more than EV leading countries such as Norway, Belgium and Netherlands. This is reflecting how quick the EV transition can accelerate in terms of absolute numbers once large car markets in our addressable scope are becoming electric.

2025 年第二季度，西班牙售出超過 66,000 輛電動車，超過挪威、比利時和荷蘭等電動車領先國家。這反映出，一旦我們可尋址範圍內的大型汽車市場實現電動汽車化，電動車轉型在絕對數量上可以加速得多快。

For the North American region, in the US, the EV market is about to lose key subsidies, such as the 30D tax credit, and is facing changing emission policies. In 2025, approximately 50% of EVs sold in the US have been eligible for the 30D tax credit, according to Rho Motion.

對於北美地區，在美國，電動車市場即將失去30D稅收抵免等關鍵補貼，並面臨排放政策的變化。Rho Motion 表示，到 2025 年，美國銷售的約 50% 的電動車將有資格享受 30D 稅收抵免。

The removal of these credits and the changing sentiment under the new administration are expected to have an impact on the EV market. Nevertheless, we are confident regarding our capabilities to continue growing in the US this year due to our strategic partners and the visibility on sales. However, we recognize the volatility and its potential impacts for future growth.

預計這些信貸的取消和新政府的情緒變化將對電動車市場產生影響。儘管如此，憑藉我們的策略合作夥伴和銷售的透明度，我們對今年在美國繼續成長的能力充滿信心。然而，我們認識到波動性及其對未來成長的潛在影響。

Historically, Europe was the initial frontrunner of the EV adoption, then the North American market proved to be the largest growth opportunity, and now Europe is recovering fast. These market dynamics are another proof point of the importance of being geographically diversified and the reason why we focus and redistribute our resources to cope with regional EV market volatility.

從歷史上看，歐洲是電動車普及的最初領跑者，隨後北美市場被證明是最大的成長機會，現在歐洲正在快速復甦。這些市場動態再次證明了地理多元化的重要性，也是我們集中和重新分配資源以應對區域電動車市場波動的原因。

If we look at our total addressable market, the EV market has been consistently growing and we believe the EV transition is on an irreversible path. However, adapting to the market dynamics with a flexible and resilient organizational structure is key until markets become more mature. Our objective is to have the right organization setup, capture growth where it takes place, and achieve profitability.

如果我們看一下我們的整體目標市場，電動車市場一直在持續成長，我們相信電動車轉型正走在一條不可逆轉的道路上。然而，在市場變得更加成熟之前，以靈活和有彈性的組織結構適應市場動態是關鍵。我們的目標是建立正確的組織，抓住成長機會，獲利。

Luis, I'll turn it over to you to comment further on our financial details.

路易斯，我會把主題交給你，讓你進一步評論我們的財務細節。

Thank you, Enric. Good morning and good afternoon to everyone. The second-quarter revenue landed within our guided range with EUR38.3 million, reflecting a quarter-over-quarter improvement of 2% but down compared to the record high quarter last year. Europe was soft but did improve quarter over quarter and we expect further growth ahead. North America is consistent compared to last quarter and remains a large contributor to the overall business, growing nicely.

謝謝你，恩里克。大家早安，下午好。第二季營收達到 3,830 萬歐元，符合我們的預期範圍，較上季成長 2%，但與去年創紀錄的高點相比有所下降。歐洲表現疲軟，但環比有所改善，我們預計未來還會進一步成長。與上一季相比，北美保持穩定，仍然對整體業務貢獻巨大，成長良好。

DC sales have stabilized and show an upward trend with backlog build-up. Gross margin was within our guided range and remained relatively stable quarter over quarter, reaching 37.8%. The product mix was similar, with higher Bill of Materials costs and freight marginally reducing gross margin. As mentioned by Enric, we see opportunities to improve gross margins, as we increase our shipments of new inventories with more efficient Bill Of Materials and increase prices in certain regions.

