Wallbox NV (WBX) 2025 Q3 法說會逐字稿

Hello everyone and welcome to Wallbox's third quarter 2025 Earnings Conference Call and webcast.

大家好，歡迎參加 Wallbox 2025 年第三季財報電話會議和網路直播。

(Operator Instructions)

（操作說明）

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

現在我想把電話轉給Wallbox公司的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 third quarter 2025 results.

謝謝大家，祝各位早安/下午好。感謝您參加今天的網路直播，共同探討 Wallbox 2025 年第三季業績。

This event is being broadcast over the web and can be accessed from the investors section of our website at investors.wallbox.com. I'm joined today by Enric Asuncion, Wallbox CEO, and Luis Boada, Wallbox CFO. Earlier today, we issued a press release announcing results from the third quarter ended September 30, 2025, which can also be found on our website.

本次活動將透過網路直播，您可以透過我們網站投資者關係頁面 investors.wallbox.com 存取。今天與我一同出席的有 Wallbox 執行長 Enric Asuncion 和 Wallbox 財務長 Luis Boada。今天早些時候，我們發布了一份新聞稿，公佈了截至 2025 年 9 月 30 日的第三季業績，該新聞稿也可在我們的網站上找到。

Before we begin, I would like to remind everyone that certain statements made in 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. Actual results could differ materially from those anticipated.

在開始之前，我想提醒大家，今天電話會議中某些陳述屬於前瞻性陳述，可能存在與未來事件和/或公司未來財務表現相關的風險和不確定性。實際結果可能與預期結果有重大差異。

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 20F for the fiscal year ended December 31, 2024, filed on May 6, 2025.

可能影響績效的風險因素已在本公司最近向美國證券交易委員會提交的公開文件中詳細說明，包括於 2025 年 5 月 6 日提交的截至 2024 年 12 月 31 日的財政年度的 20F 表格年度報告。

We will be presenting unaudited financial statements in IFRS format that reflects management's best assessment of actual results. 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 investor section of our website. Also, a copy of these prepared remarks can be obtained from the investor relation website under the quarterly results section. So you can more easily follow along with us today. So with that out of the way, I will turn it over to Enric.

我們將以國際財務報告準則（IFRS）格式提交未經審計的財務報表，該報表反映了管理層對實際結果的最佳評估。另外，請注意，我們在本次電話會議中使用了一些非國際財務報告準則（IFRS）的財務指標，這些指標的調節表已包含在我們網站投資者關係部分的簡報中。此外，投資人還可以從公司網站季度業績欄位中取得這些準備好的發言稿。這樣你今天就能更輕鬆地跟上我們的節奏了。那麼，事情就到此為止，接下來我將把麥克風交給恩里克。

Thank you, Michael, and thanks everyone for joining us today. We will start today's call with another view of our third quarter 2025 results.

謝謝你，邁克爾，也謝謝今天所有到場的各位。今天，我們將以對2025年第三季業績的另一個展望作為電話會議的開端。

Provide our perspective on the market, and spend time discussing our strategic progress. 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 remainder of the year.

闡述我們對市場的看法，並花時間討論我們的策略進展。路易斯將更詳細地介紹我們的財務表現和關鍵財務指標，之後我將結束對話，重點介紹我們今年剩餘時間的工作重點。

Due to revenue landed at EUR35.5 billion below our expectations, but up 2% compared to the same period last year. The largest offender has been AC sales across all global regions. In the case of Europe, there have been operational headwinds and changing product regulation, creating delivery challenges impacting the overall order intake. For the North American market, the strong contrast in terms of even market growth between the U.S. and Canada creates a blurred view.

由於營收比預期低了 355 億歐元，但比去年同期成長了 2%。全球各地區的空調銷售都是最大的罪魁禍首。就歐洲而言，營運方面存在不利因素，產品法規也在不斷變化，這造成了交付方面的挑戰，影響了整體訂單量。對於北美市場而言，美國和加拿大在市場成長方面的巨大差異造成了一種模糊的局面。

The U.S. had one of the strongest porters ever, while Canada had one of the slowest porters since Q1 2023 in terms of EV sales.

就電動車銷量而言，美國經歷了有史以來最強勁的成長之一，而加拿大經歷了自 2023 年第一季以來最緩慢的成長之一。

These market trends we see are reflected in our results.

我們看到的這些市場趨勢也反映在我們的業績上。

The contribution of APEC and South America has been limited. Our resources have been shifted to focus on our key markets.

亞太經合組織和南美洲的貢獻有限。我們已將資源轉移到重點市場。

DC sales have been the highlight of this quarter, reflecting the ongoing strong recovery we have seen during 2025. This category is showing strong growth compared to both last quarter, up 40% and last year, up 34%. We have seen progress with our commercial partners and solid demand for our new generation supernova product due to its solid performance and reliability.

DC 銷售額是本季的亮點，反映了我們在 2025 年看到的持續強勁復甦。與上一季（成長 40%）和去年同期（成長 34%）相比，該類別呈現強勁成長。由於我們新一代超新星產品性能優異、可靠性高，我們與商業夥伴的合作取得了進展，市場對其需求也十分強勁。

In total, during the third quarter, we delivered over 33,000 ACD units and close to 170 DC units.

