# EDGAR Filing Document

**Accession Number:** 0001866501
**File Stem:** 0001193125-25-212586
**Filing Date:** 2025-9
**Character Count:** 208862
**Document Hash:** 9fe3860a90c8eaefa6bbab6cebf77840
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-212586.hdr.sgml**: 20250923

**ACCESSION NUMBER**: 0001193125-25-212586

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 130

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250923

**DATE AS OF CHANGE**: 20250923

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Wallbox N.V.
- **CENTRAL INDEX KEY:** 0001866501
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS TRANSPORTATION EQUIPMENT [3790]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40865
- **FILM NUMBER:** 251332230

**BUSINESS ADDRESS:**
- **STREET 1:** CARRER DEL FOC, 68
- **CITY:** BARCELONA
- **STATE:** U3
- **ZIP:** 08038
- **BUSINESS PHONE:** 34 93.220.43.08

**MAIL ADDRESS:**
- **STREET 1:** CARRER DEL FOC, 68
- **CITY:** BARCELONA
- **STATE:** U3
- **ZIP:** 08038

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Wallbox B.V.
- **DATE OF NAME CHANGE:** 20210609

?xml version='1.0' encoding='ASCII'? 6-K

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 6-K

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**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO SECTION 13A-16 OR 15D-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of September** 2025

**Commission File Number:** 001-40865

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Wallbox N.V.

**(Translation of registrant's name into English)**

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Carrer del Foc, 68

Barcelona**,** Spain 08038

**Tel: +34 930 181 668**

**(Address of principal executive office)**

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

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**EXPLANATORY NOTE**

Attached to this Report on Form 6-K as Exhibits 99.1 and 99.2, respectively, are the Management's Discussion and Analysis of Financial Condition and Results of Operations and the unaudited interim condensed consolidated interim financial statements of Wallbox N.V. as of and for the six months ended June 30, 2025.

**INCORPORATION BY REFERENCE**

The information included in this Report on Form 6-K, including Exhibit 99.1 and Exhibit 99.2 hereto, is hereby incorporated by reference into the Company's Registration Statement on Form S-8 (File No. 333-263795) and Registration Statements on Form F-3 (Files No. 333-268347, 333-268792, 333-271116, 333-273323, 333-276491 and 333-281952) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](wbx-ex99_1.htm) |
| 99.2 | [<u>Unaudited Interim Condensed Consolidated Financial Statements as of and for the Six Months Ended June 30, 2025</u>](wbx-ex99_2.htm) |
| 101.INS | Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document With Embedded Linkbase Documents. |
| 104 | Cover Page formatted in inline XBRL and contained in Exhibit 101. |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **Wallbox N.V.** | **Wallbox N.V.** |
| Date: September 23, 2025 | By: | /s/ Enric Asunción Escorsa |
|  |  | Enric Asunción Escorsa |
|  |  | Chief Executive Officer |

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## Exhibit 99.1

**Exhibit 99.1**

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*You should read the following discussion and analysis of Wallbox N.V.'s (together with its consolidated subsidiaries, "Wallbox," the "Company," "we," "us" and "our") financial condition and results of operations together with its consolidated financial statements and the related notes thereto included in its Annual Report on Form 20-F for the fiscal year ended December 31, 2024 (the "Annual Report"), its interim condensed consolidated financial statements and the related notes thereto for the six months ended June 30, 2025 and 2024 accompanying its Report on Form 6-K filed on September 23, 2025 (the "Interim Report"), and its other filings with the Securities and Exchange Commission (collectively, "Public Filings"). The following discussion is based on Wallbox N.V.'s financial information prepared in accordance with the International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and related interpretations issued by the IFRS Interpretations Committee. Some of the information contained in this discussion and analysis, including information with respect to Wallbox's plans and strategy for its business, includes forward-looking statements that involve risks and uncertainties. You should also review the sections titled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in its Public Filings for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Wallbox's historical results are not necessarily indicative of the results that may be expected for any period in the future.*

**Forward Looking Statements**

This discussion 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 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements contained in this press release 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, business strategy and plans, expectations regarding market growth, future partnerships, EV market, Latin American Market, reductions in operating expenses and seasonality. 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 as an early stage company; the adoption and demand for electric vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; Wallbox's ability to successfully manage its growth; 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; occurrence of any public health crisis or similar global events 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 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.