隨著積壓訂單的增加，DC 銷售已經穩定並呈現上升趨勢。毛利率在我們的指導範圍內，並且環比保持相對穩定，達到 37.8%。產品組合相似，物料成本和運費較高，略微降低了毛利率。正如恩瑞克所提到的，我們看到了提高毛利率的機會，因為我們增加了採用更有效率物料清單的新庫存的出貨量，並提高了某些地區的價格。

Q2 labor costs and OpEx totaled EUR24.3 million, representing a 25% improvement compared to the same period last year. We continue to optimize the organization while revenue levels remain consistent and we believe there is opportunity to grow significantly with this cost structure, especially as we focus our investments towards sales, to capture the current EV market uplift in Europe.

第二季勞動成本和營運支出總計 2,430 萬歐元，與去年同期相比改善了 25%。我們將繼續優化組織，同時保持收入水平的穩定，我們相信，在這種成本結構下，我們將有機會實現大幅增長，特別是當我們將投資重點放在銷售上，以抓住當前歐洲電動車市場的上升勢頭時。

Cash costs, which is defined as labor costs and OpEx excluding R&D capitalization, non-cash items and one-off expenses, declined even further, down 35% year over year. Even though we are making progress on the combined labor costs and OpEx result, this quarter showed a slight increase in OpEx due to additional freight, duty, and tariffs costs. This was unexpected, as we had to react to the consistent high demand in the US. Going forward, we see opportunities to better manage and mitigate these variances for greater margin read through.

現金成本（定義為勞動成本和不包括研發資本化、非現金項目和一次性費用的營運支出）進一步下降，較去年同期下降 35%。儘管我們在綜合勞動力成本和營運支出方面取得了進展，但由於額外的運費、關稅和關稅成本，本季營運支出略有增加。這是出乎意料的，因為我們必須對美國持續的高需求做出反應。展望未來，我們看到了更好地管理和減輕這些差異以獲得更大利潤的機會。

Consolidated adjusted EBITDA loss for the quarter was EUR7.5 million, on the lower side of the guided range. This was due to lower gross margin and limited quarter-over-quarter improvement in OpEx. However, when the result is compared with the second quarter of 2024, the adjusted EBITDA improved 33% year over year.

本季合併調整後 EBITDA 虧損為 750 萬歐元，處於指導範圍的較低水準。這是由於毛利率較低以及營運支出季比改善有限。不過，與 2024 年第二季相比，調整後的 EBITDA 年比成長了 33%。

Overall, we show continuous organizational efficiency improvements, which, combined with the expected revenue improvements in the quarters to come, will help us to achieve our goal of becoming adjusted EBITDA breakeven. We ended the quarter with approximately EUR32.4 million of cash, cash equivalents, and financial instruments.

總體而言，我們表現出組織效率的持續提高，再加上未來幾季預期的營收提高，這將幫助我們實現調整後 EBITDA 收支平衡的目標。本季末，我們擁有約 3,240 萬歐元的現金、現金等價物和金融工具。

During the quarter, we closed another investment round of approximately USD15 million with more than USD9 million from the Government of Spain through the Spanish Society for Technological Transformation and USD5 million from existing investors, including Iberdrola and Orilla Asset Management.

本季度，我們完成了另一輪約 1500 萬美元的投資，其中西班牙政府透過西班牙技術轉型協會注資超過 900 萬美元，現有投資者（包括 Iberdrola 和 Orilla Asset Management）注資 500 萬美元。

We appreciate the continuous support of our investors and their alignment regarding the future potential of the company and welcome the strong addition of SETT to our cap table. Loans and borrowings totaled approximately EUR182 million at the end of the quarter, comprising EUR80 million in long-term debt and EUR102 million in short-term debt. Total debt decreased EUR18 million, 9% compared to last quarter.