第三季度，我們共交付了超過 33,000 台 ACD 設備和近 170 台 DC 設備。

Gross margin was 39.8% in the third quarter, which exceeds the 37% to 39% guided range. This reflects a 200 basis point increase compared to last quarter resulting from improved bill of material cost, higher prices, and the impact of carbon credits. Looking ahead, there are several levers we believe can be pulled to sustain and improve the gross margin, which Luis will comment on later.

第三季毛利率為 39.8%，超過了先前預期的 37% 至 39% 的範圍。這反映出與上一季相比成長了 200 個基點，原因是材料成本改善、價格上漲以及碳信用額的影響。展望未來，我們認為可以透過多種方式來維持和提高毛利率，路易斯稍後會對此發表評論。

Moving to the organizational setup, labor costs and operating expenses landed at EUR22.9 million. This reflects a 6% improvement compared to last quarter and a 28% improvement compared to the same period last year.

從組織架構來看，勞動成本和營運費用總計為 2,290 萬歐元。這比上一季提高了 6%，比去年同期提高了 28%。

In the case of cash costs, which is the finance labor cost and OpEx excluding R&D activation, non-cash items, and one-off expenses, the result is even more impressive as we achieve a 34% year over year reduction. I am pleased with the ongoing progress on efficiency while we are achieving consistent revenue levels, allowing us to make steps to profitability every quarter.

就現金成本而言，即財務人工成本和營運支出（不包括研發啟動、非現金項目和一次性支出），結果更加令人印象深刻，我們實現了同比下降 34%。我對我們在提高效率的同時取得的持續進步感到滿意，同時我們也實現了穩定的收入水平，這使我們能夠每個季度都朝著盈利邁進。

Going forward, we continue to balance cost reduction and investments to achieve a net positive efficiency impact.

展望未來，我們將繼續平衡成本削減和投資，以實現淨正效率提升。

We plan to accelerate investments to reinforce our sales organization, including customer service to support revenue growth. One of the first major steps in this plan is the appointment of our new [CEO Nazia Lau].

我們計劃加快投資，加強銷售組織，包括客戶服務，以支持收入成長。這項計劃的首要步驟之一是任命我們的新負責人。[執行長 Nazia Lau]

Ignasi brings experience and expertise in developing scalable commercial models and driving expansion in strategic markets. In addition, we will integrate our different sales team across product segments for a more holistic approach, centralized execution, and additional efficiency gains.

Ignasi 在開發可擴展的商業模式和推動策略市場擴張方面擁有豐富的經驗和專業知識。此外，我們將整合各產品領域的銷售團隊，以實現更全面的方法、集中執行和更高的效率。

Adjusted EBITDA for the third quarter of 2025 was EUR-6.9 million below our guided range, but improving 8% quarter over quarter. Compared to the same period last year, adjusted the EBITDA loss narrowed by 68%. But this comparison is impacted by one of the items incurred in Q3 2024.

2025 年第三季調整後 EBITDA 比我們預期的範圍低 690 萬歐元，但季增 8%。與去年同期相比，調整後的 EBITDA 虧損收窄了 68%。但這一比較受到 2024 年第三季發生的一項事件的影響。

The main reason for the guidance shortfall was softer than expected sales, as mentioned before. As a global player, we operate in a complex environment characterized by volatile market demand. Driven by evolving subsidy frameworks and continually developing product regulations across countries and regions.

如前所述，導致業績指引不如預期的主因是銷售額低於預期。身為全球企業，我們身處在一個市場需求波動劇烈的複雜環境。受各國和地區不斷變化的補貼框架和持續發展的產品法規的驅動。

To manage this, resiliency is crucial, and we believe we are well positioned for growth with a strong brand name, complete product portfolio, well-known commercial partners, global reach, and a more efficient organizational structure.

為了應對這種情況，韌性至關重要，我們相信憑藉強大的品牌、完整的產品組合、知名的商業夥伴、全球影響力以及更有效率的組織結構，我們已經為成長做好了充分準備。

The main area of focus to accelerate our path to profitability is restoring revenue growth. For this reason, we are reinforcing our sales function and leveraging our existing market positioning to elevate our performance across geographies and segments.

加快獲利的關鍵在於恢復營收成長。因此，我們正在加強銷售職能，並利用我們現有的市場地位來提升我們在各個地區和細分市場的表現。

For the third quarter of 2025, Europe contributed EUR23.6 million of consolidated revenue. Or 66% of total top-line. This reflects a 3% increase in revenue for the region compared to last year, but was subdued compared to European EV market growth.

2025年第三季度，歐洲貢獻了2,360萬歐元的合併收入。或佔總收入的 66%。這反映出該地區的收入比去年增長了 3%，但與歐洲電動車市場的成長相比則較為平淡。

We showed full year over year improvements in selected countries such as Spain, France, Belgium, and the UK. However, growth for the entire region has been softer than expected.

我們在西班牙、法國、比利時和英國等部分國家實現了年比全面成長。然而，整個地區的成長速度低於預期。

This can partly be attributed to personal headwinds and product regulations. In the quarter, the radio equipment Directive came into force in the EU.

