Kempower (KEMPOWR) Q2 2025 earnings summary

Executive summary

• Q2 2025 saw order intake rise 37% year-on-year to EUR 74.3 million and revenue grow 9% to EUR 62.2 million, with gross margin improving to 50.6% from 44.4%.

• North America delivered standout results, with revenues up 31% and order intake up 150% year-on-year, contributing significantly to growth.

• Revenue outside the Nordics increased to 66% of total, with strong growth in Europe outside Nordics and North America.

• The CEO transition in June 2025 brought Bhasker Kaushal to the role, emphasizing customer-centricity, innovation, and operational excellence.

• Significant customer wins in North America and Europe, including Allego, Skycharger, and EV Realty.

Financial highlights

• Q2 2025 revenue: EUR 62.2 million (+9% year-over-year); H1 2025 revenue: EUR 105.7 million (+6%).

• Q2 2025 order intake: EUR 74.3 million (+37% year-over-year); H1 2025 order intake: EUR 133.7 million (+35%).

• Q2 2025 gross profit margin: 50.6% (up from 44.4%); H1 2025 gross margin: 50.1% (up from 46.7%).

• Q2 2025 operative EBIT: EUR -1.7 million (improved from EUR -8.5 million); H1 2025 operative EBIT: EUR -9.0 million (improved from EUR -19.3 million).

• Q2 2025 operating cash flow turned positive at EUR 4.0 million, compared to EUR -16.3 million in Q2 2024.

Outlook and guidance

• 2025 revenue is expected to grow 10–30% over 2024 (EUR 223.7 million), with significant improvement in operative EBIT.

• Guidance remains unchanged and is weighted toward the second half of 2025, with a wide range due to industry volatility.

• Medium-term targets: EUR 750 million revenue and 10–15% operative EBIT margin by 2026–2028; long-term EBIT margin target at least 15%.