**Business Overview**

We believe we are a global leader in intelligent electric vehicle charging and energy management solutions. Founded in 2015, we create smart charging systems that we believe combines innovative technology with outstanding design with the goal of managing the communication between user, vehicle, grid, building and charger.

Our mission is to facilitate the adoption of electric vehicles today to make more sustainable use of energy tomorrow. By designing, manufacturing, and distributing charging solutions for residential, business, and public use, we intend to lay the infrastructure required to meet the demands of mass electric vehicle ownership everywhere. We believe our customer-centric approach to our holistic hardware, software installation, and service offering allows us to solve existing barriers to EV adoption as well as anticipate potential future opportunities. We are committed to pursuit to accomplish this vision, the Company acquired five private business to date:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Intelligent Solutions (controlling interest acquired in February 2020): We believe Intelligent Solutions was one of the largest distributors of intelligent charging solutions in Northern Europe, with an extensive partner network of car dealers, installers, and utility companies in Norway, Sweden, Finland, and Denmark. Headquartered in Stavanger, Norway, Intelligent Solutions offers a variety of services from hardware to installation service and technical support. We believe this acquisition was a key component in our strategy to expand our business in Northern Europe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Electromaps (controlling interest acquired in September 2020): We believe Electromaps is the leading digital platform for accessing free and paid for electric charging points in southern Europe. The app provides its almost 1 million registered users access to the charging points and ability to make payments directly from their mobile phone, unifying the entire charging infrastructure and improving the electric vehicle driving experience. Through this acquisition, we took our first step into the public electric charging space and plan to continue to foster innovation at Electromaps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.ARES (acquired in July 2022): ARES is an innovative provider of printed circuit boards and through its acquisition, we expanded our design and manufacturing capabilities and believe this acquisition will improve our innovation cycle time and strengthen our supply chain resilience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.COIL (acquired in August 2022): COIL is a leading EV charging installer serving the U.S. market, enabling in-house installation and maintenance solutions for commercial, public and residential charging applications, expanding our addressable market into a large and growing segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Albert Buettner GmbH ("ABL") business (acquired in November 2023): ABL business was a pioneer in EV charging solutions in Germany, the largest EV market in Europe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our smart charging product portfolio includes Level 2 alternating current ("AC") chargers ("Pulsar Plus", "Pulsar Max", "Pulsar Pro","eM4", and "eMC") for home and business applications, and direct current ("DC") fast chargers ("Supernova") for public applications. We also offer the world's first bi-directional DC charger for the home ("Quasar"), which allows users to both charge their electric vehicle and use the energy from the car's battery to power their home or business, or send stored energy back to the grid. Our proprietary residential and business software "myWallbox" gives users and charge point owners complete control over their private charging and energy management activities. Meanwhile, our dedicated semi-public and public charging software platform, "Electromaps" enables drivers to locate and transact with all public charging stations registered to its brand-agnostic charger database and also allows charge point operators to manage their public charging stations at scale.

As of June 30, 2025, we had offices across three continents and since the company's inception, over one million chargers have been sold in more than 120 countries. Our products are currently manufactured in Spain, Germany and the U.S. We remain committed to increasing our worldwide presence and believe the EV market will continue to grow as the market continues to mature with new EV offerings, continuous roll-out of charging infrastructure and stricter emissions target in specific regions with the aim of reducing CO2.

Through our vertically-integrated model, we keep development cycles short, enabling an accelerated time to market. Furthermore, we expect our compliance with complex certification requirements paired with our focus on engineering excellence will power our rapid growth as the global supplier of first-class charging products.

 ***Segments***

Management determined that we have three reportable operating segments: (i) Europe-Middle East and Asia (EMEA), (ii) North America (NORAM), and (iii) Asia-Pacific (APAC) given our organizational structure and the manner in which our business is reviewed and managed. Our reportable operating segments reflect the principal geographies for our commercial activities around the world, and how we are allocating resources and evaluating operating performance.