這部分原因可歸因於個人遇到的困難和產品法規。本季度，歐盟無線電設備指令正式生效。

Which require us to switch to a new product which has additional functionality but comes at a higher price point. These products sheets and the related market education time impacted overall order delivery.

這就要求我們改用一款功能更豐富但價格更高的新產品。這些產品資料和相關的市場教育時間影響了整體訂單交付。

In addition, shipments were subdued due to longer lead times as we shifted one of our most popular products, the Pulsar Max, to a new technology platform for additional functionalities and improved cost.

此外，由於我們將最受歡迎的產品之一 Pulsar Max 轉移到新的技術平台以實現更多功能和降低成本，導致交貨週期延長，因此出貨量有所下降。

Overall, we believe the positive trend in the EV market for the European region will provide additional opportunities, which we believe we can capitalize on with our strategic position and complete product portfolio. North America contributed EUR11 million or 31% of the total revenue.

整體而言，我們相信歐洲地區電動車市場的正面趨勢將帶來更多機遇，我們相信憑藉我們的戰略地位和完整的產品組合，我們可以充分利用這些機會。北美地區貢獻了1,100萬歐元，佔總營收的31%。

Compared to the same period last year, this region is up 13% and 18% at cost and FX.

與去年同期相比，該地區的成本和匯率分別上漲了 13% 和 18%。

This is consistent with the trend we have seen in the last quarter as we continue to perform well in the North American market. However, breaking down the region in terms of revenue growth compared to last quarter, We saw growth in the U.S. offsetting a slowdown in Canada. This performance is even more impressive considering the EV market in the third quarter is down 49% compared to the same period last year.

這與我們上個季度看到的趨勢一致，我們在北美市場持續保持良好表現。然而，從收入成長的角度來看，與上一季相比，美國的成長抵消了加拿大的成長放緩。考慮到第三季電動車市場年減了 49%，這一業績就更加令人印象深刻了。

Both APAC and LATAM remain a small region for Wallbox. Now contributing approximately EUR160,000 or 1% and EUR725,000 or 2% respectively for the quarter.

亞太地區和拉丁美洲對 Wallbox 而言仍然只是很小的區域。目前，這兩筆款項分別貢獻了約 16 萬歐元（佔 1%）和 72.5 萬歐元（佔 2%）。

As mentioned last quarter, we believe the regions have significant future potential but are currently not prioritized in our resource distribution.

正如上個季度所提到的，我們認為這些地區具有巨大的未來潛力，但目前在我們的資源分配中並未優先考慮。

AC sales of EUR22.4 million including ABL and Quasar represented approximately 63% of our global consolidated revenue, down 16% compared to last quarter and down 5% year over year. This product category had a weak performance across all global regions, partly due to the operational headwinds in Europe and the soft EV market in Canada just discussed. On the positive side, we continue to roll out the innovative Quasar two solution as commercial traction is gaining momentum and have discussions with additional OEMs to become compatible with the product.

包括 ABL 和 Quasar 在內的 AC 銷售額為 2,240 萬歐元，約佔我們全球合併收入的 63%，與上一季相比下降了 16%，與去年同期相比下降了 5%。該產品類別在全球所有地區的表現均不理想，部分原因是歐洲的營運逆風以及剛才討論過的加拿大疲軟的電動車市場。從積極的方面來看，隨著商業吸引力不斷增強，我們繼續推出創新的 Quasar 2 解決方案，並與其他 OEM 廠商進行討論，以使該產品與自身相容。

We are providing additional warranty on our Pulsar Max at no extra cost in addition to reinforcing the same organization. This change reflects the products of standard reliability and our commitment to delivering long-term value to every customer.

除了加強現有組織架構外，我們還為 Pulsar Max 提供額外的免費保固服務。這項變更體現了我們產品的高可靠性以及我們致力於為每位客戶提供長期價值的承諾。

In addition, we have launched and expect to launch new features for additional cost value and an improved competitive effect. Earlier this year, we introduced a time of use ties allowing customers to optimize their energy consumption, and now we introduce a state of charge feature for additional insights into the charging status of the car.

此外，我們已推出並計劃推出新功能，以增加成本效益並提高競爭力。今年早些時候，我們推出了分時電價功能，讓客戶能夠優化能源消耗；現在，我們又推出了充電狀態功能，以便更深入地了解汽車的充電狀態。

Shortly, I will share more details about these functionalities and expected long-term strategic.

稍後，我將分享有關這些功能和預期長期策略的更多細節。

DC sales in the third quarter landed at EUR5.8 million or 16% of sales, resulting in a significantly higher contribution to our total revenue for the quarter as compared to previous periods.

第三季 DC 銷售額達到 580 萬歐元，佔銷售額的 16%，與前幾季相比，本季總營收的貢獻顯著提高。

Year over year this category is up 34% and sequentially up 40%.

該類別年增 34%，季增 40%。

As discussed in the previous quarter.

如上一季所述。

We saw some progress in the recovery of the diseases, especially due to the introduction of new generation supernovas and high demand in North America.

我們看到疾病的治療取得了一些進展，這主要歸功於新一代超新星的引入以及北美地區的高需求。

Many clients are satisfied with the functionalities, quality, and efficient installation, resulting in recurring orders. For example, in the third quarter, we have announced additional commercial partnerships in both Europe and North America with Hera Group and SureCharge Corp respectively.

