Exhibit 99.2
WALLBOX N.V. AND SUBSIDIARIES
Interim Condensed Consolidated Financial Statements
June 30, 2026 and 2025
Exhibit 99.2
WALLBOX N.V. AND SUBSIDIARIES
Interim Condensed Consolidated Financial Statements
June 30, 2026 and 2025
WALLBOX N.V.
Index to Interim Condensed Consolidated Financial Statements
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2 |
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4 |
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5 |
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7 |
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Notes to the Interim Condensed Consolidated financial statements |
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8 |
1
WALLBOX N.V.
Interim Condensed Consolidated statements of financial position as of June 30, 2026 and December 31, 2025
(In thousand Euros) |
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Notes |
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June 30, 2026 (*) |
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December 31, 2025 |
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Assets |
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Non-Current Assets |
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Property, plant and equipment |
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8 |
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Right-of-use assets |
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9 |
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Intangible assets |
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10 |
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Goodwill |
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10 |
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Non-current financial assets |
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11 |
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Tax credit receivables |
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22 |
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Total Non-Current Assets |
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Current Assets |
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Inventories |
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12 |
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Trade and other financial receivables |
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11 |
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Other receivables |
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22 |
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Other current financial assets |
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11 |
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Other current assets and deferred charges |
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Advance payments |
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12 |
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Cash and cash equivalents |
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13 |
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Total Current Assets |
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Total Assets |
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Equity and Liabilities |
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Equity |
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Share capital |
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14 |
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Share premium |
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14 |
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Capital reduction reserves |
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14 |
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Accumulated deficit |
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14 |
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( |
) |
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( |
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Other equity components |
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14 |
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Foreign currency translation reserve |
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14 |
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( |
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Total Equity attributable to owners of the Company |
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( |
) |
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( |
) |
Non-controlling interest |
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( |
) |
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Total Equity |
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( |
) |
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( |
) |
Liabilities |
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Non-Current Liabilities |
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Loans and borrowings |
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11 |
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Lease liabilities |
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9 and 11 |
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Provisions |
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15 |
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Government grants |
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16 |
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Deferred tax liabilities |
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22 |
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Long term deferred income |
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17 |
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Total Non-Current Liabilities |
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Current Liabilities |
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Loans and borrowings |
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11 |
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Derivative warrants liabilities |
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11 |
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Lease liabilities |
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9 and 11 |
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Trade and other financial payables |
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11 |
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Other payables |
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22 |
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Provisions |
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15 |
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Government grants |
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16 |
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Contract liabilities |
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17 |
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Total Current Liabilities |
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Total Liabilities |
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Total Equity and Liabilities |
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(*)
2
The notes form an integral part of these interim condensed consolidated financial statements.
3
WALLBOX N.V.
Interim Condensed Consolidated statements of profit or loss and other comprehensive income for the six months ended June 30, 2026 and 2025
(In thousand Euros) |
|
Notes |
|
June 30, 2026 (*) |
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June 30, 2025 (*) |
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Revenue |
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17 |
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Changes in inventories and raw materials and consumables used |
|
18 |
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( |
) |
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( |
) |
Employee benefits |
|
19 |
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( |
) |
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( |
) |
Other operating expenses |
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18 |
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( |
) |
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( |
) |
Amortization and depreciation |
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8,9,10 |
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( |
) |
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( |
) |
Impairment of assets |
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8, 10 |
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Net other income |
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18 |
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( |
) |
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Operating Loss |
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( |
) |
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( |
) |
Financial income |
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20 |
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Financial expenses |
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20 |
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( |
) |
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( |
) |
Change in fair value of derivative warrant liabilities |
|
11 |
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( |
) |
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Foreign exchange gains/(losses) |
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( |
) |
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Financial Results |
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( |
) |
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Loss before Tax |
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( |
) |
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( |
) |
Income tax credit |
|
22 |
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( |
) |
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Loss for the Period |
|
21 |
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( |
) |
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( |
) |
Attributable to: |
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Equity holders of the Company |
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( |
) |
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( |
) |
Non-controlling interest |
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( |
) |
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( |
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Loss per share |
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Basic and diluted losses per share (euros per share) |
|
21 |
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( |
) |
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( |
) |
Loss for the Period |
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( |
) |
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( |
) |
Other comprehensive (loss)/income |
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Other comprehensive (loss)/income that may be reclassified to profit |
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Currency translation differences in foreign operations, net of tax |
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( |
) |
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Changes in the fair value of debt instruments at fair value through other |
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— |
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( |
) |
Net other comprehensive (loss)/income that may be reclassified to |
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( |
) |
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Other comprehensive (loss)/income for the Period |
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( |
) |
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Total comprehensive loss for the Period |
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( |
) |
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( |
) |
(*)
The notes form an integral part of these interim condensed consolidated financial statements.
4
WALLBOX N.V.
Interim Condensed Consolidated statements of changes in equity for the six months ended June 30, 2026 and 2025
|
|
Attributable to owners of the Company |
|
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(In thousand Euros) |
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Notes |
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Share |
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Share |
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Capital reduction reserves |
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Accumulated |
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Other |
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Currency |
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Total |
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Non- controlling interest |
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Total |
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Balance at January 1, 2026 |
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( |
) |
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( |
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( |
) |
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( |
) |
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Total comprehensive (loss)/income for the period |
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Loss for the Period |
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— |
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— |
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( |
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— |
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— |
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( |
) |
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( |
) |
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( |
) |
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Other comprehensive (loss)/income for |
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— |
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— |
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— |
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— |
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— |
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Total comprehensive income for the period |
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— |
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— |
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— |
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( |
) |
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— |
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( |
) |
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( |
) |
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( |
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Transactions with owners of the Company |
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Contribution of equity (Private Placement) |
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— |
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— |
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— |
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— |
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— |
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— |
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Contribution of equity (Execution of options |
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— |
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— |
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( |
) |
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— |
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— |
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— |
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— |
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Share based payments |
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— |
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— |
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— |
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— |
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— |
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— |
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Others |
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— |
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— |
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— |
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— |
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— |
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— |
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Total contributions and distributions |
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— |
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— |
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( |
) |
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— |
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— |
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Total transactions with owners of |
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— |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
|||
Balance at June 30, 2026 (*) |
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( |
) |
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( |
) |
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( |
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( |
) |
|||||
(*)
The notes form an integral part of these interim condensed consolidated financial statements.
5
WALLBOX N.V.
Interim Condensed Consolidated statements of changes in equity for the six months ended June 30, 2026 and 2025 (continued)
|
|
Attributable to owners of the Company |
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(In thousand Euros) |
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Notes |
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Share |
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Share |
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Capital reduction reserves |
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Accumulated |
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Other |
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Currency |
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Total |
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Non- controlling interest |
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Total |
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Balance at January 1, 2025 |
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— |
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( |
) |
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( |
) |
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Total comprehensive (loss)/income for the period |
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Loss for the Period |
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— |
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— |
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— |
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( |
) |
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— |
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— |
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( |
) |
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( |
) |
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( |
) |
Other comprehensive (loss)/income for |
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— |
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— |
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— |
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— |
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( |
) |
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( |
) |
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( |
) |
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— |
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( |
) |
Total comprehensive income for the period |
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— |
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— |
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— |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
Transactions with owners of the Company |
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|||||||||
Contribution of equity (Private Placement) |
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— |
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— |
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— |
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— |
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— |
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Contribution of equity (ATM) |
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— |
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— |
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— |
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— |
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— |
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||||
Contribution of equity (Execution of options |
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— |
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— |
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( |
) |
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— |
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— |
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||||
Share based payments |
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— |
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— |
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— |
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— |
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— |
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— |
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Others (Note 14) |
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— |
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( |
) |
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— |
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— |
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— |
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— |
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— |
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— |
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Other movement (Note 14) |
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— |
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— |
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— |
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( |
) |
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— |
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— |
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( |
) |
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( |
) |
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Total contributions and distributions |
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( |
) |
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( |
) |
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( |
) |
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— |
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|||||
Total transactions with owners of |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
|||
Balance at June 30, 2025 (*) |
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( |
) |
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( |
) |
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|||||||
(*)
The notes form an integral part of these interim condensed consolidated financial statements.
