Wallbox N.V. (NYSE:WBX), a leading provider of electric vehicle ("EV") charging and energy management solutions worldwide, today announced its financial results for the fourth quarter and full year ended December 31, 2025 and provided a business update.

Fourth Quarter 2025 Highlights and Business Update:

Generated revenue of €33.7 million in the quarter
Delivered Gross Margin¹ of 37.3%, a 546 basis point improvement year-over-year
Adjusted EBITDA¹ was €(7.3) million, representing a 46% improvement year-over-year
23% year-over-year improvement in labor costs and operating expenses
Announced the Supernova PowerRing, expanding the company's DC fast charging portfolio with a fast-charging system delivering up to 400 kW per outlet
Reached an indicative commercial agreement with core banking partners and major shareholders for a renewed capital structure

Full Year 2025 Highlights:

Generated revenue of €145.1 million, delivering 144,000 charging units, including 536 DC fast chargers
Delivered 18% year-over-year revenue growth in Software, Services and Others
Achieved 16% year-over-year revenue growth in North America
Delivered Gross Margin¹ of 38.3%, a 400 basis point improvement compared to 2024
Improved Adjusted EBITDA¹ by 51% year-over–year
Realized 25% year-over-year savings in labor costs and operating expenses
Raised approximately $25 million of additional funding from existing and new shareholders
Initiated the commercial rollout of Quasar 2 and introduced Supernova PowerRing

Executive Commentary

Enric Asunción, CEO of Wallbox, said, "2025 was a year of disciplined transformation for Wallbox. In a volatile EV market environment, we focused on building a more resilient and efficient organization while strengthening the foundations of the business. Although revenue was softer than expected, we significantly improved our Adjusted EBITDA, enhanced gross margins, optimized working capital, and reduced operating expenses. We believe that these actions, including the announced renewed capital structure, will strengthen our financial position and create a more agile and operationally disciplined company prepared for its next phase of growth."

Asunción added, "As the EV transition continues to progress at different speeds across regions, we are now focused on re-accelerating growth by reinforcing our sales and service organization and leveraging our leading product portfolio. We believe the commercial rollout of Quasar 2 and the introduction of Supernova PowerRing position us strongly in both energy management and DC fast charging. With improved operational leverage and continued support from our financial partners and shareholders, we are confident in our ability to return to a sustainable growth trajectory and move toward profitability."

Financial Outlook - First Quarter 2026

The following reflects the company's expectations for select key financial metrics for the first quarter of 2026.

Expects revenue to be in the range of €33 million to €36 million
Expects Gross Margin¹ between 38% and 40%
Expects a negative Adjusted EBITDA¹ between €(5) million and €(3) million

¹See Non-IFRS Financial Measures section below

Conference Call Information

Wallbox NV will host a conference call to discuss the results and provide a business update at 8:00 AM Eastern Time today, March 4, 2026. The live audio webcast and accompanying presentation will be accessible on Wallbox's Investor Relations website at https://investors.wallbox.com/. A recording of the webcast will also be available following the conference call.

Fourth Quarter & FY 2025 Unaudited Financial Results
Wallbox N.V.

Consolidated Statements of Profit or Loss
(In thousand Euros)
	Year End		Quarter End

	2025	2024	Q4 2025	Q3 2025	Q4 2024

Revenue	145,120	163,943	33,708	35,481	37,394
Changes in inventories and raw materials and consumables used	(89,582)	(107,920)	(21,146)	(21,346)	(25,500)
Gross Profit	55,538	56,023	12,562	14,135	11,894

Employee benefits	(51,561)	(71,488)	(11,277)	(12,148)	(16,824)
Other operating expenses	(42,701)	(54,089)	(10,812)	(10,736)	(11,940)
Amortization and depreciation	(34,189)	(37,873)	(4,416)	(9,487)	(10,191)
Impairment of assets	(26,755)	(26,415)	(30,492)	1,288	(24,066)
Net other income	374	25	506	(12)	57
Operating Loss	(99,294)	(133,817)	(43,929)	(16,960)	(51,070)

Financial income	533	1,945	137	53	704
Financial expense	(17,920)	(23,680)	(4,886)	(4,842)	(6,484)
Change in fair value of derivative warrant liabilities	1,910	1,081	274	536	5,525
Foreign exchange gains / (losses)	11,663	(4,044)	(184)	193	(4,656)
Financial Results	(3,814)	(24,698)	(4,659)	(4,060)	(4,911)