我們感謝投資者的持續支持以及他們對公司未來潛力的認可，並歡迎 SETT 強勢加入我們的資本表。本季末，貸款和借款總額約為 1.82 億歐元，其中包括 0.80 億歐元的長期債務和 1.02 億歐元的短期債務。總債務與上一季相比減少了 1800 萬歐元，減少了 9%。

The main reason for the decline was a lower use of our working capital facilities, combined with repayments of small portions of debt that were due. For the majority of our loans and borrowings, we have an 18-month interest-only period with our primary lenders as commented on in our previous earnings call.

下降的主要原因是我們的營運資金使用率較低，加上到期債務的小部分償還。對於我們的大部分貸款和借款，我們與主要貸款人設有 18 個月的僅付利息期，正如我們在上次收益電話會議上所評論的那樣。

CapEx remained light and totaled EUR1.0 million, of which EUR0.4 million was related to investments in Property, Plant and Equipment. This reflects an already expected increase compared to last quarter, as mentioned in the Q1 earnings call. If we compare to the same period last year, CapEx investment decreased 62%.

資本支出仍然較少，總計 100 萬歐元，其中 40 萬歐元與財產、廠房和設備的投資有關。正如第一季財報電話會議中提到的那樣，這反映了與上一季相比已經預期的成長。與去年同期相比，資本支出下降了 62%。

On inventory, we have made better-than-expected progress and continue to release cash. At the end of Q2, inventory landed at EUR56.6 million, reflecting a 33% decrease year over year and 11% compared to last quarter or EUR7 million. Another proof-point that operationally, on the items we can control, we are making solid progress.

在庫存方面，我們取得了好於預期的進展，並繼續釋放現金。第二季末，庫存為 5,660 萬歐元，年減 33%，較上季下降 11% 或 700 萬歐元。另一個證明點是，從操作上講，在我們能夠控制的項目上，我們正​​在取得堅實的進展。

Enric, I'll turn it back to you to provide some closing commentary.

恩里克，我會把話題轉回給你，提供一些最後的評論。

Thank you, Luis. Our second-quarter 2025 results were in line with our guidance. The consistent improvement on the items we can control and the stable results give us confidence in our ability to accelerate improvements. As the EV market in Europe, our largest region, is recovering and our growth in the North American market remains, we believe we may print a stronger second half of the year.

謝謝你，路易斯。我們的 2025 年第二季業績符合我們的預期。我們能夠控制的專案的持續改進和穩定的結果使我們對加速改進的能力充滿信心。隨著我們最大的市場歐洲的電動車市場正在復蘇，以及我們在北美市場的成長仍在繼續，我們相信我們可能會在今年下半年取得更強勁的業績。

I can't stress enough that I strongly believe that the global platform we have built with an innovative product portfolio is leading the industry. As we start to leverage this platform and, in parallel, continue to work on the right organizational setup, we believe profitability is within reach.

我再怎麼強調也不為過，我堅信我們憑藉創新產品組合所建構的全球平台正在引領產業發展。當我們開始利用這個平台，並同時繼續致力於正確的組織設置時，我們相信獲利是可以實現的。

With that, I would like to discuss next quarter's guidance. For the third quarter of 2025, we have the following expectations. Revenue in the EUR38 million to EUR41 million range. Growth margin between 37% and 39%, a negative adjusted EBITDA between EUR6 million and EUR4 million.

藉此，我想討論一下下一季的指導。對於2025年第三季度，我們有以下預期。收入在3800萬歐元至4100萬歐元之間。成長幅度在 37% 至 39% 之間，調整後的 EBITDA 為負 600 萬歐元至 400 萬歐元之間。

With that, we raise the question from our analysts.

由此，我們提出了分析師的問題。

Welcome back, everyone. To our analysts, we ask that you post one question with a follow-up if needed, then reenter the queue if there is more. This will allow each of you to ask your questions upfront and we'll get to as many additional questions as time allows. Well, I think you have some instructions for our analysts.

歡迎大家回來。對於我們的分析師，我們要求您發布一個問題並在必要時進行跟進，然後如果還有更多問題則重新進入隊列。這樣，你們每個人都可以提前提出問題，並且我們會在時間允許的情況下回答盡可能多的其他問題。嗯，我想您對我們的分析師有一些指示。

(Operator Instructions) Jon Windham, UBS.