6
WALLBOX N.V.
Interim Condensed Consolidated statements of cash flows for the six months ended June 30, 2026 and 2025
(In thousand Euros) |
|
Notes |
|
June 30, 2026 (*) |
|
|
June 30, 2025 (*) |
|
||
Cash flows from Operating Activities |
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||
Loss for the Period |
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( |
) |
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|
( |
) |
Adjustments for: |
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|
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|
|
|
||
Amortization and depreciation |
|
8, 9 and 10 |
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|
||
Impairment of assets |
|
10 |
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|
— |
|
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|
( |
) |
Expected credit loss for trade and other receivables |
|
11 and 18 |
|
|
( |
) |
|
|
( |
) |
Other Impairments |
|
10, 11 and 18 |
|
|
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|
( |
) |
|
Change in provisions |
|
15 |
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|
( |
) |
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|
( |
) |
Government grants |
|
16 |
|
|
( |
) |
|
|
( |
) |
Financial income |
|
20 |
|
|
( |
) |
|
|
( |
) |
Financial expenses |
|
20 |
|
|
|
|
|
|
||
Change in fair value of derivative warrant liabilities |
|
11 |
|
|
|
|
|
( |
) |
|
Exchange differences |
|
|
|
|
|
|
|
( |
) |
|
Income tax credit |
|
22 |
|
|
( |
) |
|
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|
Share based payments expense |
|
19 |
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|
|
|
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|
||
Results from disposals of right of use |
|
9 |
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|
( |
) |
|
|
— |
|
Changes in |
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|
||
- inventories |
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|
||
- trade and other financial receivables |
|
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|
( |
) |
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|
- other assets |
|
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|
( |
) |
|
|
( |
) |
- trade and other financial payables |
|
|
|
|
( |
) |
|
|
|
|
- contract liabilities |
|
|
|
|
|
|
|
|
||
Net cash used in operating activities |
|
|
|
|
( |
) |
|
|
|
|
Cash flows from Investing Activities |
|
|
|
|
|
|
|
|
||
Acquisition of intangible assets |
|
10 |
|
|
( |
) |
|
|
( |
) |
Acquisition of property, plant and equipment |
|
8 |
|
|
( |
) |
|
|
( |
) |
Other current financial assets |
|
11 |
|
|
— |
|
|
|
|
|
Acquisition of subsidiaries, net of cash acquired |
|
|
|
|
— |
|
|
|
— |
|
Net cash used in investing activities |
|
|
|
|
( |
) |
|
|
|
|
Cash flows from Financing Activities |
|
|
|
|
|
|
|
|
||
Proceeds from issuing equity instruments (private placement) |
|
14 |
|
|
|
|
|
|
||
Proceeds from issuing equity instruments (ATM) |
|
14 |
|
|
— |
|
|
|
|
|
Proceeds from issuing equity instruments (Warrants conversions and others) |
|
19 |
|
|
— |
|
|
|
|
|
Proceeds from government grants |
|
16 |
|
|
( |
) |
|
|
|
|
Proceeds from loans |
|
11 |
|
|
|
|
|
|
||
Repayments of loans |
|
11 |
|
|
— |
|
|
|
( |
) |
Payment of principal portion of lease liabilities |
|
9 |
|
|
( |
) |
|
|
( |
) |
Payment of interest on lease liabilities |
|
9 |
|
|
( |
) |
|
|
( |
) |
Interest and bank fees paid |
|
20 |
|
|
— |
|
|
|
( |
) |
Net cash from financing activities |
|
|
|
|
|
|
|
( |
) |
|
Net increase in cash and cash equivalents |
|
|
|
|
|
|
|
|
||
Cash and cash equivalents at beginning of period |
|
|
|
|
|
|
|
|
||
Exchange gains/(losses) |
|
|
|
|
|
|
|
( |
) |
|
Cash and cash equivalents at the end of the period |
|
|
|
|
|
|
|
|
||
(*)
The notes form an integral part of these interim condensed consolidated financial statements.
7
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
Wallbox N.V. (the “Company” or “Wallbox”) was incorporated as a Dutch private limited liability company under the name Wallbox B.V. on
These interim condensed consolidated financial statements comprise the Company and its subsidiaries (together referred to as the “Group”). The Group is primarily involved in the development, manufacturing, and sales of innovative solutions for charging electric vehicles. For further information of the Group, refer to the consolidated financial statements for the financial year ended December 31, 2025, published on April 9, 2026.
Wallbox is the parent entity of the Group. The Group’s subsidiaries as of June 30, 2026 and 2025 are set out in Note 26. Unless otherwise stated, their share capital consists solely of ordinary shares which are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group.
Wallbox is listed on the New York Stock Exchange (“NYSE”) with the ticker WBX.
These interim condensed consolidated financial statements as of and for the six months ended June 30, 2026 which have been based on the accounting records kept by the Company and its subsidiaries, were prepared by the Board of Directors of Wallbox in accordance with International Accounting Standard 34 “Interim financial reporting” (“IAS 34”), and of all the obligatory accounting principles and rules and measurement bases. Accordingly, they are a fair presentation of the equity and consolidated financial position of the Group as of June 30, 2026, as well as the results of its operations, the consolidated changes in equity and the consolidated cash flows during the interim period ended on that date.
As it has been indicated, this interim consolidated financial information has been prepared in accordance with IAS 34, meaning that these interim condensed consolidated financial statements do not include all the information and disclosures that would be required for the complete consolidated financial statements prepared in accordance with the International Financial Reporting Standards (“IFRS”), and must be read together with the consolidated financial statements for the financial year ended December 31, 2025, drawn up in accordance with the existing IFRS as issued by the International Accounting Standards Board (“IASB”), which were published on April 9, 2026.
Going concern:
The accompanying interim condensed consolidated financial statements have been prepared under the going concern assumption. This basis of presentation presumes that the Group will continue its operations for a period of at least twelve months from the issuance date of these financial statements, and that it will be able to realize assets and discharge liabilities in the ordinary course of business. Additional details are provided below.
Wallbox has historically incurred net losses and significant cash outflows from operating activities, reflecting its investment in the development of electric vehicle charging solutions and the establishment of commercial operations globally. For the six months ended June 30, 2026, the Group recorded a consolidated net loss of Euros
The Group has financed its operations through a combination of bank borrowings and equity issuances. As of June 30, 2026, total borrowings amounted to
According to the information disclosed in the consolidated financial statements for the year ended December 31, 2025, the Group completed the refinancing process with the main lending banks during the first half of 2026.
8
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
Financing
On April 8, 2026, the Group signed a Commercial Agreement together with the restructuring plan and binding offers from shareholders for the additional equity raise of €
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 €
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 consists of first demand guarantees from the key Group companies, pledges over
In addition, following the Effective Date and once Chargers has been transformed into a Spanish public limited liability company, Chargers will issue warrants or equivalent instruments convertible into Chargers’ shares (the “Chargers Warrants”) in favor of the Financial Creditors as an enforcement mechanism that may be exercised in the event of an acceleration under the Term Loan Framework Agreement, the Revolving Facilities Framework Agreement and the agreements comprising the New Money.
On April 8, 2026, the Company entered into a bridge loan agreement with Orilla Asset Management, S.L., Kariega Ventures, S.L., Inversiones Financieras Perseo, S.L., AM Gestió, S.L., Consilium, S.L. and Anangu Grup, S.L., for an aggregate principal amount of EUR
Liquidity Forecast
Management has prepared detailed business and liquidity plans, including a financial forecast extending through at least the following twelve months from the date of issuance of the interim condensed consolidated financial statements, which provide support for the Company’s ability to meet its operational and financial obligations.