Loss Before Tax	(103,108)	(158,515)	(48,588)	(21,020)	(55,981)

Income tax credit	(87)	6,723	747	142	5,097

Loss for the Period	(103,195)	(151,792)	(47,841)	(20,878)	(50,884)


Reconciliation
(In thousand Euros)
	Year End		Quarter End

	2025	2024	Q4 2025	Q3 2025	Q4 2024

Loss for the Period	(103,195)	(151,792)	(47,841)	(20,878)	(50,884)

Income tax credit	87	(6,723)	(747)	(142)	(5,097)
Amortization and depreciation	34,189	37,873	4,416	9,487	10,191
Financial income	(533)	(1,945)	(137)	(53)	(704)
Financial expenses	17,920	23,680	4,886	4,842	6,484
Change in fair value of derivative warrant liabilities	(1,910)	(1,081)	(274)	(536)	(5,525)
Foreign exchange gains/(losses)	(11,663)	4,044	184	(193)	4,656
EBITDA	(65,105)	(95,944)	(39,513)	(7,473)	(40,879)

Share based payment plan expenses	1,746	2,836	602	605	586
Other items	(374)	(25)	(506)	12	(57)
Negative goodwill	-	-	-	-	-
One-time expenses	7,450	6,123	1,662	1,207	2,761
Other non-cash expenses	67	712	-	-	138
Impairment of assets	26,755	26,415	30,492	(1,288)	24,066
Adjusted EBITDA	(29,461)	(59,883)	(7,263)	(6,937)	(13,385)

Wallbox N.V.
Cash & Cash Equivalents

Cash and Cash Equivalents
(In thousand Euros)
	Quarter Ended December 31		Year Ended December 31
	2025	2024	2025	2024
Cash and cash equivalents	4,446	20,036	4,446	20,036
Financial Investments (1)	5,133	25,578	5,133	25,578

Cash, cash equivalents and Financial Investments	9,579	45,614	9,579	45,614

(1) Financial Investments are included in Other current financial assets

Wallbox N.V.
Investments and Loans & Borrowings

Investments and Loans & Borrowings
(In thousand Euros)	Quarter Ended December 31		Year Ended December 31
	2025	2024	2025	2024
Investments in Property, plant and equipment and Intangible Assets

Property, plant and equipment	2	1,508	619	3,114
Intangible assets - excluding R&D (salaries capitalized)	(41)	2,363	1,367	6,790

Total Investments in Property, plant and equipment and Intangible Assets	(39)	3,871	1,986	9,904

Non-Current Liabilities – Loans and Borrowings	54,764	66,659	54,764	66,659
Current Liabilities – Loans and Borrowings	109,902	131,810	109,902	131,810

Total Loans and Borrowings	164,666	198,469	164,666	198,469

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Wallbox's expected future operating results and financial position, growth, profitability and cost optimization, including expected impact of the commercial agreement regarding Wallbox's renewed capital structure; industry and company growth, and Wallbox's business strategy and plans, including expected benefits of the commercial launches of the Quasar 2 and Supernova PowerRing and related reinforcement of Wallbox's sales and service organization. The words "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "focus," "forecast," "intend," "likely," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox's history of operating losses; the adoption and demand for electric vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives or reduction thereof; political and economic uncertainty and macroeconomic factors, such as impacts from tariffs and trade barriers, geopolitical conflicts, consumer spending, inflation and foreign exchange rates; the accuracy of Wallbox's forecasts and projections including those regarding its market opportunity; competition; risks related to losses or disruptions in Wallbox's supply or manufacturing partners; Wallbox's reliance on the third-parties outside of its control; risks related to Wallbox's technology, intellectual property and infrastructure; executive orders and regulatory changes under the U.S. political administration and uncertainty therefrom, as well as the other important factors discussed under the caption "Risk Factors" in Wallbox's Annual Report on Form 20-F for the fiscal year ended December 31, 2024, as such factors may be updated from time to time in its other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC's website at www.sec.gov and the Investor Relations section of Wallbox's website at investors.wallbox.com. Any such forward-looking statements represent management's estimates as of the date of this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.

