Kempower Corporation Interim report 2026 1 January–30 September 2026: Outperforming a sharply weaker market, resetting costs for 2027

Kempower Corporation, Stock Exchange Release (Interim report), 4 November 2026 at 8:30 am EET

Kempower Corporation Interim report 2026 1 January–30 September 2026: Outperforming a sharply weaker market, resetting costs for 2027

July–September 2026 in brief
(comparison figures in parenthesis July-September 2025)

• Order intake decreased by 19% to EUR 60.8 million (EUR 74.7 million)
• Revenue decreased by 10% to EUR 66.2 million (EUR 73.7 million), excluding foreign 
exchange impact the decrease was 11%
• Gross profit margin was 45.9% (45.8%)
• Operative EBIT decreased to EUR -1.7 million (EUR 0.2 million), -2.6% of revenue (0.2%)
• Amount of energy charged through Kempower chargers increased by 83% to 371,910 MWh (203,529)

January–September 2026 in brief
(comparison figures in parenthesis January-September 2025)

• Order intake decreased by 4% to EUR 199.6 million (EUR 208.4 million)
• Revenue increased by 12% to EUR 201.7 million (EUR 179.4 million), excluding foreign 
exchange impact the increase was 12%
• Gross profit margin was 46.2% (48.4%)
• Operative EBIT increased to EUR -7.1 million (EUR -8.8 million), -3.5% of revenue (-4.9%)
• Amount of energy charged through Kempower chargers increased by 92% to 996,563 MWh (519,521)
  
  

MEUR	Q3/2026	Q3/2025	Change, %	1-9/2026	1-9/2025	Change, %	2025
Order backlog	128.3	117.3	9%	128.3	117.3	9%	141.3
Order intake	60.8	74.7	-19%	199.6	208.4	-4%	303.5
Revenue	66.2	73.7	-10%	201.7	179.4	12%	251.3
Revenue growth, %	-10%	41%		12%	18%		12%
Gross profit	30.4	33.8	-10%	93.1	86.8	7%	119.6
Gross profit margin, %	45.9%	45.8%		46.2%	48.4%		47.6%
Operating profit/loss (EBIT)	-1.9	0.1		-7.8	-10.1	23%	-14.3
EBIT margin, %	-2.8%	0.1%		-3.9%	-5.6%		-5.7%
Operative EBIT	-1.7	0.2		-7.1	-8.8	19%	-12.4
Operative EBIT margin, %	-2.6%	0.2%		-3.5%	-4.9%		-4.9%
Profit/loss for the period	-3.6	-0.2	-1418%	-8.9	-9.1	2%	-12.4
Equity ratio, %	40.5%	42.5%		40.5%	42.5%		41.6%
Cash flow from operating activities	-5.9	3.9		-18.7	0.3		3.4
Investments	1.9	2.2	-10%	7.4	5.3	39%	8.2
Net debt	10.1	-19.4		10.1	-19.4		-19.2
Net cash	10.4	44.2	-76%	10.4	44.2	-76%	43.0
Items affecting comparability	0.2	0.1		0.7	1.3		1.9
Earnings per share, basic, EUR	-0.06	-0.00		-0.16	-0.16	2%	-0.22
Earnings per share, diluted, EUR	-0.06	-0.00		-0.16	-0.16	2%	-0.22
Headcount end of period	870	819	6%	870	819	6%	825

Outlook for 2026 (updated on 3 November 2026)

Kempower lowered its outlook on 3 November 2026. The new outlook is as follows:

• 2026 revenue is expected to grow approximately 5% compared to year 2025, assuming no major impact from foreign currency exchange rates (revenue 2025: EUR 251.3 million).
• 2026 operative EBIT is expected to be lower compared to year 2025  (operative EBIT 2025: EUR -12.4 million).

Market activity and customer demand have been sharply weaker than Kempower anticipated when it specified its outlook in conjunction with the Half Year Financial Report 2026 on 23 July 2026. CPOs have continued to prioritize network utilization and profitability over new capacity, and ongoing consolidation in the sector has led to delayed investment decisions. Fleet customers continue to electrify, although deal closings are taking longer and some investments are being delayed. Kempower expects challenging market conditions to persist in the near term. As a result, Kempower expects full-year 2026 revenue growth to be below the lower end of the previous outlook range.

Kempower expects operative EBIT in 2026 to be lower than previously estimated due to lower expected revenue and potential provisions and write-downs in the fourth quarter. These potential provisions and write-downs are related to the fixed-cost transformation program, the actions and amounts of which are being currently assessed.

Kempower has increased its target for the fixed cost reduction program and now targets total annual cost savings of more than EUR 15 million, with full run-rate effect from Q3 2027. The new target replaces the cost savings target of more than EUR 5 million announced in conjunction with the Half Year Financial Report 2026 on 23 July 2026.

Previous outlook:

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

Financial targets

On 25 May 2026, Kempower updated its strategy and financial targets for the period 2026-2030. The updated financial targets are:

• Revenue growth: 15-25% CAGR over 2025–2030, in constant currency, range based on different market growth scenarios. Kempower targets above-market revenue growth, and the range reflects Kempower’s target performance across different market scenarios.
• Profitability: Operative EBIT margin of 10-15% by 2030, driven by operating leverage, aftermarket mix, productivity and disciplined reinvestment.
• Dividends: No dividends in the short term. Capital reinvested to compound long-term value.