These plans incorporate a number of key assumptions regarding revenue growth (sales volumes), gross margin performance driven by product mix and cost efficiencies, operating expense management and working capital optimization driven by inventory reduction.
While management believes the assumptions underlying the forecast are reasonable and that the Company has a credible plan to execute its strategy, there remains an inherent material uncertainty in relation to the achievement of forecasted operating cash flows. A significant deviation from the business plan could cast substantial doubt on the Company's ability to continue as a going concern. Notwithstanding this uncertainty, based on current forecast and available resources, management has concluded that the going concern basis of accounting remains appropriate for the preparation of these interim condensed consolidated
9
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
financial statements. The financial statements do not contain any adjustments that would result if the Group were unable to continue as a going concern.
Basis of measurement
These interim condensed consolidated financial statements have been prepared on a historical cost basis. The only exceptions to the application of the cost basis during their preparation have been the subsequent measurement of:
Basis of consolidation
The consolidation basis applied in the interim condensed consolidated financial statements is consistent with the basis applied in the consolidated financial statements for the year ended on December 31, 2025 (the “2025 Consolidated Financial Statements”).
These interim condensed consolidated financial statements are presented in Euros, which is also the Company’s functional currency. All amounts have been rounded to the nearest unit of thousand Euros, unless otherwise indicated.
Changes in the scope of consolidation
There have not been any changes in the scope of consolidation since December 31, 2025, except for the liquidation of ABL Shanghai Co. Ltd., which is therefore no longer part of the scope of consolidation as of June 30, 2026.
The preparation of these interim condensed consolidated financial statements requires, as established by IAS 34, the Board of Directors of the Group to make certain estimates and judgments that do not differ significantly from those considered in the preparation of the 2025 Consolidated Financial Statements set out in Note 3 thereto.
During the six months ended June 30, 2026, no significant changes have occurred in the assumptions linked to the judgments and estimates disclosed in the 2025 Consolidated Financial Statements.
During the six months ended June 30, 2026,
Critical judgement and estimates
A summary of the critical aspects that have also involved a greater degree of judgement or complexity, or those in which the assumptions and estimates have an influence on the preparation of these financial statements, is given below.
Key assumptions concerning the future and other relevant data on the estimation of uncertainty at the reporting date, which entail a considerable risk of significant changes in the value of the assets and liabilities in the coming year, are as follows:
Additionally, there have been no changes in the judgement and estimates related to share based payments, the impairment of non-current assets (including goodwill), the capitalization of development cost by determination of the useful life of intangible assets, the accounting of warrants or the recognition of the income tax as disclosed in the 2025 Consolidated Financial Statements.
10
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
The standards and interpretations effective during the six months ended June 30, 2026 and those issued but not yet in force are detailed below:
The Group has not had any significant impacts on the interim condensed consolidated financial statements for the six months ended June 30, 2026.
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. The standard requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and it also includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements (PFS) and the notes. In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from ‘profit or loss’ to ‘operating profit or loss’ and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements.
The Group intends to adopt the standards, interpretations, and amendments to the standards issued by the IASB, which are not mandatory in the European Union, when they come into force, if applicable.
The accounting policies and valuation standards used when preparing these interim condensed consolidated financial statements are consistent with those used when preparing the 2025 Consolidated Financial Statements and which are detailed therein.
During the six months ended June 30, 2026, no new business combinations have occurred.
11
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
Basis for segmentation
The Group’s business segment information included in this Note is aligned with the segment information included in the 2025 Consolidated Financial Statements and which are detailed therein.
Information on reportable segments
Information related to each reportable segment is set out below. Segment operating profit (loss) is used to measure performance, as management believes that this information is the most relevant when evaluating the results of the respective segments relative to other entities operating in the same industries.
Reconciliations of information on reportable segments with the amounts reported in the financial statements for the six months ended June 30, 2026
|
|
June 30, 2026 |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
adjustments and |
|
|
|
|
||||||
(In thousand Euros) |
|
EMEA |
|
|
NORAM |
|
|
APAC |
|
|
Total segments |
|
|
eliminations |
|
|
Consolidated |
|
||||||
Sales of Goods |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
( |
) |
|
|
|
||||
Sales of Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Changes in inventories and raw |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Employee benefits |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Other operating expenses |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Amortization and depreciation |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Impairment of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other income |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||||
Operating Loss |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Total Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Total Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Reconciliations of information on reportable segments with the amounts reported in the financial statements for the six months ended June 30, 2025
|
|
June 30, 2025 |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
adjustments and |
|
|
|
|
||||||
(In thousand Euros) |
|
EMEA |
|
|
NORAM |
|
|
APAC |
|
|
Total segments |
|
|
eliminations |
|
|
Consolidated |
|
||||||
Sales of Goods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Sales of Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Changes in inventories and raw |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Employee benefits |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Other operating expenses |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Amortization and depreciation |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Impairment of goodwill |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|||
Other income |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
|
Operating Loss |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
|
Total Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Total Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
Eliminations and unallocated items
12
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
There have been no significant transactions between segments during the six months ended June 30, 2026 and June 30, 2025, respectively except for inter-segment revenues which are eliminated in the column “Consolidated adjustments and eliminations”. The elimination of revenue and changes in inventories and raw materials and consumables used mainly relates to eliminating the intercompany sales of EMEA to NORAM and APAC. The impact of this elimination on consolidated operating loss relates to the elimination of profit on stock of inventories held by the NORAM segment.
Certain financial assets and liabilities are not allocated to reportable segments, as they are managed on a Group basis. These are reflected in the "Consolidated adjustments and eliminations" column. All finance income and expenses are considered to be part of the Corporate segment and hence are not further allocated to the operating segments EMEA, NORAM and APAC.
External revenue by location
The countries where the Group has sold more than
|
|
Six-months period ended June 30, |
|||||||||||||
(In thousand Euros) |
|
2026 |
|
|
2025 |
|
|
||||||||
|
|
Revenue |
|
% |
|
|
Revenue |
|
% |
|
|
||||
Country |
|
|
|
|
|
|
|
|
|
|
|
||||
Spain |
|
|
|
|
% |
|
|
|
|
% |
|
||||
United States |
|
|
|
|
% |
|
|
|
|
% |
|
||||
Italy |
|
|
|
|
% |
|
|
|
|
% |
|
||||
Germany |
|
|
|
|
% |
|
|
|
|
% |
|
||||
Other countries |
|
|
|
|
% |
|
|
|
|
% |
|
||||
Total |
|
|
|
|
% |
|
|
|
|
% |
|
||||
(In thousand Euros) |
|
Buildings and leasehold improvements |
|
|
Fixtures and fittings |
|
|
Plant and equipment |
|
|
Total |
|
||||
Balance at December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Additions |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Impairment of assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation for the period |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Translation differences |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Balance at June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost |
|
|
|
|
|
|
|
|
|
|
|
|
||||
At December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
At June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accumulated amortization |
|
|
|
|
|
|
|
|
|
|
|
|
||||
At December 31, 2025 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
At June 30, 2026 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Impairment of assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||
At December 31, 2025 |
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
At June 30, 2026 |
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Additions to property, plant and equipment for the six months ended June 30, 2026 amounted to Euros
13
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
As of June 30, 2026, additions to property, plant and equipment for which payment was still pending totaled Euros
The Group has items in use that were fully depreciated as of June 30, 2026 for an amount of Euros
Other information
The Group has obtained insurance policies that cover the carrying amount of its property, plant and equipment.
Capital expenditure commitments amounted to Euros
There are no other significant contractual obligations to purchase, construct or develop property, plant and equipment assets.