許多客戶對產品的功能、品質和高效的安裝感到滿意，因此多次下單。例如，在第三季度，我們宣布分別與 Hera Group 和 SureCharge Corp 在歐洲和北美建立新的商業合作夥伴關係。

In the case of Hera Group, Wallbox ready to provide 58 supernova, 120 kilowatts DC fast chargers to be deployed across central northern Italy by the end of 2025. SureCharge Corp is building a new public charging network in Canada across Alberta and British Columbia.

以 Hera Group 為例，Wallbox 準備提供 58 個超新星型 120 千瓦直流快速充電樁，這些充電樁將於 2025 年底前部署在義大利中北部地區。SureCharge公司正在加拿大艾伯塔省和不列顛哥倫比亞省建造新的公共充電網路。

The project will establish up to 24 high-speed charging sites with 96 charging points along key travel corridors. Creating an extensive regional fast charging hub and deploying supernova 180 kilowatts DC fast chargers. In addition, we are working on an exciting new product which is leveraging our existing DC technology. This new product will be announced soon, and we believe it will revolutionize the DC fast charging concept.

該計畫將在主要交通幹道沿線建立多達 24 個高速充電站，共設 96 個充電樁。建立廣泛的區域快速充電中心，並部署超新星 180 千瓦直流快速充電器。此外，我們正在研發一款令人興奮的新產品，該產品充分利用了我們現有的直流技術。這款新產品即將發布，我們相信它將徹底改變直流快速充電的概念。

From a technology perspective, we anticipate this new solution based on the supernova platform will allow for higher power delivery than we ever offered before, but still have the cost efficiency, reliability, scalability, and small footprint of our customers value in the existing solutions. We are very excited to launch this product as it underlines our flexibility to continue to innovate and leverage our existing future-proof platform while in parallel, right size our organization and limited CAPEX investment.

從技術角度來看，我們預計基於超新星平台的這項新解決方案將能夠提供比我們以往提供的更高的功率輸出，同時仍具備我們客戶在現有解決方案中所重視的成本效益、可靠性、可擴展性和小占地面積。我們非常高興推出這款產品，因為它突顯了我們能夠繼續創新並利用我們現有的面向未來的平台，同時合理調整我們的組織規模並限制資本支出投資的靈活性。

The category software, services, and others remain a consistent contributor to our business. This quarter generating EUR7.3 million or 21% of the total revenue. This reflects a small decrease compared to last quarter, but an 11% year over year increase.

軟體、服務及其他類別一直是我們業務的穩定貢獻者。本季創造了 730 萬歐元的收入，佔總收入的 21%。這比上一季略有下降，但比去年同期成長了11%。

If we break down this category, we see the same trend as the previous quarter. Our software activities with the largest contributor being Electro maps show the strongest growth, more than doubling the revenue compared to last year.

如果我們細分這個類別，會發現與上一季相同的趨勢。我們的軟體業務成長最為強勁，其中以電子地圖業務貢獻最大，營收比去年翻了一番還多。

Installation and service remains the largest contributor but declined slightly compared to last quarter. We see opportunities for this category to continue to perform well as the EV fleet using our software continues to grow, and we will have more and more DC fast chargers in the field.

安裝和服務仍然是最大的收入來源，但與上一季相比略有下降。我們看到，隨著使用我們軟體的電動車車隊不斷增長，以及直流快速充電樁在現場數量不斷增加，該類別仍有機會繼續保持良好的表現。

Today, we would like to provide you with another update on the innovation we are working on to become the ultimate energy partner and enhance the value of our products for our customers. Last quarter, we talked about our bidirectional charger, Quasar two, and its capability for enhanced energy management.

今天，我們想向您提供我們正在努力實現的創新方面的最新進展，以成為終極能源合作夥伴，並提高我們產品對客戶的價值。上個季度，我們討論了我們的雙向充電器 Quasar two 及其增強的能源管理能力。

Now, we would like to comment on additional solutions we are bringing to the market, enabling all our chargers to provide additional energy management functionalities. As mentioned earlier in the call, at the beginning of this year, we have introduced the time of use tariff feature which allow customers to input different daily tariffs provided by their utility.

現在，我們想就我們正在推向市場的其他解決方案發表一些看法，這些解決方案將使我們所有的充電器都能提供額外的能源管理功能。正如之前在電話會議中提到的，今年年初，我們推出了分時電價功能，讓客戶可以輸入其公用事業公司提供的不同每日電價。

This information can then be used to schedule charging sessions within the Wallbox app and give customers the opportunity to optimize their energy costs based on the different tariffs available.

然後，可以使用這些資訊在 Wallbox 應用程式中安排充電時段，並讓客戶有機會根據不同的資費方案優化能源成本。

Currently, we have time of use studies data from more than 40,000 customers which allow these customers to extract more value from the recharger and car.

目前，我們擁有超過 40,000 名客戶的分時使用研究數據，這使得這些客戶能夠從充電器和汽車中獲得更多價值。

The next step, which we are introducing now, is a state of charge feature which provides the customer with insight into the battery level of the car and allows the customer to optimize the energy usage based on its driving needs. Combining the Wallbox energy meter at the hub, time of use study from the utility.