（操作員指示）瑞銀 (UBS) 的喬恩溫德姆 (Jon Windham)。

I just wanted to level set, it's been almost two years since the Generac investment. Just any color or commentary you have around the status of progress with that relationship? Thank you.

我只是想進行平衡設定，距離 Generac 投資已經過了近兩年。您對此關係的進展狀況有何看法或評論？謝謝。

Hi, Jon, this is Enric. So yes, you're right. So it's two years since the first investment of Generac [es maria] this year. Since then, we have started to commercialize our home chargers with them in North America. Today, one of the product lines of Generac is EV chargers, home EV chargers, and that's our winning product that Wallbox Pushup [plack] that they resell under the Generac brand to their different dealers.

你好，喬恩，我是恩里克。是的，你是對的。今年距離 Generac [es maria] 首次投資已經過了兩年。從那時起，我們就開始在北美與我們合作，將我們的家用充電器商業化。如今，Generac 的產品線之一是電動車充電器、家用電動車充電器，這就是我們的暢銷產品 Wallbox Pushup [plack]，他們以 Generac 品牌轉售給不同的經銷商。

Also, another thing we've been doing for these last two years has been integrating our apps and platforms in the Generac ecosystem and the products also in the Generac ecosystem. So it's not only that we have today a wall -- they have Wallbox chargers, they also have an app that can manage the Wallbox charger.

此外，過去兩年我們一直在做的另一件事是將我們的應用程式和平台整合到 Generac 生態系統中，並將產品整合到 Generac 生態系統中。所以，我們今天不僅有牆壁——他們有 Wallbox 充電器，他們還有一個可以管理 Wallbox 充電器的應用程式。

So I think the solution we're offering to Generac dealers and customers is the number one solution you can get in North America. So in that regard, we already have traction in terms of revenue and several thousands of units have been already delivered to Generac to resell to their customers.

因此我認為我們為 Generac 經銷商和客戶提供的解決方案是您在北美可以獲得的最好的解決方案。因此，從這方面來看，我們在收入方面已經取得了進展，並且已經向 Generac 交付了數千台設備，以便轉售給他們的客戶。

Another important topic is our commercial sales, the Supernova sales. This is something we are working on not only in North America, but also in Europe because Generac internationally has another brand. It is called Pramac in Europe. And we are very happy here because together, we have launched new solution for fast charging.

另一個重要話題是我們的商業銷售，超新星銷售。我們不僅在北美致力於此，而且在歐洲也進行此工作，因為 Generac 在國際上還有另一個品牌。在歐洲它被稱為Pramac。我們非常高興，因為我們共同推出了新的快速充電解決方案。

One of the main challenges of charge point operators when they install fast chargers is the availability of power. You might have maybe 100 kilowatts in a given location, but you want to be able to offer to your customers more power than that.

充電站營運商安裝快速充電器時面臨的主要挑戰之一是電力供應。您可能在某個位置擁有 100 千瓦的電力，但您希望能夠為客戶提供更多電力。

And a good solution is to add industrial battery that when paired with a Supernova and our software, CCS controller, it can help to bring high power, more than 200 kilowatts or 300 kilowatts. And then when there's no one charging, you recharge back that battery. So that's something we already launched a couple of -- one quarter ago, if I'm not wrong, with Pramac, and we're already starting to see some customers interested on the first pilots to test this technology.

一個好的解決方案是添加工業電池，當與 Supernova 和我們的軟體 CCS 控制器配對時，它可以幫助帶來高功率，超過 200 千瓦或 300 千瓦。然後，當沒有人充電時，您就可以為電池充電。如果我沒記錯的話，我們已經在一個季度前與 Pramac 合作推出了這項技術，而且我們已經開始看到一些客戶對首批測試這項技術的試點計畫感興趣。

So I will say the partnership is going well. We would like maybe to go a little bit faster, but obviously, there's a lot of integrations and products we are developing together.