As a consequence of certain loans the Group had a pledge on certain assets classified as property, plant and equipment at June 30, 2026 and December 31, 2025 for an amount of Euros
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
The considerations regarding the lease terms and the recognition exception are consistent with those disclosed in the 2025 Consolidated Financial Statements.
a) Set out below are the carrying amounts of right-of-use assets recognized and the movements during the six months ended June 30, 2026:
(In thousand Euros) |
|
Buildings |
|
|
Vehicles |
|
|
Other assets |
|
|
Total |
|
||||
Balance at December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Additions |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation for the period |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Disposals |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Translation differences |
|
|
|
|
|
— |
|
|
|
|
|
|
|
|||
Balance at June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
b) Set out below are the carrying amounts of lease liabilities and the movements during the six months ended June 30, 2026:
14
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
(In thousand Euros) |
|
Buildings |
|
|
Vehicles |
|
|
Other assets |
|
|
Total |
|
||||
Balance at December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Additions to liabilities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest on lease liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Lease payments |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Disposals |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Translation differences |
|
|
|
|
|
— |
|
|
|
|
|
|
|
|||
Balance at June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
An analysis of the contractual maturity of lease liabilities, including future interest payable, is as follows:
(In thousand Euros) |
|
June 30, |
|
|
December 31, |
|
||
6 months or less |
|
|
|
|
|
|
||
6 months to 1 year |
|
|
|
|
|
|
||
From 1 to 2 years |
|
|
|
|
|
|
||
From 2 to 5 years |
|
|
|
|
|
|
||
More than 5 years |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Amounts recognized in profit or loss derived from lease liabilities and expenses on short-term and low value leases (IFRS 16 exemption applied) are as follows:
(In thousand Euros) |
|
June 30, |
|
|
June 30 |
|
||
Interest on lease liabilities (see note 20) |
|
|
|
|
|
|
||
Expenses relating to short-term and low value leases (see |
|
|
|
|
|
|
||
15
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
Details and movement of items composing intangible assets are as follows:
(In thousand Euros) |
|
Software |
|
|
Trademarks, industrial property and customer relationships |
|
|
Development |
|
|
Total |
|
||||
Balance at December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Additions |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Impairment of assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Amortization for the period |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Translation differences |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Balance at June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost |
|
|
|
|
|
|
|
|
|
|
|
|
||||
At December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
At June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accumulated amortization |
|
|
|
|
|
|
|
|
|
|
|
|
||||
At December 31, 2025 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
At June 30, 2026 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Impairment of assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||
At December 31, 2025 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
At June 30, 2026 |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
During the six months ended June 30, 2026, the Group made investments in several development projects, consisting of payroll expenses and other costs totaling to Euros
Trademarks, industrial property and customer relationships includes trademarks for an amount of Euros
The total additions to internally developed intangibles (Development costs and Software) amounted to Euros
The average remaining amortization term for these assets is between
Additions of computer software totaled Euros
The Group recognized impairment losses on non-current assets amounting to Euros
The Group has items in use that were fully depreciated as of June 30, 2026 for an amount of Euros
16
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
As of June 30, 2026, additions of intangible assets for which payment was still pending totaled Euros
As of June 30, 2026, there were commitments for the acquisition of intangible assets for Euros
The Goodwill breakdown by CGU as of June 30, 2026, and December 31, 2025, is as follows:
(In thousand Euros) |
|
June 30, |
|
|
December 31, |
|
||
Ares |
|
|
|
|
|
|
||
Coil |
|
|
|
|
|
|
||
Electromaps / Software |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
During the six months ended June 30, 2026, no impairment indicators existed that could lead to the existence of additional impairment those already recorded as of December, 31, 2025 in relation to the goodwill or intangible assets of the Group.
The goodwill will be tested for impairment annually before year end, once budgets are approved.
The change in the carrying amount of goodwill corresponds to the exchange differences from Coil business combination.
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
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||||||||||
(In thousand Euros) |
|
Non-current |
|
|
Current |
|
|
Non-current |
|
|
Current |
|
||||
Customer sales and services |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Other receivables |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Loans to employees |
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
||
Trade and other financial receivables |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Guarantee deposit |
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
||
Non-current financial assets |
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
||
Guarantee deposit |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Financial investments |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Other current financial assets |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
||||
17
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
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
As of June 30, 2026, other current financial assets include financial investments, such as investment funds in financial institutions, totaling Euros
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
The expected loss rates are based on the Group’s historical credit losses.
18
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
|
|
|
|
|
June 30, 2026 |
|
|
|
|
|||||||
(In thousand Euros) |
|
Financial assets measured at amortized cost |
|
|
Financial assets measured at fair value with changes in PL |
|
|
Financial assets measured at fair value with changes in OCI |
|
|
Total |
|
||||
Customer sales and services |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Other receivables |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Loans to employees |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Trade and other financial receivables |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Guarantee deposit |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Non-current financial assets |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Guarantee deposit |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Financial investments |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other current financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
December 31, 2025 |
|
|
|
|
|||||||
(In thousand Euros) |
|
Financial assets measured at amortized cost |
|
|
Financial assets measured at fair value with changes in PL |
|
|
Financial assets measured at fair value with changes in OCI |
|
|
Total |
|
||||
Customer sales and services |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other receivables |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans to employees |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Trade and other financial receivables |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Guarantee deposit |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-current financial assets |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Guarantee deposit |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Financial investments |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other current financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
||||
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.
19
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
Financial liabilities
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||||||||||
(In thousand Euros) |
|
Non-current |
|
|
Current |
|
|
Non-current |
|
|
Current |
|
||||
Loans |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Affected suppliers |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||
Working capital line of credit |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Loans and borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative warrant liabilities |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Lease liabilities (see note 9) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
||||
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
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 €
20
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
Details of the maturities, by year, of the principal and interest of the loans and borrowings as of June 30, 2026 and December 31, 2025, are as follows:
(In thousand Euros) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
1 July 2026 - 30 June 2027 |
|
|
|
2026 |
|
|
||
1 July 2027 - 30 June 2028 |
|
|
|
2027 |
|
|
||
1 July 2028 - 30 June 2029 |
|
|
|
2028 |
|
|
||
1 July 2029 - 30 June 2030 |
|
|
|
2029 |
|
|
||
1 July 2030 - Dic 2030 |
|
|
|
2030 |
|
|
||
More than five years |
|
|
|
More than five years |
|
|
||
|
|
|
|
|
|
|
||
Details of the loans and borrowings as of June 30, 2026 and December 31, 2025 are as follows:
|
|
June 30, 2026 |
|
|||||||||||||||
(In thousand Euros) |
|
Currency |
|
Less than 1 year |
|
|
1 to 3 years |
|
|
Over 3 years |
|
|
Total |
|
||||
Bank Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fixed rate loan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Floating rate loan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Covenant Loan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fixed rate loan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Affected Suppliers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fixed rate loan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
December 31, 2025 |
|
|||||||||||||||
(In thousand Euros) |
|
Currency |
|
Less than 1 year |
|
|
1 to 3 years |
|
|
Over 3 years |
|
|
Total |
|
||||
Bank Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fixed rate loan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Floating rate loan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Covenant Loan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fixed rate loan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
As of June 30, 2026, the Group had loans at variable interest rates referenced to Euribor plus a differential between
The Group had a loan with a nominal value of Euros
21
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
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
Borrowings
As of June 30, 2026, loans from a government entity (“CDTI”) total Euros
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
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
Movement in the derivative warrant liabilities during the six-months ended June 30, 2026 is summarized below:
|
|
Public Warrant |
|
|
Private Warrant |
|
|
BBVA Warrant |
|
|
Generac Warrant |
|
|
Other Warrant |
|
|
Total |
|
|
|
|
|||||||||||||||||||||||||||
|
|
Number of warrants |
|
|
Thousand |
|
|
Number of warrants |
|
|
Thousand |
|
|
Number of warrants |
|
|
Thousand |
|
|
Number of warrants |
|
|
Thousand |
|
|
Number of warrants |
|
|
Thousand |
|
|
Number of warrants |
|
|
Thousand |
|
||||||||||||
At December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Warrants issuance |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Change in fair value of derivative |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Exchange differences |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
At June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
The fair value of the BBVA Warrants was USD
The fair value of Generac Warrant was USD
22
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
The fair value of Other Warrant (granted on June 2026) was USD
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 .