接下來，我們將推出充電狀態功能，可讓客戶了解汽車的電池電量，並允許客戶根據其駕駛需求優化能源使用。將 Wallbox 電能表與公用事業公司的分時電價研究結合。

The energy generation of solar panels and the state of charge of the car, the customer has all the elements to do energy management of the home, all powered by Wallbox.

太陽能板的發電量和汽車的充電狀態，客戶擁有進行家庭能源管理的所有要素，這一切都由 Wallbox 提供支援。

With this complete solution, we have more insights and control to support the customer with optimizing their energy usage, receiving tailored energy price recommendations, and in the long-term, enhancing their energy security with the implementation of the Quasar two, which is enabled by this global infrastructure.

借助這一完整的解決方案，我們擁有更多的洞察力和控制力，可以幫助客戶優化能源使用，獲得量身定制的能源價格建議，並且從長遠來看，透過實施 Quasar 2 來增強他們的能源安全，而這一切都得益於這一全球基礎設施。

In the future, we aim to leverage this infrastructure and this integrated global solution by introducing additional intelligence powered by AI for faster data processing and completely automatized smart charging.

未來，我們將利用這項基礎設施和這項全球一體化解決方案，引入人工智慧驅動的更多智慧技術，以實現更快的數據處理和完全自動化的智慧充電。

Until now, many of these features we just discussed have been provided in collaboration with partners, but by centralizing more and more of these features within the Wallbox ecosystem, we take another step towards establishing Wallbox as a leading energy player.

到目前為止，我們剛才討論的許多功能都是與合作夥伴合作提供的，但透過將越來越多的此類功能集中在 Wallbox 生態系統中，我們朝著將 Wallbox 打造成為領先的能源參與者又邁進了一步。

The EV market continued to perform well in the third quarter of this year. And in our addressable market, which we define as all regions except China, 2.1 million EVs were sold reflecting a 39% growth compared to the same period of last year.

今年第三季度，電動車市場持續保持良好表現。在我們可觸及的市場（我們將其定義為除中國以外的所有地區）中，電動車的銷量為 210 萬輛，與去年同期相比成長了 39%。

Europe, the largest leading market, continues to recover well compared to the last two years and is up for 1% compared to the same period last year.

歐洲作為最大的領先市場，與過去兩年相比繼續保持良好復甦勢頭，與去年同期相比增長了1%。

It is great to see this momentum with positive trends emerging for Wallbox in certain countries such as Spain, France, Belgium, and the UK.

很高興看到 Wallbox 在西班牙、法國、比利時和英國等一些國家呈現出積極的發展勢頭。

However, this rapid growth is not yet fully reflected in all countries.

然而，這種快速成長尚未在所有國家得到充分體現。

And therefore in our results, but we believe we can better capitalize on this trend going forward with the reinfants of our sales teams.

因此，我們的業績也受到了影響，但我們相信，未來我們可以更好地利用這一趨勢，並壯大我們銷售團隊的隊伍。

Long-term commitment to carbon emissions reductions is essential, with many European countries, including Spain and France and various organizations convened under the political initiative take charger Europe. Pushing to uphold the EU's 2035 zero emissions target.

長期致力於減少碳排放至關重要，包括西班牙和法國在內的許多歐洲國家以及在「歐洲掌舵」政治倡議下召集的各種組織都已著手落實。努力實現歐盟2035年零排放目標。

Not only to decarbonize transport, but also to remain competitive globally in the long-term, as many indicators show that the future is electric.

不僅是為了實現交通運輸的脫碳，也是為了在全球範圍內保持長期的競爭力，因為許多指標表明，未來是電動的。

In the case of the North American market, different elements impacted the growth in Q3, which was up 22% compared to last year.

就北美市場而言，第三季的成長受到多種因素的影響，與去年同期相比成長了 22%。

First, the Canadian market has been soft all year due to 100% tariffs on Chinese-made cars and the end of the iZEV incentive program.

首先，由於對中國製造的汽車徵收 100% 的關稅以及 iZEV 激勵計劃的結束，加拿大市場全年都處於疲軟狀態。

This softness was offset by strong growth in the U.S. market during the quarter, which was driven by the prevailing effect as consumers took advantage of the disappearing 30D tax credit at the end of September.

這一疲軟局面被本季美國市場的強勁成長所抵消，這主要得益於消費者在 9 月底利用即將消失的 30D 稅收抵免政策所帶來的普遍影響。

As mentioned during our last earnings call, in the U.S. EV sales still significantly depend on incentive and in addition to the charging sentiment under the new administration. We believe that in the short and midterm, the market will be impacted.

正如我們在上次財報電話會議上提到的，在美國，電動車的銷售量仍然很大程度上取決於激勵措施，以及新政府的充電意願。我們認為，短期和中期內，市場將會受到影響。

Therefore, we work closely together with our key commercial partners to maintain our residential AC sales, but also shifting our focus more towards commercial AC sales and further accelerating our DC sales as these categories are less correlated with EV sales and more with the charging demand of existing fleet.