所以我想說，雙方的合作進展順利。我們可能希望能進展得更快一些，但顯然，我們正在共同開發許多整合和產品。

Perfect. Appreciate it. And if you'll allow me as a follow-up, slightly different question. Can you talk a little bit more about the Quasar 2, what that project is? And just if you could just provide some details about the offtake size, who the partners are? Thank you so much.

完美的。非常感謝。如果您允許我提出一個稍微不同的後續問題。您能否再多談談 Quasar 2 以及這個專案是什麼？您是否可以提供一些有關承購規模的詳細信息，合作夥伴是誰？太感謝了。

Yeah. So this is very exciting, and this is for me, one of the most innovative projects that have ever been done in the EV charging world. We are the first CCS bidirectional charger being certified and delivered in North America. And I think we are several months, if not, years ahead of competition.

是的。這非常令人興奮，對我來說，這是電動車充電領域有史以來最具創新性的項目之一。我們是北美第一家獲得認證並交付的CCS雙向充電器。我認為我們比競爭對手領先幾個月甚至幾年。

What this product does, and I think I commented in the past, but I think it's good to remind everyone, it's not only a charger, it's also a bidirectional charger. So it allows you to discharge the battery of your electric car. And that means that in case of a blackout, it can behave as a backup generator. So you can power your home with the battery of your electric car.

這款產品的功能，我想我以前評論過，但我認為提醒大家一下是件好事，它不僅是一個充電器，它還是一個雙向充電器。因此它可以讓你給電動車的電池放電。這意味著一旦發生停電，它可以充當備用發電機。因此，您可以使用電動車的電池為您的家庭供電。

An electric car battery is a massive battery. It's a 100-kilowatt hour battery in the case of the Kia EV9, which is the car that we are starting to sell this product. We have partnered with Kia, and we are doing the first deliveries to Kia EV9 owners. And 100 kilowatt hours allows you to power a home for more than a day or even almost three days depending on your power consumption. So even if you don't have the car fully charged, you still will be able to use it as a backup generator.

電動汽車電池是一個巨大的電池。對於我們開始銷售該產品的起亞 EV9 汽車來說，它配備了 100 千瓦時的電池。我們已經與起亞合作，正在向起亞 EV9 車主進行首批交付。100 千瓦時的電量可以為家庭供電一天以上，甚至近三天，這取決於您的用電量。因此，即使您的汽車沒有充滿電，您仍然可以將其用作備用發電機。

And it's not only a backup generator. It's also -- it gives you the opportunity that if you have solar panels or the pricing of energy changes by the hour, you can charge when energy is cheaper and discharge when energy is more expensive. So this -- after lots of months and more than a year of working on this project, we have delivered the first units to Kia EV9 users.

它不僅僅是一個備用發電機。它也為你提供了一個機會，如果你有太陽能電池板或能源定價按小時變化，你可以在能源便宜時充電，在能源昂貴時放電。因此，經過數月和一年多的努力，我們已向起亞 EV9 用戶交付了第一批車輛。

That's something we are doing slowly because we are slowly ramping up. We want to make sure that everything goes smooth and well because we have more preorders and more demand than we are delivering today. So this last quarter, we delivered a few tens of units. But this is something that we will start to ramp up. And at the end of the year in Q4, we believe we can exceed the 100 units or more per quarter and continue growing.

我們正在慢慢地做這件事，因為我們正在慢慢地加快步伐。我們希望確保一切順利進行，因為我們的預訂單和需求比今天交付的要多。因此，上個季度我們交付了幾十個。但這是我們將開始加強的事情。到今年第四季末，我們相信每季的銷量可以超過 100 台，並且繼續成長。

I think this is a potential -- very important potential revenue growth for the company. And just to repeat about the opportunity here, it's not only a charger. It's something that can power your home. And to give you an idea, 100 kilowatt hours, which I was referring to -- is the equivalent of seven Tesla Powerwalls. So it's a massive battery that you have basically for free because when you buy your electric car, you already have electric car. So Tesla enables this potential -- Quasar enables this potential, sorry.

