Kempower (KEMPOWR) Q4 2025 earnings summary

Executive summary

• Achieved record-high order intake in Q4 and full year 2025, with Q4 orders at EUR 95.1 million (up 40% YoY) and full-year orders at EUR 303.5 million (up 39% YoY), reflecting strong demand and customer confidence.

• Revenue grew 12% year-over-year to EUR 251.3 million, driven by new customer acquisition and robust EV infrastructure demand.

• Operative EBIT improved by EUR 14 million YoY to EUR -12.4 million, though Q4 EBIT was negative due to lower gross margins and temporary fixed costs.

• Positive operating cash flow generated for the third consecutive quarter and for the full year, reflecting improved profitability and financial discipline.

• Sustainability leadership reinforced with EcoVadis Gold rating, Nasdaq Green Equity Designation, and ISO 27001 certification.

Financial highlights

• Q4 2025 revenue: EUR 71.9 million (+0.2% YoY); full-year revenue: EUR 251.3 million (+12%).

• Gross profit margin: 45.6% in Q4; 47.6% for FY 2025.

• Operative EBIT: EUR -3.6 million in Q4; EUR -12.4 million for FY 2025 (improved from EUR -26.4 million).

• Operating cash flow: EUR 3.1 million in Q4; EUR 3.4 million for the year.

• Earnings per share (basic and diluted): EUR -0.22 for FY 2025 (improved from EUR -0.42).

Outlook and guidance

• 2026 revenue expected to grow 10–30% over 2025, assuming stable FX rates, with significant improvement in operative EBIT anticipated.

• Medium-term targets: revenue of EUR 750 million and operative EBIT margin of 10–15% by 2026–2028.

• Cautiously optimistic market outlook, with strong backlog and pipeline supporting guidance.

• No dividends planned in the short term.

• Seasonality expected to persist, with Q1 typically being the smallest quarter.