Reconciliation of movements of liabilities to cash flows arising from financing activities
(In thousand Euros) |
|
Loans and borrowings |
|
|
Derivative warrant liabilities |
|
|
Lease |
|
|
Total |
|
||||
Balance at January 1, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Proceeds from loans |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Principal paid on lease liabilities |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Interest paid on lease liabilities |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Repayments of loans |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest and bank fees paid |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total changes from financing cash flows |
|
|
|
|
|
— |
|
|
|
( |
) |
|
|
|
||
The effect of changes in foreign exchange rates |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Change in fair value of derivative warrant liabilities |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Disposal of leases |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Government loan receivable |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Transfer from Trade payables |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Restructuring process costs |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Interest and bank fees expenses |
|
|
|
|
|
— |
|
|
|
|
|
|
|
|||
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total liability-related other changes |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
Balance at June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Details of trade and other financial payables as of June 30, 2026 and December 31, 2025 are as follows:
(In thousand Euros) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
Suppliers |
|
|
|
|
|
|
||
Personnel (salaries payable) |
|
|
|
|
|
|
||
Customer advances |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
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 (
In accordance with the refinancing agreement described in Note 2 to these financial statements, €
The Group recognizes a liability to the bank until the maturity of the debt.
23
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
All trade payable subject to the supplier finance arrangements are included in current loans and borrowings in the consolidated statements of the financial position.
(In thousand Euros) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
Carrying amount of liabilities |
|
|
|
|
|
|
||
Presented within trade and other payables |
|
|
— |
|
|
|
— |
|
Presented within loans and borrowings (*) |
|
|
|
|
|
|
||
Liabilities that are part of the arrangements |
|
|
|
|
||||
Comparable trade payables that are not part of the arrangements |
|
|
|
|
||||
(*) The supplier has already received the payment for this amount. |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
|||||||
There were no significant non-cash changes in the carrying amount of the trade payables.
Details of inventories as of June 30, 2026 and as of December 31, 2025 are as follows:
(In thousand Euros) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
Raw materials & Work in progress |
|
|
|
|
|
|
||
Finished goods |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
The Group has insurance policies in place to cover all inventories, with specific global insurances coverage for each of the Group’s warehouses.
There were no commitments for the purchase of inventories as of June 30, 2026 and December 31, 2025. Advance payments to suppliers for the acquisition of inventories as of June 30, 2026 were Euros
Based on current information, the Group has booked an inventory provision of Euros
As a consequence of certain loans the Group had a pledge on the inventories at June 30, 2026 for an amount of Euros
24
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
Cash and cash equivalents are comprised of the following:
(In thousand Euros) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
Cash |
|
|
|
|
|
|
||
Bank and other credit institutions |
|
|
|
|
|
|
||
Bank and other credit institutions, foreign currency |
|
|
|
|
|
|
||
Other cash equivalents |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
We maintain cash and cash equivalents with major financial institutions. The other cash equivalents corresponds to bank deposits which due date is lower than
The current account earn interest at applicable market rates and this interest is not significant.
Details of banks and other credit institutions with balances held in foreign currency are as follows:
(In thousand Euros) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
USD |
|
|
|
|
|
|
||
GBP |
|
|
|
|
|
|
||
NOK |
|
|
|
|
|
|
||
SEK |
|
|
|
|
|
|
||
DKK |
|
|
|
|
|
|
||
CNY |
|
|
|
|
|
— |
|
|
AUD |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
Share capital and share premium
As of June 30, 2026 issued share capital of the Company was as follows:
|
|
Shares |
|
|
Share Capital (in thousand Euros) |
|
||
Class A shares of euro |
|
|
|
|
|
|
||
Class B shares of euro |
|
|
|
|
|
|
||
Class C shares of euro |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
All the shares issued were fully paid as of the date of the capital increases. Wallbox’s Class A Shares, Class B Shares and Conversion Shares (“Class C Shares”) provide their holders with same economic rights; however,
Wallbox’s Class A Shares began trading on the NYSE under the “WBX” symbol on October 4, 2021.
As of June 30, 2026 and December 31, 2025, authorized share capital was as follows:
25
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
June 30, 2026 |
|
Shares |
|
|
Nominal |
|
|
Share Capital (in thousand Euros) |
|
|||
Class A Shares |
|
|
|
|
|
|
|
|
|
|||
Class B Shares |
|
|
|
|
|
|
|
|
|
|||
Conversion shares |
|
|
|
|
|
|
|
|
|
|||
Total |
|
|
|
|
|
|
|
|
|
|||
December 31, 2025 |
|
Shares |
|
|
Nominal |
|
|
Share Capital (in thousand Euros) |
|
|||
Class A Shares |
|
|
|
|
|
|
|
|
|
|||
Class B Shares |
|
|
|
|
|
|
|
|
|
|||
Conversion shares |
|
|
|
|
|
|
|
|
|
|||
Total |
|
|
|
|
|
|
|
|
|
|||
During the six months ended June 30, 2026, there were the following share capital and share premium movements:
|
|
Shares |
|
|
Price per Share (Euros) |
|
|
Share Capital (In thousand Euros) |
|
|
Share Premium (In thousand Euros) |
|
||||
At December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
January 2026: Stock option plan execution (RSU) (Class A shares) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
February 2026: Stock option plan execution (RSU) (Class A shares) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
March 2026: Stock option plan execution (ESOP/RSU) (Class A shares) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
April 2026: Stock option plan execution (RSU) (Class A shares) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
May 2026: Stock option plan execution (RSU) (Class A shares) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
June 2026: Capital increase (Private Placement+Bridge loan conversion) (Class A shares) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
At June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
The capital increases that have taken place during the six months ended June 30, 2026 correspond mainly to the private placement, conversion of bridge loan as part of the restructuring process and stock plans execution (see Note 19).
Nature and purpose of reserves
Capital reduction reserves
At June 30, 2025 the shareholder of the parent company approved the absorption of accounting losses into share premium for an amount of Euros
Consolidated prior years' Accumulated deficit
As of June 30, 2026, consolidated accumulated deficit amounts to Euros
A free distribution is restricted for the amount of capitalized internal development costs as carried on the consolidated statement of financial position. As of June 30, 2026, the amount of capitalized development costs as carried on the consolidated statement
26
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
of financial position amounts to Euros
Foreign currency translation reserve
The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. This reserve is not freely distributable. This reserve amounts to Euros
Other equity components:
Share-based payments
The share-based payments reserve is used to recognize the value of equity-settled share-based payments provided to employees, including key management personnel, as part of their remuneration. This reserve was Euros
Equity-settled earn-out
In addition, this caption includes Euros
Measurement adjustments to financial assets through OCI
Investments in funds referred to in Note 11 are measured at fair value at year end. The change in their valuation is recognized as other equity components through other comprehensive income.
Others
Within the others the Group included the impact of reversing the put option liability related to ABL.
Details of the provisions are as follows:
At June 30, 2026 |
|
Non-current |
|
|
Total |
|
|
Current |
|
|
|
|
||||||||||||
(In thousand Euros) |
|
Other |
|
|
Service |
|
|
Non- |
|
|
Other |
|
|
Service |
|
|
Total |
|
||||||
Carrying amount at the beginning of the year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Financial expense from provisions update (Note 22) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Charge / (Credit): |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
||
(+) additional provisions recognized, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(+/-) Short-term transferred |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||
(-) Amounts used during the year |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Carrying amount at the end of the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
27
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
At December 31, 2025 |
|
Non-current |
|
|
Total |
|
|
Current |
|
|
Total |
|
||||||||||||
(In thousand Euros) |
|
Other |
|
|
Service warranties |
|
|
current |
|
|
Other |
|
|
Service warranties |
|
|
Current |
|
||||||
Carrying amount at the beginning of the year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Financial expense from provisions update (Note 22) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Charge / (Credit): |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
( |
) |
||
(+) additional provisions recognized, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(+/-) Short-term transferred |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(-) Amounts used during the year |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
( |
) |
||
Carrying amount at year end |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Service warranties
Products developed and sold by the Group are under warranty for a period of three years and, therefore, a provision is made annually to cover the estimated costs that could be incurred in relation to projects and products under warranty at the end of the period. This provision is calculated based on an estimate of warranty costs incurred and their relation to the volume of sales under warranty.