因此，我們與主要商業夥伴緊密合作，以維持住宅空調的銷售，同時將重點更多地轉向商用空調的銷售，並進一步加快直流電的銷售，因為這些類別與電動車的銷售相關性較小，而與現有車隊的充電需求相關性較大。

The fastest growing EV market was the rest of the world, which includes APAC and LATAM with 63% year over year growth. As we continue refocusing resources. And on Europe and North America, we have not been able to benefit from this growth, but it does underline the potential of these markets in the future as mentioned earlier in this call.

電動車市場成長最快的是世界其他地區，包括亞太地區和拉丁美洲，較去年同期成長 63%。我們將繼續重新調整資源配置。至於歐洲和北美，我們尚未能從這種成長中受益，但這確實凸顯了這些市場未來的潛力，正如我們在本次電話會議中所提到的。

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

路易斯，接下來由你來進一步評論我們的財務細節。

Thank you, Enrique. Good morning and good afternoon to everyone.

謝謝你，恩里克。各位早安，下午好。

The third quarter revenue was softer than expected and landed at EUR35.5 million outside our guided range but did improve 2% year over year.

第三季營收低於預期，為 3,550 萬歐元，超出我們預期範圍，但年增 2%。

There were different factors impacting the top-line, but the largest factor was lower than expected AC sales in all global regions. DC sales performed very well, growing 34% compared to the same period last year and up 40% sequentially.

影響營收的因素很多，但最大的因素是全球所有地區的空調銷售量都低於預期。DC 銷售表現非常出色，與去年同期相比成長了 34%，較上季成長了 40%。

This pro category was responsible for seeing mild growth in Europe and double-digit growth in North America. Gross margin improved significantly with 200 basis points, landing at 39.8% and exceeding our guided range.

這個專業類別在歐洲實現了溫和成長，在北美實現了兩位數成長。毛利率大幅提升 200 個基點，達到 39.8%，超過了我們預期的範圍。

The positive trend resulted from improved bill of materials, the impact of carbon credits, higher prices, and a reduction of warranty cost.

這一正面趨勢源於材料清單的改進、碳信用額的影響、價格上漲以及保固成本的降低。

The bill of materials is improving due to the switch to a new technology platform for selected AC products which in parallel is improving their reliability and therefore reducing the warranty cost. We expect this impact to be more clearly visible as we continue to reduce our inventory and start to deliver these new products.

由於部分空調產品採用了新的技術平台，物料清單得到了改進，同時也提高了產品的可靠性，從而降低了保固成本。隨著我們繼續減少庫存並開始交付這些新產品，我們預計這種影響將更加明顯。

A new item contributing positively to our gross margin items from carbon credits generated in the Canadian market through our existing products.

透過我們現有產品在加拿大市場產生的碳信用額，新增了一項對我們的毛利率產生正面影響的項目。

The proceeds from these credits are reinvested into the EV market, offsetting discounts on our new products. The impact of higher prices resulted from the new generation supernovas sold in the U.S. which have better margins compared to the older versions.

這些積分所得收益將再投資於電動車市場，以抵銷我們新產品的折扣。價格上漲的影響源自於美國銷售的新一代超新星電池，與舊款電池相比，這些電池的利潤率更高。

Overall, we believe there are different levers we can pull to stabilize gross margins and find additional improvements in the future.

總的來說，我們相信我們可以採取不同的措施來穩定毛利率，並在未來尋求進一步的改善。

Q3 labor costs and operating expenses totaled EUR22.9 million representing a 28% improvement compared to the same period last year.

第三季勞動成本和營運費用總計 2,290 萬歐元，比去年同期改善了 28%。

We continue to right size the organization while investing in our sales organization as explained by Enric.

正如恩里克所解釋的那樣，我們將繼續調整組織規模，同時增加對銷售組織的投資。

The key objective is to improve top-line revenue but to remain lean in our operations.

主要目標是在提高營收的同時，保持營運精簡。

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 34% year over year.

現金成本（定義為勞動成本和營運支出，不包括研發資本化、非現金項目和一次性支出）進一步下降，較去年同期下降 34%。

Considering the significant efficiency measures implemented over the past two years, we are pleased that we continue to identify new areas for optimization.

考慮到過去兩年實施的顯著的效率提升措施，我們很高興能夠繼續發現新的最佳化領域。

Consolidated adjusted EBITDA loss for the quarter was EUR6.9 million. Slightly outside the guided range. This represents an 8% improvement versus the prior quarter, continuing the positive sequential trend observed throughout the year.

本季綜合調整後 EBITDA 虧損為 690 萬歐元。略微超出導引射程。這比上一季成長了 8%，延續了全年觀察到的正向成長趨勢。

The variance to guidance was primarily driven by softer topline performance as all other key variables met or exceeded expectations.

與預期偏差的主要原因是營收表現疲軟，而其他所有關鍵變數均達到或超過預期。

To reach positive adjusted EBITDA, the re-acceleration of revenue growth remains critical, a goal we are pursuing by reinforcing our sales organization and strengthening commercial execution.

要實現正的調整後 EBITDA，重新加速收入成長仍然至關重要，我們正在透過加強銷售組織和強化商業執行來實現這一目標。

We ended the quarter with approximately EUR27.7 million in cash, cash equivalents, and financial instruments.