Non-IFRS Financial Measures

Wallbox reports its financial information required in accordance with the International Financial Reporting Standards ("IFRS"). This release includes financial measures not based on IFRS, including Adjusted EBITDA and Gross Margin (the "Non-IFRS Measures"). See the definitions set forth below for a further explanation of these terms.

Wallbox defines "Gross Margin" as revenue less changes in inventory, raw materials and other consumables used, divided by revenue.

Wallbox defines EBITDA as loss for the period before income tax credit, financial income, financial expenses, amortization and depreciation, change in fair value of derivative warrants and foreign exchange gains/(losses). Wallbox defines Adjusted EBITDA as EBITDA for the period further adjusted to take into account the impact of certain non-cash and other items that it does not consider in its evaluation of the Company's ongoing operating performance. These non-cash and other items include, but not are limited to: share based payment plan expenses, certain one-time expenses related to a reduction in workforce initiated in January 2023, certain non-cash expenses related to the ESPP plan launched in January 2023, any negative goodwill arising from business combinations, impairment of assets and other items outside the scope of our ordinary activities.

Management uses these Non-IFRS Measures as measurements of operating performance because they assist management in comparing the Company's operating performance on a consistent basis, as they remove the impact of items not directly resulting from the Company's core operations; for planning purposes, including the preparation of management's internal annual operating budget and financial projections; to evaluate the performance and effectiveness of the Company's strategic initiatives; and to evaluate the Company's capacity to fund capital expenditures and expand its business.

The Non-IFRS Measures may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate these measures in the same manner. Wallbox presents the Non-IFRS Measures because management considers them to be important supplemental measures of the Company's performance, and believes they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies. Management believes that investors' understanding of the Company's performance is enhanced by including the Non-IFRS Measures as a reasonable basis for comparing its ongoing results of operations. By providing the Non-IFRS Measures, together with reconciliations to IFRS, management believes it is enhancing investors' understanding of the Company's business and its results of operations, as well as assisting investors in evaluating how well the Company is executing its strategic initiatives.

Items excluded from the Non-IFRS Measures are significant components in understanding and assessing financial performance. The Non-IFRS Measures have limitations as analytical tools and should not be considered in isolation, or as an alternative to, or a substitute for loss for the period, revenue or other financial statement data presented in the Company's consolidated financial statements as indicators of financial performance. Some of the limitations are: such measures do not reflect revenue related to fulfillment, which is necessary to the operation of Wallbox's business; such measures do not reflect the Company's expenditures, or future requirements for capital expenditures or contractual commitments; such measures do not reflect changes in the Company's working capital needs; such measures do not reflect the Company's share based payments, income tax benefit/(expense) or the amounts necessary to pay its taxes; although depreciation and amortization are not included in the calculation of Adjusted EBITDA, the assets being depreciated and amortized will often have to be replaced in the future and such measures do not reflect any costs for such replacements; and other companies may calculate such measures differently than Wallbox does, limiting their usefulness as comparative measures.

Due to these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to Wallbox to invest in the growth of its business and are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. In addition, the Non-IFRS Measures Wallbox uses may differ from the non-IFRS financial measures used by other companies and are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. Furthermore, not all companies or analysts may calculate similarly titled measures in the same manner. The Company compensates for these limitations by relying primarily on its IFRS results and using the Non-IFRS Measures only as supplemental measures.

Reconciliations of the forward-looking Non-IFRS Measures to the most directly comparable IFRS measures cannot be provided without unreasonable efforts and are not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations and certain other items reflected in our reconciliation of historical Non-IFRS Measures, the amounts of which could be material.

About Wallbox

Wallbox is a global technology company, dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine the relationship between users and the network. Wallbox goes beyond charging electric vehicles to give users the power to control their consumption, save money and live more sustainably. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public, and public use in more than 100 countries around the world. Founded in 2015 in Barcelona, where the company's headquarters are located, Wallbox currently has offices across Europe, Asia, and America. For more information, visit www.wallbox.com

Source: Wallbox N.V.

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Wallbox Public Relations Contact:

Albert Cabanes

Public Relations

Press@wallbox.com

Wallbox Investor Contact:

Michael Wilhelm

Corporate Development & IR

Investors@wallbox.com

Wallbox Announces Fourth Quarter & Full Year 2025 Financial Results