Other provisions
As of June 30, 2026, “Other” provisions caption includes mainly the contingent consideration (earn-out) related to Ares
amounting to Euros
As of December 31, 2025, “Other” provisions caption included mainly the contingent consideration (earn-out) related to Ares
amounting to Euros
As of June 30, 2026 there are various ongoing claims in relation to commercial agreements, amounting to a maximum exposure of
28
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
Details of Government grants as of June 30, 2026 and December 31, 2025 are as follows:
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||||||||||
Grants |
|
Government Entity |
|
Non-current |
|
|
Current liability |
|
|
Non-current |
|
|
Current liability |
|
||||
Movilidad 2030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Zeus Ptas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Alt Impacte |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Minichargers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Acció - Creació llocs treball |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Hermes - Estudios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Hermes - Desarrollo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Hermes - Formación |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|||
Top Gun |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Torres Quevedo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
ILIOS-PERTE VEC 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
GRID FORMING LOAD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
REDWDS-USA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cámara de comercio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Installer Program |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
||||
Reborn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
As of June 30, 2026, government grants include the grants assigned to the Group by the “Centro para el Desarrollo Tecnológico Industrial, E.P.E. (CDTI)”and “Agencia para la Competitividad de la Empresa de la Generalitat de Cataluña (ACCIÓ)”, "Agencia Estatal de Investigación","Ministerio de Industria, Comercio y Turismo","European Climate, Infrastructure and Environment Executive Agency (CINEA)", "California Energy Commission", "Camara de Comercio and Agencia de Residuos de Cataluña for an amount of Euros
29
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
As of December 31, 2025, government grants include the grants assigned to the Group by the “Centro para el Desarrollo Tecnológico Industrial, E.P.E. (CDTI)”and “Agencia para la Competitividad de la Empresa de la Generalitat de Cataluña (ACCIÓ)”, "Agencia Estatal de Investigación","Ministerio de Industria, Comercio y Turismo","European Climate, Infrastructure and Environment Executive Agency (CINEA)" and "California Energy Commission", "Camara de Comercio and Agencia de Residuos de Cataluña for an amount of Euros
The impact in the interim condensed consolidated statement of profit or loss and other comprehensive income (recognized in “Net Other income”) for the six months ended June 30, 2026 amounts to Euros
As of June 30, 2026 Euros
Set out below is the disaggregation of the Group’s revenue from contracts with customers:
(In thousand Euros) |
|
June 30, 2026 |
|
|
June 30, 2025 |
|
||
Sales of goods |
|
|
|
|
|
|
||
Sales of services |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
Sales by country are broken down in Note 7 to the financial statements.
There is no individual customer exceeding
Service revenue includes mainly installations services, software operation and maintenance.
The sale of installation services is always made in combination with the sale of a charger, although they are considered distinct performance obligations. Delivery of the charger and the installation services do not always happen at the same time, leading, in some cases, to chargers being delivered to customers with the installation pending. In this scenario, a contract liability is recognized when invoicing both services prior to rendering the installation services.
A contract liability and long term deferred income are recognized if a payment is received or if a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. These contract liabilities and long term deferred income are mainly related to the contracts for extended warranties to the clients. Contract liabilities and long term deferred income are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer).
As of June 30, 2026, the Company received Euros
30
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
Details of changes in inventories and raw materials and consumables used is as follows:
(In thousand Euros) |
|
June 30, 2026 |
|
|
June 30, 2025 |
|
||
Consumption of finished goods, raw materials and other consumables |
|
|
|
|
|
|
||
Scrap stock, slow moving & obsolete accrual |
|
|
|
|
|
|
||
Work carried out by other companies |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
Operating expenses are mainly as follows:
(In thousand Euros) |
|
June 30, 2026 |
|
|
June 30, 2025 |
|
||
Marketing expenses |
|
|
|
|
|
|
||
External temporary workers |
|
|
|
|
|
|
||
Professional services |
|
|
|
|
|
|
||
Office expense |
|
|
|
|
|
|
||
Delivery |
|
|
|
|
|
|
||
Custom duty, tax, penalties |
|
|
|
|
|
|
||
Utilities and similar expenses |
|
|
|
|
|
|
||
Insurance premium |
|
|
|
|
|
|
||
Short-term and low value leases (see note 9) |
|
|
|
|
|
|
||
Bank Services |
|
|
|
|
|
|
||
Travel expenses |
|
|
|
|
|
|
||
Repairs |
|
|
|
|
|
|
||
Warranty provision |
|
|
( |
) |
|
|
( |
) |
Other impairments and losses (see note 11) |
|
|
|
|
|
|
||
Expected credit loss for trade and other receivables (see note 11) |
|
|
( |
) |
|
|
( |
) |
Other |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
Net other income are mainly as follows:
|
|
|
|||||||
(In thousand Euros) |
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
||
Subsidies (Note 16) |
|
|
|
|
|
|
|
||
Impact of disposals Right of Use (Note 9) |
|
|
|
|
|
— |
|
|
|
Other |
|
|
( |
) |
|
|
( |
) |
|
Total |
|
|
|
|
|
( |
) |
|
|
Details of employee benefits for the six months ended June 30, 2026 and 2025 are as follows:
31
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
(In thousand Euros) |
|
June 30, 2026 |
|
|
June 30, 2025 |
|
||
Wages and salaries |
|
|
|
|
|
|
||
Share-based payment plans expenses |
|
|
|
|
|
|
||
Social Security |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
The Group has not entered into any defined contribution or defined benefit plans for which pensions costs are incurred. The majority of employees are working in Spain and are participating in a state pension plan for which the expenses are included in social security.
Details of the personnel expense recognized for share-based payment transactions are as follows:
(In thousand Euros) |
|
June 30, 2026 |
|
|
June 30, 2025 |
|
||
ESPP |
|
|
|
|
|
|
||
Performance based earn out in shares and RSUs management |
|
|
|
|
|
|
||
RSU Employees |
|
|
|
|
|
|
||
RSU Management |
|
|
( |
) |
|
|
|
|
Capitalization of share-based payment transactions in |
|
|
( |
) |
|
|
( |
) |
Total |
|
|
|
|
|
|
||
Management Stock Option Plan
As described in the 2025 Consolidated Financial Statements, the shareholders voted to implement a share-based payment plan (the “Management Stock Option Plan” or “MSOP”) link with Wallbox and to provide a more direct incentive structure.
The Company records this share-based payments plan based on the estimated fair value of the award at the grant date and is recognized as an expense in the consolidated statements of profit or loss over the requisite service period. The estimated fair value of the award was based on the closest financial round of share capital issued for the first grants and the latest ones are based on the estimated market price of the Wallbox’s stock on the date of the grant, in practice the share price of Wallbox at the grant date is used during this reporting period.
Employees Stock Option Plan
As described in the 2025 Consolidated Financial Statements, the shareholders agreed to offer all employees of Wallbox (the “Beneficiaries” or, individually, the “Beneficiary”) the possibility of participating in a share-based payment plan (the “Employee Stock Option Plan” or “ESOP”) to receive stock options (the “Options”) to purchase a certain number of Class A Shares of the Company.
The Company records the share-based payments under such plan based on the estimated fair value of the award at the grant date and is recognized as an expense in the consolidated statements of profit or loss over the requisite service period. The estimated fair value of the award was based on the closest financial round of share capital issued for the initial grants and the more recent fair value determinations are based on the estimated market price of the Company’s stock on the date of the grant in practice the share price of Wallbox at the grant date is used during this reporting period.
