The following table shows the carrying amounts and fair values of financial assets and liabilities, including their levels in the fair value hierarchy.

Financial assets

Trade and other financial receivables are mainly amounts due from customers for goods sold or services performed in the ordinary course of business. They are due for settlement in the short term (less than 1 year) and therefore are classified as current. Trade and other financial receivables are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognized at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method.

The carrying amounts of the customer sales and services includes receivables which are subject to a factoring arrangement. Under this arrangement, the Group has transferred the relevant receivables to the factor in exchange for cash and is prevented from selling or pledging the receivables. However, the Group has retained late payment and credit risk. Therefore, the Group continues to recognize the transferred assets in their entirety in its statement of financial position.

The amount repayable under the factoring agreement is presented as secured borrowing. As at June 30, 2026 there is an amount under the factoring agreements for Euro 24,636 thousand (Euro 21,859 thousand as at December 31, 2025). The Group considers that the held-to-collect business model remains appropriate for these receivables and hence continues to measure them at amortized cost.

As of June 30, 2026, other current financial assets include financial investments, such as investment funds in financial institutions, totaling Euros 4,951 thousand as compared to Euros 4,969 thousand at December 31, 2025. These financial investments are deposits managed by financial institutions in investment funds to obtain profitability. The Group has considered their classification as current assets because it expects to liquidate these investments in the following 12 months.

The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables and contract assets. To measure expected credit losses on a collective basis, trade receivables and contract assets are grouped based on similar credit risk and aging. The contract assets have similar risk characteristics to the trade receivables for similar types of contracts.

The impairment of trade receivables is recognized under “Expected credit loss for trade and other receivables” in other operating expenses.

The net expense recognized in profit or loss during the six months ended June 30, 2026 was Euros 250 thousand and a net income of Euros 22 thousand for the six months ended June 30, 2025. This amount includes Euros 649 thousand corresponding mainly to the impact of final uncollectible balances (Euros 1,527 thousand in the same period of 2025). The allowance for doubtful debts provision as of June 30, 2026 estimated based on the expected credit loss, was Euros 1,220 thousand, as compared to Euros 1,514 thousand as of December 31, 2025, for amounts outstanding less than 180 days as at reporting date. Additionally, the Company has recognized as of June 30, 2026, a bad debt provision for amounts outstanding 180 days or longer for Euros 4,714 thousand, as compared to Euros 4,819 thousand as at December 31, 2025, which has been calculated taking into account specific accounts receivable considered doubtful.

The expected loss rates are based on the Group’s historical credit losses.

Financial assets measured at FVTOCI correspond to investments in funds whose quotation is considered level 1 for fair value purposes.

The financial investments valued at FVTPL relate to investment funds held at financial institutions. These financial assets are also considered level 3 for fair value purposes.

The rest of the financial assets (both current and non-current) are measured at their amortized cost, which does not materially differ from their fair value.

Financial liabilities

Financial liabilities are measured at their amortized cost, which does not differ from their fair value (it is considered that the interest rates applicable to all of them still represent market spreads), except for the derivative warrant liability which is measured at FVTPL.

The working capital lines of credit are a type of short-term financing used to cover ongoing business’s operations. These small-business loans are not used to fund large investments and are renewed every 90 days.

Bank Loans

As of June 30, 2026, the Group had available credit lines and other financing products of Euros 49,810 thousand, compared to Euros 72,550 thousand as of December 31, 2025. Of these facilities and financing arrangements, the full amount had been drawn down as of June 30, 2026, compared to Euros 58,758 thousand as of December 31, 2025. In addition to the aforementioned financing products, the Company engages in non-recourse factoring with a limit of Euros 4,000 thousand at June 30, 2026 (Euros 12,000 thousand at December 31, 2025) of which Euros 956 thousand have been disposed as June 30, 2026 (Euros 2,679 thousand at December 31, 2025).

On April 8, 2026, the Group signed a Commercial Agreement together with the restructuring plan. On May 6, 2026, the Spanish restructuring plan has been approved by the Court in accordance with applicable Spanish law.

The restructuring plan has been completed at the end of June 2026 and effectively restructures the loans and borrowings and includes a long-term debt facility structured in two tranches: 1) a €55.3 million syndicated term loan featuring a back-loaded amortization schedule, beginning with limited quarterly payments in the first quarter of 2028 that scale gradually through 2030; and 2) a €68 million bullet instrument maturing in December 2030 with “payment in kind” interest to preserve immediate cash position. The Agreement also includes a €34.4 million syndicated working capital line maturing in December 2030. A Additionally, the maturity of bank debt amounting to €11.7 million has been extended to December 31, 2030. Furthermore, new working capital facilities ("New money") have been granted in the amount of €5.4 million, maturing on December 31, 2030. Additionally, the maturity of bank debt amounting to €11.7 million has been extended to December 31, 2030. Furthermore, new working capital facilities ("New money") have been granted in the amount of €5.4 million, maturing on December 31, 203.Additionally, the maturity of bank debt amounting to €11.7 million has been extended to December 31, 2030. Furthermore, new working capital facilities ("New money") have been granted in the amount of €5.4 million, maturing on December 31, 2030. No covenants have been established. The restructuring plan also provides for the rescheduling of approximately €12.1 million of trade payables, which will be settled through quarterly installments, with full settlement expected by 30 June 2030.