本季末，我們持有約 2,770 萬歐元的現金、現金等價物和金融工具。

Loans and borrowings total EUR179 million representing a slight sequential decrease and consisting of EUR67 million in long-term debt and EUR112 million in short-term debt.

貸款和借款總額為 1.79 億歐元，較上一季略有下降，其中長期債務為 6,700 萬歐元，短期債務為 1.12 億歐元。

During the quarter, as part of our constructive ongoing conversations, we reached a standstill agreement with the majority of our banking pool.

本季度，作為我們持續進行的建設性對話的一部分，我們與大多數銀行客戶達成了一項暫停協議。

Temporarily suspending payments of principal and interest.

暫時中止本金和利息的支付。

This agreement provides a stable framework to facilitate the development of a long-term solution of our existing debt and for our capital structure in general.

該協議為制定解決現有債務和改善整體資本結構的長期方案提供了一個穩定的框架。

Our objective is for the remaining debt holders to join these discussions as we work toward a structure that aligns with Wallbox's business plan and long-term growth objectives.

我們的目標是讓剩餘的債權人參與這些討論中來，以便我們能夠建立一個符合 Wallbox 商業計劃和長期增長目標的債務結構。

CAPEX was light again this quarter and landed at EUR0.3 million of which negative EUR`0.1 million was related to investments in property, plant, and equipment.

本季資本支出再次較低，為 30 萬歐元，其中負 10 萬歐元與房地產、廠房和設備的投資有關。

The reason for the negative impact of PPE investments is an accrual adjustment during the quarter and stricter cost controls which resulted in higher efficiency gains than expected.

PPE投資產生負面影響的原因是本季的應計調整和更嚴格的成本控制，從而帶來了比預期更高的效率提升。

Compared to the same period last year, CAPEX investment decreased 82%.

與去年同期相比，資本支出投資減少了 82%。

Inventory continued to trend downward, totaling EUR50.8 million at the end of Q3. This represents a 34% year over year reduction and a 10% decrease versus the previous quarter, equivalent to approximately EUR6 million.

庫存持續下降，第三季末總計 5,080 萬歐元。這比去年同期減少了 34%，比上一季減少了 10%，相當於約 600 萬歐元。

We are pleased with this progress as we continue to release cash from operations and the lower inventory levels position us to replenish at a more efficient bill of materials supporting further gross margin improvement in the coming quarters.

我們對這一進展感到滿意，因為我們持續從經營活動中釋放現金，較低的庫存水準使我們能夠以更有效率的物料清單進行補貨，從而支持未來幾季毛利率的進一步提高。

In recent quarters we have been focused on stabilizing Wallbox's financial position.

在最近幾個季度，我們一直致力於穩定 Wallbox 的財務狀況。

While we have made strong progress across multiple fronts, further improvements remain ahead.

雖然我們在多個方面都取得了顯著進展，但仍需進一步改進。

We will continue to prioritize sales expansion, operational excellence, disciplined cash management, inventory reduction, and limited CAPEX investment.

我們將繼續優先考慮銷售擴張、卓越營運、嚴格的現金管理、減少庫存和限制資本支出投資。

Alongside constructive ongoing discussions with our banking partners to establish a long-term capital structure as soon as possible.

同時，我們正與銀行合作夥伴進行建設性的持續討論，以盡快建立長期資本結構。

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

恩里克，現在輪到你來做總結發言了。

Thank you, Luis. The third quarter of 2025 results were mixed. Revenue came in below expectations, but overachieving expectations of gross margin, efficiency gains, and operational improvement.

謝謝你，路易斯。2025年第三季業績喜憂參半。營收低於預期，但毛利率、效率提升和營運改善均超乎預期。

Overall, I believe we are still heading in the right direction, especially considering strategic achievements such as constructive progress with our banking partners, but we are now looking to accelerate this momentum.

總的來說，我認為我們仍然朝著正確的方向前進，特別是考慮到我們在與銀行合作夥伴取得的建設性進展等策略成就，但我們現在正在尋求加快這一勢頭。

The transition continues to move forward though at different speeds in different regions. And after a period of right sizing in the organization, we have identified where to invest in our sales organization to capitalize on that growth.

儘管不同地區的轉型速度有所不同，但轉型仍在持續進行中。經過一段時間的組織規模調整，我們已經確定了應該在銷售組織中投資哪些方面，以充分利用成長機會。

In parallel, we continue to expand and improve our leading product portfolio while commercializing our bi-directional solution, Quasar two, introducing a revolutionizing DC fast charging concept and launching new software features to develop the ultimate energy management solution.

同時，我們不斷擴展和改進我們領先的產品組合，同時將我們的雙向解決方案 Quasar two 商業化，推出革命性的直流快速充電概念，並推出新的軟體功能，以開發終極能源管理解決方案。

All of these give us a solid platform together with our strong commercial partnerships to continue to drive revenue growth and progress toward profitability.

所有這些都為我們提供了一個堅實的平台，再加上我們強大的商業夥伴關係，使我們能夠繼續推動收入成長並朝著獲利目標邁進。

Even though we are not yet where we want to be, the positive trend is clearly visible, and we make incremental steps each quarter. With that, I would like to discuss next quarter's guidance.