Founders Stock Option Plan
At a meeting held on June 30, 2021, the shareholders of Wallbox Chargers, S.L.U. agreed to implement a share-based payment plan (Founders Stock Option Plan) to strengthen the bond with the founders of Wallbox and in order to align the interests of the founders with the creation of additional value for the Company. This would be accomplished via options with a strike price at a valuation equal to or higher than current market value and by allowing the founders to benefit from more liquid options which are fully vested and transferable from their date of concession.
32
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
In accordance with the terms and conditions of the Plan, these options will be available to executed in exchange for Wallbox NV Class A Shares, Euro
The maximum number of shares that shall underlie all of the options included in this Plan shall be, at the effective date, the equivalent to
The Board of Directors of the Company shall deliver a personal notice to each beneficiary, with an invitation to participate in the Plan, which shall contain, among others, the number of Options granted to each beneficiary; and, where appropriate, the individual conditions governing the participation of the Beneficiary in the Plan. For the purposes of this Plan, the date of concession shall be that date indicated in the Invitation Notice.
These invitations were sent in 2022, so the Group recognized the expense accordingly to the valuation of these options in 2022 as they vested following their grant. The Group valued each option at USD
Each beneficiary must comply with the following conditions in order to exercise the options:
RSUs for Employees
At a meeting held on April 6, 2022, the compensation committee approved the implementation of an Incentive Award Plan pursuant to which awards of restricted stock units (“RSUs”) were granted to employees. Each RSU granted represents a right to receive one listed share of the Company at the end of each vesting period, subject to the grantee’s continued service through the applicable vesting date.
The RSUs vest according to the below schedule, subject to the grantee’s continued service through each applicable vesting date:
In addition, the Company granted RSUs to the employees of the subsidiaries acquired in the second half of 2022. These RSUs are subject to certain performance-based vesting conditions, which have been considered
The Company records these share-based payments plan based on the estimated fair value of the award at the grant date and recognized an expense in the consolidated statements of profit or loss over the requisite service period. Considering that there is no exercise price applicable the estimated fair value of the award is based on the listed share price of the Company on the date of grant.
RSUs for Management
At a meeting held on April 6, 2022, the compensation committee approved an Incentive Award Plan pursuant to which awards of RSUs were granted to management. Each RSU granted represents a right to receive one listed share of the Company at the end of each vesting period, subject to continued service.
The RSUs are subject to service-based and performance-based vesting conditions and vest as follows:
33
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
Also on November 11, 2022 the Compensation committee approved granting RSUs to certain management personnel of the Group. These RSUs are subject to performance-based vesting conditions only, and such conditions are consistent with the performance-based vesting conditions disclosed above.
The Group has valued each RSUs under such plan as follows:
Service-based condition: This fair value was determined by discounting the forward price of the Company’s stock at each vesting date. The price in this tranche has been based on the spot price at grant date.
Performance-based condition: This fair value has been based on the Company’s price developments according to the Black-Scholes model. Prices for each averaging window are obtained via Monte Carlo simulation.
In addition, in 2023, the Company granted RSUs to members of the Board of Directors. These RSUs had fully vested in 2023.
ESPP
In January 2023, the Group launched an offering period under the Amended and Restated 2021 Employee Stock Purchase Plan (“ESPP”) for a length of one year, with the purpose of increasing employee engagement and motivation. This plan has been extended for the subsequent years considering two open windows per year where the employees can decide to join or leave the plan.The offering has been designed in accordance with the share-based payments plan approved by the Company upon listing in October 2021. The Employee Stock Purchase Plan consists of an offer to buy a maximum of
Movements during the period
The following table illustrates the movements in stock options during the six months ended June 30, 2026, excluding earn out payments in shares for the business combinations in 2022:
Number of warrants |
|
ESOP |
|
|
MSOP |
|
|
Founders |
|
|
RSU Employees |
|
|
RSU Management |
|
|
RSU Coil & Ares |
|
|
Total |
|
|||||||
At December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Granted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Exercised |
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|||
Cancelled |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
||||
At June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
34
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
Details of financial income and expenses are as follows:
(In thousand Euros) |
|
June 30, 2026 |
|
|
June 30, 2025 |
|
||
Financial income |
|
|
|
|
|
|
||
Fair value gain on financial investments |
|
|
|
|
|
|
||
Other finance income |
|
|
|
|
|
|
||
Total financial income |
|
|
|
|
|
|
||
Financial Expenses |
|
|
|
|
|
|
||
Interest and fees on bank loans (Note 11) |
|
|
|
|
|
|
||
Interest on leases (Note 9) |
|
|
|
|
|
|
||
Other finance costs |
|
|
|
|
|
|
||
Total financial expenses |
|
|
|
|
|
|
||
Basic loss per share is calculated by dividing net loss for the period attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year.
As the Company has losses in all periods, potential ordinary shares from Management Stock Options, Employee Stock Options, RSU plans and Warrants are not dilutive (losses per share would be less and anti-dilution would exist), Hence, these shares are not considered in the calculation of losses per diluted share.
Details of the calculation of basic and diluted loss per share are as follows:
(In thousand Euros) |
|
June 30, 2026 |
|
|
June 30, 2025 (*) |
|
||
Loss for the period |
|
|
( |
) |
|
|
( |
) |
Dilutive effects on earnings per share |
|
|
— |
|
|
|
— |
|
Total loss for basic and diluted earnings per share |
|
|
( |
) |
|
|
( |
) |
Number of shares |
|
|
|
|
|
|
||
Weighted average number of ordinary shares for basic and |
|
|
|
|
|
|
||
Basic and diluted losses per share (In Euros) |
|
|
( |
) |
|
|
( |
) |
(*)
35
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
(In thousand Euros) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
VAT receivables |
|
|
|
|
|
|
||
Government Grant receivables |
|
|
|
|
|
|
||
Income tax credit receivables (short term) |
|
|
|
|
|
|
||
Income tax credit receivables (long term) |
|
|
|
|
|
|
||
Other tax receivable |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
(In thousand Euros) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
VAT payable |
|
|
|
|
|
|
||
Social Security payable |
|
|
|
|
|
|
||
Personal Income Tax payable |
|
|
|
|
|
|
||
Deferred tax liability |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
(In thousand Euros) |
|
June 30, 2026 |
|
|
June 30, 2025 |
|
||
Loss before Tax |
|
|
( |
) |
|
|
( |
) |
Tax income (at 25%) |
|
|
|
|
|
|
||
Unrecognized deferred tax assets on tax losses |
|
|
( |
) |
|
|
( |
) |
Deductions and credits generated |
|
|
( |
) |
|
|
|
|
Other adjustments |
|
|
|
|
|
( |
) |
|
Income tax expense/(income) |
|
|
( |
) |
|
|
|
|
As of June 30, 2026 and December 31, 2025 details of unrecognized tax losses to be offset are as follows:
(In thousand Euros) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
2015 |
|
|
|
|
|
|
||
2016 |
|
|
|
|
|
|
||
2017 |
|
|
|
|
|
|
||
2018 |
|
|
|
|
|
|
||
2019 |
|
|
|
|
|
|
||
2020 |
|
|
|
|
|
|
||
2021 |
|
|
|
|
|
|
||
2022 |
|
|
|
|
|
|
||
2023 |
|
|
|
|
|
|
||
2024 |
|
|
|
|
|
|
||
2025 |
|
|
|
|
|
|
||
2026 |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
The tax losses detailed above correspond to the Spanish tax consolidated headed by Wallbox NV. There is no limit to apply these tax losses. Additionally, the unrecognized tax losses of Wallbox USA Inc amount to Euros
Tax losses may be offset indefinitely in the futu re. The existence of unused tax losses, as well as the lack of track record of generating tax profits, evidences that future taxable profit may not be available to the Group, at least for the near and medium
36
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
term, as the Company is early stage. Having considered all evidence available and the current investment phase, management determined that there was insufficient positive evidence to support the fact that it is probable that future taxable profits will be available against which to offset the tax losses. Accordingly, no deferred tax asset is recognized in the financial statements.