As of June 30, 2026, the Group had loans at variable interest rates referenced to Euribor plus a differential between 0% and 3% and at fixed interest rates that range between 1% and 10%, respectively, compared to variable rates referenced to Euribor plus a differential between 0% and 5.60% and fixed rates between 3.81% and 9.00%, respectively, during fiscal year ended December 31, 2025.

The Group had a loan with a nominal value of Euros 11.7 million that includes a pledge on the inventories at June 30, 2026 (Euros 11.25 million as of December 31, 2025) for the same amount (Note 11). In addition, the Group had loans with a total nominal value of Euros 35 million that include a pledge on the property, plant and equipment at June 30, 2025 and December 31, 2024 for a gross amount of Euros 24,789 thousand (Note 8).

Additionally, as a result of all restructured financial debt pursuant to the restructuring plan and the New Money share a single, common security package (the “New Security”) with such arrangements to be reflected in an intercreditor agreement that forms part of the restructuring plan. The New Security will consist of first demand guarantees from the key Group companies (Wallbox Chargers, S.A.U., Wallbox NV, AR Electronics Solutions, S.L.U., Wallbox USA, Inc., Electromaps, S.L.U., Wallbox France SAS and Coil, Inc.), pledges over 100 per cent of the shares in the Group’s main operating subsidiaries, security over core intellectual property, material commercial contracts and, in the case of Wallbox USA, inventories, which net book value at June 30, 2026 is Euro 4,534 thousand, and pledges over key bank accounts and intercompany loans. In practice, this means that substantially all the Group’s material operating entities, shareholdings, cash balances, intellectual property and intragroup receivables within the scope of the restructuring plan will be pledged on a pari passu basis in favor of all secured financial creditors following implementation of the restructuring plan.

Borrowings

As of June 30, 2026, loans from a government entity (“CDTI”) total Euros 3,852 thousand as compared to Euros 3,924 thousand as of December 31, 2025.

Derivative warrant liabilities

As described in the 2025 consolidated financial statements, derivative warrant liabilities correspond to Public and Private Warrants issued by Kensington, BBVA warrants and Generac warrants, which have been assumed by Wallbox.

During the first half of 2026, Wallbox and Generac entered into a new warrant agreement, pursuant to which we issued to Generac, and the Warrant holder subscribed for and acquired, an aggregate of 229,938 warrants exercisable until July 30, 2028, for an equal number of our Class A Shares, at an exercise price of up to 3.05 USD per Class A Share (which exercise price may be lowered at the sole discretion of the Company prior to the Expiration Date (as defined in the Warrant Agreements). The Warrant Agreements also provide for a redemption right in our favor when the reported trading price of our Class A Shares is at least 6.00 USD per share on each of twenty trading days within the thirty trading-day period ending on the third business day prior to the date when the notice of redemption is given.

On June 26, 2026, Wallbox and certain shareholders entered into a new warrant agreement, pursuant to which we issued to these shareholder, and the Warrant holder subscribed for and acquired, an aggregate of 3,301,758 warrants exercisable until June 26, 2031, for an equal number of our Class A Shares, at an exercise price of up to 2.40 USD per Class A Share (which exercise price may be lowered at the sole discretion of the Company prior to the Expiration Date (as defined in the Warrant Agreements). The Warrant Agreements also provide for a redemption right in our favor when the reported trading price of our Class A Shares is at least 6.00 USD per share on each of twenty trading days within the thirty trading-day period ending on the third business day prior to the date when the notice of redemption is given.

The fair value of the BBVA Warrants was USD 0.31 based on a Black-Scholes valuation methodology for options and warrants.

The fair value of Generac Warrant was USD 0.13 for type 1 Warrants and USD 0.044 for type 2 and type 3 Warrants, both based on a Black-Scholes valuation methodology for options and warrants.

The fair value of Other Warrant (granted on June 2026) was USD 2.49, based on a Black-Scholes valuation methodology for options and warrants.

As a consequence of the communication from NYSE regarding the delisting of Public Warrants the Group has considered that fair value of public and private warrants are nil.

Trade and other payables are unsecured and are typically paid in less than 12 months upon recognition. The carrying amounts of trade and other payables are considered equal to their fair values, due to their short-term nature.

The Group has secured various financing lines through confirming arrangements. These instruments allow the Group to obtain financing by facilitating payments to suppliers.

Payments to suppliers ahead of the invoice due date are processed by the finance provider, and the Group settles the original invoice by paying the finance provider in the line with the new conditions agreed with the finance suppliers (90 to 120 days).

In accordance with the refinancing agreement described in Note 2 to these financial statements, €12,140 thousand have been reclassified as non-current debt in accordance with the terms of the agreement.

The Group recognizes a liability to the bank until the maturity of the debt.

There were no significant non-cash changes in the carrying amount of the trade payables.