Q & A Highlights

Q: Can you clarify the expected margin performance in H2 and what mitigation measures are in place to limit the impact from a lower top line and higher personnel costs? A: Bart Meussen (Interim CFO) stated that the company reiterates its full-year guidance despite a softer H2, which will be affected by the leverage effect of covering organizational costs. Management's focus is on winning tenders for both this year and next, driving sales, maintaining strict cost control, and keeping a strict focus on working capital to mitigate the impact.

Q: Regarding the EV Charging business, do you need a huge turnaround in chargers to hit long-term margin levels, and will the new home charger's gross margin be as competitive or profitable as previous products? A: Michael Colijn (CEO) explained that 2026 is being used to transform the EV charging business by developing new hardware and launching digital platforms. The new home charger is not just hardware but the first step in renewing the position across all three segments (Home, Business, and Public) using the same software platform. The full impact of the new home charger is expected in 2027, and production costs were designed with competitiveness in mind to ensure the ability to compete head-on in the market.

Q: Will Smart Grid Solutions be able to maintain the strong momentum from H1 in the second half of the year? A: Michael Colijn (CEO) expressed confidence in the predictability of the Smart Grid Solutions business, stating that the company expects a "predictable smooth ride" for the remainder of the year with a continuation of revenues as planned.

Q: Can you provide an indication of how much higher personnel expenses will be in H2 and what a normalized level would be for 2027? A: Bart Meussen (Interim CFO) confirmed that personnel costs in H2 will be higher than H1, linked to the transformation effort and the roughly 5% labor agreement indexation. He noted that these figures are included in the reiterated 2026 outlook, but declined to provide specific guidance for 2027.

Q: When will the new home charger start to improve revenues, and will its production be more efficient to support gross margins? A: Michael Colijn (CEO) stated that the full impact of the new home charger is expected in 2027, with all chargers moving to the new platform that year. The design of the new charger was done with the competitive market in mind, focusing on production efficiency as an ongoing effort to support margins.

Q: Regarding Energy Storage Systems, should we expect H2 deliveries to be more evenly split between Q3 and Q4? A: Bart Meussen (Interim CFO) declined to provide specific quarterly details due to the lumpy nature of the project-based business. He noted that the company has already scored additional orders since the end of June for both 2026 and 2027, and is confident in ending the year with a backlog at least at the level of the same period last year (around EUR20 million).

Q: What annual savings do you expect from the current restructuring, given the EUR4.5 million provisioned? A: Bart Meussen (Interim CFO) clarified that unlike previous programs, this transformation is not a program to reduce FTEs but rather to reallocate FTEs and build up capabilities. The business case is therefore more qualitative than quantitative and not necessarily defined by a direct financial impact.

Q: Is Elkamo in Finland now a structural growth driver, and is the volume still concentrated with Fingrid or coming from a broader range of operators? A: Michael Colijn (CEO) confirmed that Elkamo delivered a significant chunk of the Smart Grid Solutions business in H1. The business is delivering to a general market trend with a wide range of customers, benefiting from a general grid revamp across Europe involving grid expansion, renewal of old transformer substations, and integration of renewable energy.

Q: Are you seeing any signs of tender activity or framework discussions for 2027 as a result of regulatory changes in the Netherlands? A: Michael Colijn (CEO) stated that while regulatory changes are coming and laws are in progress, nothing concrete has yet accelerated the market. He expects steady, predictable growth rather than a sudden boom, noting that the industry must also build structural capacity for execution, including training for installers.

For the complete transcript of the earnings call, please refer to the full earnings call transcript .