CEO BHASKER KAUSHAL COMMENTS ON THE Q3/2026 RESULTS:
Outperforming a sharply weaker market, resetting costs for 2027

The third quarter was below our expectations. As investment in public charging slowed sharply, our order intake decreased by 19% and revenue by 10%. As we expect the challenging market conditions to persist in the near term, we have lowered our outlook for 2026. We now expect revenue to grow approximately 5% compared to 2025 and operative EBIT to be lower compared to year 2025. To build a stronger earnings base for 2027, we are increasing our fixed cost reduction target to more than EUR 15 million. We have announced the initiation of change negotiations in Finland as part of our plans to restructure our organization and renew our operating model. Proposing these changes is difficult, but necessary. I recognize that the change negotiations are difficult for our people, and we will conduct them with deep care and respect.

Outperforming the market, led by Europe. New public DC fast charging installations in Europe and North America fell 18% in Q3 and 11% in January-September, as charge point operators (CPOs) consolidated and prioritized utilization over network expansion. Against this backdrop, our revenue grew 12% in January-September. In Q3, while new public DC fast charging installations in Europe declined 22%, our European revenue declined 5%, and in Europe outside the Nordics it grew 10%. In the Nordics, revenue decreased 30% as existing customers moderated investments. In North America, the market has weakened markedly with BEV registrations down 33% and new public DC fast charging installations down 21% in January-September. Customers are delaying investments due to uncertainty over funding and timing. Our revenue there declined 37% in Q3, but is up 32% from the beginning of the year. We are focusing on fleet, port and NEVI-funded projects where demand is holding.

Electrification growing, long-term demand intact. The current demand slowdown is in charger investment, but vehicle electrification is accelerating. In Europe, battery electric vehicle registrations grew 55% in Q3 and 42% in January–September, and nearly one in four new cars is now electric. Energy charged through Kempower chargers grew 83% in the quarter. With less than 5% of the global vehicle fleet electric and EVs increasingly competitive on total cost of ownership, the mid to long-term need for charging infrastructure remains substantial. As electric vehicles growth outpaces charger growth, utilization rises, which improves CPO profitability and, in time, investment. Fleet customers continue to electrify, although deal closings are taking longer and some investments are being delayed. Several long-standing CPO customers are gradually increasing their investments.

Kempower 2.0 strategy delivering. Aftermarket revenue grew 83% in Q3 and 60% in January-September, and represented 8% of Q3 revenue, double the share of a year ago. Order intake in APAC & MEA grew 48% in Q3. We added 10 new customers in the quarter, signed a framework agreement with DP World Canada, continued our partnership with PowerUp America, and delivered the first Mega Satellite Flex for heavy-duty depot charging in Sweden. Our product cost program has delivered approximately EUR 8 million of savings this year, and we are on track to exceed our target of more than EUR 10 million. Despite price erosion and rising raw material costs in some categories, we maintained gross profit margin at 45.9% (45.8%), supported by the savings generated through our product cost program. We also strengthened our leadership team - appointed a new Chief Financial Officer and Chief People Officer, both joining in early 2027.

Resetting our cost base for 2027. Operative EBIT was EUR -1.7 million (EUR 0.2 million) in Q3, mainly due to lower revenue but also due to increased credit loss provisions and inventory provisions. For January-September it improved by EUR 1.7 million, and the operative EBIT margin improved by 1.4 percentage points. Savings from the fixed cost program are expected to reach the full run-rate effect from Q3 2027. Together with our product cost actions, they lower our break-even point and give us a stronger earnings base for 2027. Operating cash flow improved from Q2 to EUR -5.9 million, although a higher share of partner sales, where payment cycles typically are longer, continues to tie up working capital. Cash flow continued to be negatively affected by delayed payments of a small set of customers. Improving cash flow is a priority for us through faster collection of receivables, tightening payment terms and lowering inventory levels. With an order backlog of EUR 128 million (9% higher than a year ago) and liquidity of EUR 91 million, we have the backlog and balance sheet to deliver.

We believe fast-charging investment will catch up with electrification. In this period of challenging market conditions, we are focused on making Kempower stronger: winning where demand is growing, building a cost base calibrated to market conditions, and continuing to invest in Kempower 2.0 priority areas. I want to thank the entire Kempower team for their hard work and resilience in a demanding quarter.

Bhasker Kaushal, CEO 

This release is a summary of Kempower Corporation Interim Report, 1 January–30 September 2026. The complete report is attached to this release and available at https://investors.kempower.com  

Webcast

A combined webcast and teleconference for shareholders, analysts and media will take place on the same day starting at 10.30 EET. At the event, Kempower’s CEO Bhasker Kaushal and interim CFO Juha Jaatinen will present the interim report and discuss current company topics. The event, including the Q&A session, will be held in English and can be followed live.

A link to the webcast is available at https://kempower.events.inderes.com/q3-2026

A link to the teleconference is available at https://events.inderes.com/kempower/q3-2026/dial-in

Registration is required for the teleconference. After registration, phone numbers and a conference ID will be provided to access the conference.

The presentation material and a webcast recording will be available later on the company’s website at https://investors.kempower.com/reports-materials/.

Kempower, media relations: 
Paula Savonen, VP, Marketing & Communications, Kempower
paula.savonen@kempower.com   
Tel. +358 29 0021900

Kempower, investor relations:
Calle Loikkanen, Director, IR and M&A, Kempower 
calle.loikkanen@kempower.com
Tel. +358 40 7041 858 

About Kempower
We design and manufacture reliable and user-friendly DC fast-charging solutions for electric vehicles. Our vision is to create the world’s most desired EV charging solutions for everyone, everywhere. Our product development and production are based in Finland and in the U.S., with the majority of our materials and components sourced locally. We focus on all areas of e-mobility, from electric cars, trucks, and buses to machines and marine. Our modular and scalable charging system and world-class software are designed by EV drivers for EV drivers, enabling the best user experience for our customers around the world. Kempower shares are listed on Nasdaq Helsinki Ltd. kempower.com