A. Related parties
Details of transactions and balances with related parties are as follows:
|
|
June 30, 2026 |
|
|
|
|
||||||||||
(In Thousand Euros) |
|
Shareholders |
|
|
Joint Venture |
|
|
Key management |
|
|
Total |
|
||||
Statement of profit or loss |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Statement of financial position |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts receivables and accounts payables |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
December 31, 2025 |
|
|
|
|
||||||||||
(In Thousand Euros) |
|
Shareholders |
|
|
Joint Venture |
|
|
Key management |
|
|
Total |
|
||||
Statement of financial position |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts receivables and accounts payables |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
June 30, 2025 |
|
|
|
|
||||||||||
(In Thousand Euros) |
|
Shareholders |
|
|
Joint Venture |
|
|
Key management |
|
|
Total |
|
||||
Statement of profit or loss |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Only revenues from shareholders holding a minimum interest in the Group of 50% have been disclosed as a related party transaction in accordance with IAS 24 definitions.
On April 8, 2026, the Company entered into a bridge loan agreement with Orilla Asset Management, S.L, Kariega Ventures, S.L., Inversiones Financieras Perseo, S.L., AM Gestió, S.L., Consilium, S.L. and Anangu Grup, S.L., for an aggregate principal amount of EUR
case, at price of Euro
B. Remuneration of Directors and Key Management
The remuneration expenses recorded for the members of the Board of Directors for the six months ended on June 30, 2026 and 2025 are as follows:
(In thousand Euros) |
|
June 30, 2026 |
|
|
June 30, 2025 |
|
||
Short-term benefits |
|
|
|
|
|
|
||
Non-executive directors remuneration |
|
|
|
|
|
|
||
Share-based payment plan |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
Details of the remuneration expenses recorded for the Company’s senior management (excluding the executive members of the Board of Directors) are as follows:
37
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
(In thousand Euros) |
|
June 30, 2026 |
|
|
June 30, 2025 |
|
||
Short-term benefits |
|
|
|
|
|
|
||
Termination benefits |
|
|
|
|
|
|
||
Share-based payment plan expenses |
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
||
As of June 30, 2026 and 2025,
During the six months ended June 30, 2026, public liability insurance premiums of Euros
Risk management policies are established by management, having been approved by the Company’s Board of Directors. Based on these policies, the Finance department has established a number of procedures and controls to identify, measure and manage risks deriving from the activity involving financial instruments. These policies, inter alia, prohibit the Group from speculating with derivatives.
Any activity involving financial instruments exposes the Group to credit risk, market risk and liquidity risk.
a) Credit risk
Credit risk arises from possible losses deriving from failure to comply with contractual obligations on the part of the counterparties of the Group, i.e., the possibility of not recovering financial assets at the amount recognized and within the established term.
The maximum credit risk exposure is as follows:
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||||||||||
(In thousand Euros) |
|
Non-current |
|
|
Current |
|
|
Non-current |
|
|
Current |
|
||||
Customer sales and services |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Other receivables |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Loans to employees |
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
||
Trade and other financial receivables |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Guarantee deposit |
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
||
Non-current financial assets |
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
||
Guarantee deposit |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Financial investments |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Other current financial assets |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
||||
The Sales and Finance departments establish credit limits for each customer based on information received from an entity specializing in Group solvency analysis. Refer to Note 11 B for further disclosure on the expected credit loss of customer sales and services.
b) Market risk
38
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
Market risk arises from possible losses deriving from fluctuations in the fair value or in future cash flows of financial instruments because of changes in market prices. Market risk includes interest rate, currency and other price risks.
Interest rate risk
Interest rate risk arises from possible losses due to changes in the fair value or the future cash flows of a financial instrument because of fluctuations in market interest rates. The Group loans and borrowings balance as of June 30, 2026 and December 31, 2025 is broken down as follows:
(In thousand Euros) |
|
Currency |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
Fixed rate Loan |
|
EUR |
|
|
|
|
|
|
||
Floating rate loan |
|
EUR |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
A
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
||||||||||
|
|
Profit or loss |
|
|
Profit or loss |
|
||||||||||
(In thousand Euros) |
|
100 bp increase |
|
|
100 bp decrease |
|
|
100 bp increase |
|
|
100 bp decrease |
|
||||
Floating rate loan |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
Currency risk
Currency risk is the risk of possible losses due to changes in the fair value of and future cash flows from financial instruments as a result of exchange rate fluctuations.
Cash and cash equivalents, trade and other financial receivables and other current assets / deferred charges are primarily the items included within the Group’s assets and liabilities that are denominated in a currency other than the functional currency.
The following table shows the impact of a reasonably possible strengthening or weakening of the Euro in each of the foreign currencies as of June 30. This analysis assumes that all other variables, particularly interest rates, remain constant and ignores any impact from anticipated sales and purchases. The Group’s exposure to foreign currency exchange for all other currencies is not significant.
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
||||||||||
|
|
Profit or loss |
|
|
Profit or loss |
|
||||||||||
(In thousand Euros) |
|
Strengthening |
|
|
Weakening |
|
|
Strengthening |
|
|
Weakening |
|
||||
USD (10% movement) |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
Other market price risk
The Group has derivative warrant liabilities (see Note 11) measured at FVTPL.
The derivative warrant liabilities of Euros
A change of the warrant price by
c) Liquidity risk
39
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
Liquidity risk arises where the Group might not hold, or have access to, sufficient liquid funds at an appropriate cost to settle its payment obligations at any given time.
Details of working capital are as follows:
(In thousand Euros) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
||
Current assets |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Total |
|
|
( |
) |
|
|
( |
) |
Although the working capital is negative, as indicated in Note 2, management has prepared detailed business and liquidity plans, including financial forecast, demonstrating the Company's ability to meet its operational and financial obligations as they come due. Therefore, the Group considers that it will have the necessary resources to meet its payment obligations arising from its operations. Refer to note 2 for details about the group financial position and the going concern assumptions applied in preparing the consolidated financial statements.
Details of the maturities, by year, of the principal and interest of the loans and borrowings as of June 30, 2026 is as follows:
|
|
June 30, 2026 |
|
|||||||||
(In thousand Euros) |
|
Capital |
|
|
Interest |
|
|
Total |
|
|||
1 July 2026 - 30 June 2027 |
|
|
|
|
|
|
|
|
|
|||
1 July 2027 - 30 June 2028 |
|
|
|
|
|
|
|
|
|
|||
1 July 2028 - 30 June 2029 |
|
|
|
|
|
|
|
|
|
|||
1 July 2029 - 30 June 2030 |
|
|
|
|
|
|
|
|
|
|||
1 July 2030 - Dec 2030 |
|
|
|
|
|
|
|
|
|
|||
More than five years |
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||
d) Capital management
For the purpose of the Group’s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Group’s capital management is to maximize the shareholder value. The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of its business plans. To maintain or adjust the capital structure, the Group may issue new shares or issue/repay debt financial instruments. The Group monitors capital management to ensure that it meets its financial needs to achieve its business objectives while maintaining its solvency.
No significant events after the reporting period have occurred.
40
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
|
|
|
|
|
|
|
% Equity interest |
|
|
|
||||||
Company name |
|
Registered office |
|
Activity |
|
Company holding investment |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
|
Consolidation method |
||
|
|
|
|
|
% |
|
|
% |
* |
|||||||
|
|
|
|
|
% |
|
|
% |
* |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
|||||||
|
|
|
|
|
% |
|
|
% |
- |
- |
||||||
41
WALLBOX N.V.
Notes to the interim condensed consolidated financial statements
(*) direct ownership
(-) indirect ownership
(1) ABL GmbH is using the exemption rules acc. Sec. 264(3) German commercial law in the extend that ABL GmbH isn't required to prepare, audit and publish their statutory financial statements as of December 2023, 2024, 2025 and 2026.
42