儘管我們還沒有達到目標，但積極的趨勢顯而易見，而且我們每季都在取得進步。接下來，我想談談下一季的業績預期。

For the fourth quarter of 2025, we have the following expectation.

對於 2025 年第四季度，我們有以下預期。

Revenue in the EUR36 million to EUR39 million range. Gross margin between 38% and 40%.

營收在3,600萬歐元至3,900萬歐元之間。毛利率在38%至40%之間。

A negative adjusted EBITDA between EUR6 million and EUR4 million.

調整後 EBITDA 為負值，介於 400 萬歐元至 600 萬歐元之間。

With that, we are ready to take questions from our analysts.

接下來，我們將接受分析師們的提問。

Certainly, at this time we will be conducting a question-and-answer session.

當然，屆時我們將進行問答環節。

(Operator Instructions)

（操作說明）

George Gianarikas, Canaccord Genuity

喬治·詹納里卡斯，Canaccord Genuity

Hi everyone.

大家好。

Thank you for taking my question. I sort of wanted to focus on market share, particularly in Europe. You give some explanation around some product issues that you may have had, but can you just sort of talk about how that market share is trending and how you expect it to trend over the next few quarters? Thank you

感謝您回答我的問題。我當時想專注於市場份額，尤其是在歐洲。您就可能遇到的一些產品問題做出了一些解釋，但您能否談談市場佔有率的趨勢以及您預計未來幾季的趨勢？謝謝

Hi George, good morning. This is Enric.

喬治，早安。這是恩里克。

So It depends on the product line and the country. I will say that big part of the growth in EV sales that we share, first of all, it's based on PHEVs and EVs, and PHEVs obviously is a big part of the EV sales, or at least 50%. So, the attachment rate on of PHEVs versus. EVs in terms of chargers is not the same. So normally, an EV has, an attachment rate of 80%, with an EV charger, and therefore, this user charges at work or in a public space if they don't have a home charger, and the same happens, with PHEVs where the attachment is around 30%, so it's lower attachment. And also I think it's important to remark that some of these Chinese EV manufacturers like Tesla are bringing their own products and they therefore.

所以這取決於產品線和國家。我想說，我們所分享的電動車銷量成長的大部分，首先是基於插電式混合動力汽車和電動車，而插電式混合動力車顯然是電動車銷量的很大一部分，或至少佔50%。因此，PHEV 的附著率與…電動車的充電條件與傳統燃油車不同。因此，通常情況下，電動車的充電附著率為 80%，使用電動車充電器時，使用者會在工作場所或公共場所充電，如果沒有家用充電器，使用者也會這樣做。插電式混合動力車的情況也是如此，其充電附著率約為 30%，因此附著率較低。而且我認為值得一提的是，像特斯拉這樣的一些中國電動車製造商正在引進自己的產品，因此它們…

Don't we don't include it in our market share assessment when we look at the service of market, with all in all, in general, we believe that in countries like Spain, France, Belgium, the UK, and Germany, our market share remains stable or trending up.

在評估市場佔有率時，我們並沒有將其納入服務市場評估範圍。總的來說，我們認為在西班牙、法國、比利時、英國和德國等國家，我們的市佔率保持穩定或呈上升趨勢。

And markets like Benelux, sorry, Netherlands, Italy, and the Nordics, we've seen this quarter, at 10 going down. So, if we look at the overall Europe, it will depend on the EV sales, but in general what we are trying to do, given all these operational headwinds we've seen this last quarter with the change of, platforms and so on, is to maintain it or to increase market share moving forward in AC.

而像比荷盧經濟聯盟（抱歉，是荷蘭）、義大利和北歐這樣的市場，我們在本季已經看到，10%的市場出現了下滑。所以，如果我們縱觀整個歐洲，這將取決於電動車的銷量，但總的來說，鑑於上個季度我們遇到的所有營運逆風，例如平台變更等等，我們正在努力維持或提高交流電的市場份額。

Thank you, and maybe just to focus on the last question on the balance sheet you mentioned, this standstill agreement, when should we expect.

謝謝。關於您提到的資產負債表上的最後一個問題，也就是這項停滯協議，我們應該何時才能看到結果？

Maybe some a little bit more of a formal analysis from the company around what.

或許公司應該就此進行一些更正式的分析。

Should happen with the EUR179 million in debt.

應該會償還那1.79億歐元的債務。

Thank you.

謝謝。

Hi George, I'll take that one, as we announced, the standstill, matures as of the December 9, and so that's what we're working towards.

嗨，喬治，我會接受這個提議。正如我們所宣布的那樣，這項暫停措施將於 12 月 9 日到期，所以這就是我們努力的方向。

So we should expect some sort of news between now and the of December 9, Is that the guidance?

所以我們應該會在12月9日之前收到一些消息，是這樣嗎？

Correct.

正確的。

Yeah Thank you.

好的，謝謝。

You're welcome.

不客氣。

Okay, and that was it from us today.

好了，今天的內容就到這裡。

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

感謝各位的參與。希望您覺得今天的通話沒有浪費您的時間。如果您需要任何協助，請隨時告訴我們。

This concludes today's conference, and you may disconnect your lines at this time.

今天的會議到此結束，您可以斷開線路了。

Thank you for your participation.

感謝您的參與。