我認為這對公司來說是一個潛在的——非常重要的潛在收入成長。我再重複這裡的機會，它不僅僅是一個充電器。它可以為您的家庭供電。給你一個概念，我指的是 100 千瓦時，相當於七個特斯拉 Powerwall。所以這是一個巨大的電池，基本上是免費的，因為當你購買電動車時，你已經擁有了電動車。所以特斯拉實現了這種潛力——類星體實現了這種潛力，抱歉。

George Gianarikas, Canaccord Genuity.

喬治·賈納里卡斯（George Gianarikas），Canaccord Genuity。

You have Matt on here for George. Just to start off, it seems like the Supernova backlog is growing nicely. What kind of cadence should we expect for deployments going into the back half of this year and into '26? And what does that look like from a geographic standpoint?

這裡讓馬特取代喬治。首先，看起來超新星的積壓訂單成長得很好。我們應該期待今年下半年和 26 年的部署節奏是如何的？從地理角度來看，這是什麼樣子的？

Yeah. So Matt, this is Enric. So in terms of backlog, I understand you were asking about the backlog. The good thing here is that we generally look at the increase of backlog more than the -- we always have backlog as we move forward. But for us, it's very relevant, the fact that this last quarter, our backlog has increased more than EUR5 million, actually close to EUR6 million.

是的。馬特，這是恩里克。因此，就積壓問題而言，我知道您問的是積壓問題。好消息是，我們通常更專注於積壓訂單的增加，而不是——隨著我們前進，我們總是有積壓訂單。但對我們來說，這非常重要，因為上個季度我們的積壓訂單增加了 500 多萬歐元，實際上接近 600 萬歐元。

This is coming mostly from AC sales coming from -- in Europe, but also in North America. We are seeing very good traction in North America, but also in fast charging. So fast charging, we've been the last couple of quarters, focusing our business more in a specific part of the value chain of fast charging. So we are focusing between 80 kilowatts and 400 kilowatts.

這主要來自於歐洲以及北美的空調銷售。我們看到北美市場以及快速充電領域都呈現出非常好的發展動能。因此，在過去的幾個季度中，我們將快速充電業務更多地集中在快速充電價值鏈的特定部分。因此我們的重點是80千瓦到400千瓦之間。

We believe that that's where the biggest volume and the biggest profitability can be achieved for a company like us and for CPO. So while we've been doing this focus in terms of product and service solutions and offering, we've been capturing more backlog for fast charging. So when I look at the second half, one, we take this almost EUR6 million of increase of backlog.

我們相信，對於我們這樣的公司和 CPO 來說，這就是實現最大銷售和最大盈利的地方。因此，雖然我們一直專注於產品和服務解決方案和產品，但我們也一直在為快速充電獲取更多的積壓訂單。因此，當我展望下半年時，我們發現積壓訂單增加了近 600 萬歐元。

So that's something that we should be able to convert in the first couple of quarters of Q3. So that's an increased potential that we are very excited to. But also in fast charging, we need to start seeing again the growth. And we are seeing it. We are seeing with the increase of backlog. But they also have -- there will be more orders in Q3 coming into Q4. So our main focus on backlog growth is going to be in the fast charging part of the business.

因此，我們應該能夠在第三季的前幾季實現這一目標。因此，我們對此感到非常興奮，因為這具有更大的潛力。但在快速充電方面，我們也需要再次看到成長。我們也看到了這一點。我們看到積壓的貨物在增加。但他們也有——第三季到第四季的訂單會更多。因此，我們對積壓訂單成長的主要關注點將放在業務的快速充電部分。

Great. Thank you. And I guess just as a follow-up, could you give us the latest updates on the ABL acquisition? How is momentum tracking in Germany and the other key markets for that?

