Wallbox N : Third Quarter 2025 Earnings Presentation

2025

EARNINGS REPORT

2025

EARNINGS REPORT

Enric Asunción

Co-Founder & Chief Executive Officer

Luis Boada

Chief Financial Officer

Michael Wilhelm

Investor Relations

Disclaimer

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this presentation other than statements of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Wallbox's future operating results and financial position, profitability and cost optimization, market dynamics, and business strategy and plans.

The words "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "focus," "forecast," "intend," "likely," "may," "might," "plan," "possible," "potential," "predict," "project," "should," ""target," will," "would" and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox's history of operating losses; the adoption and demand for electric vehicles including the success of alternative fuels, changes to rebates, legislation, tax credits and the impact of government incentives or reduction thereof; political and economic uncertainty and macroeconomic factors, such as impacts from tariffs and trade barriers, geopolitical conflicts, consumer spending, inflation and foreign exchange rates; the accuracy of Wallbox's forecasts and projections including those regarding its market opportunity; competition; risks related to losses or disruptions in Wallbox's supply or manufacturing partners; impacts resulting from geopolitical conflicts; risks related to macro-economic conditions and inflation; Wallbox's reliance on the third-parties outside of its control; risks related to Wallbox's technology, intellectual property and infrastructure; executive orders and regulatory changes under the U.S. political administration and uncertainty therefrom, as well as the other important factors discussed under the caption "Risk Factors" in Wallbox's Annual Report on Form 20-F for the fiscal year ended December 31, 2024, as such factors may be updated from time to time in its other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC's website at https://www.sec.gov and the Investors Relations section of Wallbox's website at investors.wallbox.com. Any such forward-looking statements represent management's estimates as of the date of this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.

This presentation includes measures not calculated in accordance with the International Financial Reporting Standards ("IFRS"). See the slides at the end of this presentation for additional information and a reconciliation of these non-IFRS measures. Reconciliations of the forward-looking non-IFRS measures to the most directly comparable IFRS measures cannot be provided without unreasonable efforts and are not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations and certain other items reflected in our reconciliation of historical non-IFRS measures, the amounts of which could be material.

Unless otherwise indicated, information contained in this presentation concerning Wallbox's industry and the markets in which it operates, including its general expectations, market position and market opportunity, is based on its management's estimates and research, as well as industry and general publications and research, surveys and studies conducted by third parties. While Wallbox believes the information from these third-party publications, research, surveys and studies is reliable, it does not guarantee the accuracy or completeness of such information, and Wallbox has not independently verified this information. Management's estimates are derived from publicly available information, their knowledge of the company's industry and their assumptions based on such information and knowledge, which they believe to be reasonable. This data involves a number of assumptions and limitations which are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in Wallbox's periodic reports filed with the SEC under the caption "Risk Factors." These and other factors could cause Wallbox's future performance and market expectations to differ materially from its assumptions and estimates.

Q3 2025 EARNINGS REPORT

Q3 2025

Highlights

Q3 Revenue

€35.5M

2% YoY increase

Q3 Gross Margin1

39.8%

200 basis point sequential improvement

€6.9M

Adjusted EBITDA loss3

+33,000 AC units sold ~170 DC units sold

Q3 Cash Costs2

34%

Decrease YoY

Q3 2025 EARNINGS REPORT

1. See slide 18 for definitions

2. This is a non-IFRS measure. Please see slide 17 for a reconciliation of this financial measure to the most comparable IFRS metric 4

3. This is a non-IFRS measure. Please see slide 14 for a reconciliation of this financial measure to the most comparable IFRS metric

Q3 2025

Revenues by Geography

North America

€11.0M / 31%1

Europe

€23.6M / 66%1

LATAM

€725k / 2%1

APAC

€158k / 1%1

Q3 2025 EARNINGS REPORT

1. As percentage of revenue 5

Q3 2025

Revenues by Product

AC Sales

€22.4M / 63%1

DC Sales

€5.8M / 16%1

Software, Services & Others

€7.3M / 21%1

16%

21%

63%

Q3 2025 EARNINGS REPORT

1. As percentage of revenue 6

Q3 2025

Taking additional steps towards becoming the ultimate energy partner

Time of Use Tariffs Smart Charging

Integrate different electricity rates to schedule charging when it is cost effective

Combine different Wallbox functionalities, including state-of-charge, for a complete smart charging solution in the future

State-of-Charge

Q3 2025 EARNINGS REPORT 7

0.6

0.5

0.4

0.5

0.5

0.7

1.1

0.9

0.9

0.3

1.0

0.3

0.3

0.4

0.5

Q3 2025

Market Overview

EVs Sold in Key Markets1

+39% YoY

EU

ROW

1.50 1.79 1.67 1.92 2.09

NA

Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025

+ European EV market

recovery continues

+ North American EV market

shows mixed results

+ Removal of US tax credits generated pre-buying effect, likely followed by softer future EV market

+ Wallbox's key markets continue to grow, presenting opportunities to capitalize on this momentum

Q3 2025 EARNINGS REPORT

1. Rho Motion EV Charging Database - October 2025 - In Millions 8

Q3 2025

Financial Review

Q3 Revenue

€35.5M

Softer AC sales offset by stronger DC sales

Q3 Gross Margin1

39.8%

200 basis point improvement compared to last quarter

Q3 Labor Costs & OPEX

€22.9M

28% YoY improvement as right sizing initiatives continue

Q3 Adjusted EBITDA Loss2

€6.9M

8% QoQ improvement as we continue

to make steps towards profitability

2025 EARNINGS REPORT

Q3

9

1. See slide 18 for definitions

2. This is a non-IFRS measure. Please see slide 14 for a reconciliation of this financial measure to the most comparable IFRS metric

Q3 2025

Key Financial Metrics

€27.7M

Q3 Cash And Cash Equivalent And Financial Investments

Continuous focus on cash conservation

€50.8M

Q3 Consolidated Inventory

34% YoY reduction

€179M

Q3 Loans and Borrowings

Reached a standstill agreement with the majority of our banking pool

€0.3M

Q3 Capex

Continued focus on disciplined

capital allocation

Q3 2025 EARNINGS REPORT 10