偉大的。謝謝。我想作為後續問題，您能否向我們提供有關 ABL 收購的最新消息？德國和其他主要市場的勢頭如何？

So I think in terms of profitability, we are very, very excited on the efforts we've done here. We've been able to integrate the company and make sure that there's no -- were no redundancies in terms of costs. So we're undertaking like in general in the whole company, at least a 40% personnel cost and OpEx cost reduction during the last year, while we've been able to maintain the revenue levels and the sales of the previous year.

因此我認為，就盈利能力而言，我們對我們在這裡所做的努力感到非常興奮。我們已經能夠整合公司並確保在成本方面不會出現冗餘。因此，我們像整個公司一樣，在去年至少削減了 40% 的人員成本和營運成本，同時我們能夠維持上一年的收入水準和銷售額。

Now the focus since we have done the integration and we have been able to obtain these synergies, the focus is the growth basically. Germany is a market that is back to growth. Actually, for the year to date, the growth has -- is more than 40% on EV sales and plug-in hybrid sales. So this is great news because Spain and Germany are our home European markets -- Spain because it's Wallbox's home European market and Germany because it's ABL, both are growing more than 40%.

現在，由於我們已經完成整合，並且能夠獲得這些協同效應，因此重點基本上就是成長。德國是一個恢復成長的市場。實際上，今年迄今為止，電動車和插電式混合動力車的銷量成長已超過 40%。這是個好消息，因為西班牙和德國是我們歐洲本土市場——西班牙是 Wallbox 的歐洲本土市場，德國是 ABL 的本土市場，這兩個市場的成長率都超過 40%。

So in the case of Spain, yes, we are seeing this growth and the company is expanding at that rate or even more. But in Germany, I believe we need to invest more in the sales side of the business. We are planning and we are actually working on hiring more salespeople. We have been working also on changing the leadership for the German -- for ABL sales organization.

因此，就西班牙的情況而言，是的，我們看到了這種成長，而且公司正在以這種速度甚至更快的速度擴張。但在德國，我認為我們需要在業務的銷售方面投入更多。我們正在計劃並實際上正在努力招募更多的銷售人員。我們也一直在努力改變德國 ABL 銷售組織的領導。

And finally, an opportunity that I think we already are seeing, but there's even more growth potentially is the cross-selling. When we acquired ABL at Wallbox, we were not selling double socket commercial chargers. That's a product we didn't have.

最後，我認為我們已經看到了一個機會，但交叉銷售還有更大的成長潛力。當我們在 Wallbox 收購 ABL 時，我們並沒有銷售雙插座商用充電器。那是我們沒有的產品。

And today, quarterly, sales of this product outside Germany, so these are sales that we do in France or the Netherlands or other markets, amount for more than EUR1 million a quarter. And this is just three quarters since we started this cross-selling process.

如今，該產品在德國以外地區的季度銷售額（即我們在法國、荷蘭或其他市場的銷售額）超過 100 萬歐元。而這只是我們開始交叉銷售流程的三個季度。

I believe that as we move forward, we are adding more opportunities. And I actually commented in the last earnings call about these opportunities that eM4 was bringing. So there's especially growth potential there. So in general, ABL, we are very satisfied with the work done so far. But I believe that the opportunity here is on growing the sales organization and the support organization in Germany.

我相信，隨著我們不斷前進，我們將會增加更多的機會。事實上，我在上次財報電話會議上就eM4 帶來的這些機會進行了評論。因此那裡特別具有成長潛力。所以總的來說，ABL，我們對迄今為止所做的工作非常滿意。但我相信這裡的機會在於擴大德國的銷售組織和支持組織。

Okay. That was our last question. Thank you all for joining us today. We hope you found today's call a good use of your time. Let's know if we can help you in any way.

好的。這是我們的最後一個問題。感謝大家今天的參與。我們希望您覺得今天的通話充分利用了您的時間。如果我們能為您提供任何幫助，請告知我們。