Refer to Note 7 "Operating Segments," included within our interim condensed consolidated financial statements for further details.

Revenue from sales of goods reported in the EMEA segment also include sales from Wallbox Chargers, S.L. to Latin America region.

**Key Factors Affecting Operating Results**

We believe our performance and future success depend on several factors that present significant opportunities for it but also pose risks and challenges, including those discussed below and in the section titled "Risk Factors" in our Annual Report.

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***Growth in EV Adoption***

Our revenue growth is directly tied to the continued acceptance of passenger and commercial EVs, which it believes drives the demand for charging products and infrastructure. The market for EVs is still rapidly evolving and although demand for EVs has grown in recent years, there is no guarantee such demand will continue into the future. Factors impacting the adoption of EVs include but are not limited to: perceptions about EV features, quality, safety, performance and cost; perceptions about the limited range over which EVs may be driven on a single battery charge; volatility in the cost of oil, gasoline, and electricity; availability of services for EVs; consumers' perception about the convenience and cost of charging EVs; government subsidies for EVs and electricity; the development, prevalence and market adoption of EV fleets; and increases in fuel efficiency of non-EV transportation. In addition, macroeconomic factors could impact demand for EVs, particularly since EVs can be more expensive than traditional gasoline-powered vehicles and the automotive industry globally has been experiencing a recent decline in sales. If the market for EVs does not develop as expected or if there is any slow-down or delay in overall EV adoption rates, this would impact our ability to increase our revenue or grow our business.

***Competition***

We believe we are currently one of the market leaders in Europe and North America in residential EV charging solutions based on the number of charging units sold compared to EVs sold on a country-by-country basis. We also provide and derive revenue from installation services and Electromaps, our online platform that enables users to find and pay for publicly available charging ports and manage their charging fleet. We intend to expand our market share over time in our product categories, including public charging stations, leveraging the network effect of our products, our partnership with Iberdrola and the Electromaps platform. Additionally, we intend to expand and grow our revenues via the rollout of the Supernova and Hypernova public charging stations. Nonetheless, existing competitors may expand their product offerings and sales strategies, and new competitors may enter the market. Furthermore, our competition includes competition resulting from acceptance of other types of alternative fuel vehicles, plug-in hybrid electric vehicles and high fuel-economy gasoline powered vehicles. If our market share decreases due to increased competition, our revenue and ability to generate profits in the future may be impacted.

***Global Expansion***

We operate in Europe, North America, Latin America and APAC. Europe and North America are expected to be significant contributors to our revenue in future years with manufacturing capacity added to North America in 2022 and the inorganic growth due to the acquisition of ABL.

The European EV charging market can be characterized as fragmented. There are many small and local players, with only a limited number of parties having sufficient scale and funding to be competitive in the long term. Especially due to the government regulations currently in place, the EV sales are expected to increase in Europe. From a competitive perspective, the North American market has high barriers to entry due to strict certification and validation requirements. Therefore, this market differs from Europe as the market is less fragmented with only a few large players.

Similar to the European market, the APAC market can be characterized as a highly fragmented market with a small number of players that have gained significant scale in the industry. From a technology and pricing perspective, EV charging solutions in APAC are cost-competitive as they can be manufactured at a lower cost point. Our growth in each of our markets requires us to differentiate ourselves as compared to our competition. If we are unable to penetrate, or further penetrate, the market in each of the geographies in which we operate or intend to operate, our future revenue growth and profits may be impacted.

For the six months ended June 30, 2025, our sales in Latin America were not significant, however, we intend to expand our market presence in this region.

***Impact of New Product Releases***

As we introduce new products, such as the market introduction of our Supernova public charging stations, our profitability may be temporarily impacted by launch costs until our supply chain achieves targeted cost reductions. For example, during our launch of Supernova in 2022 we had a negative Gross Margin of 15.5% in connection with Supernova sales in 2022 based on €7,166 thousands in revenue and €8,278 thousand in changes in inventories and raw materials and consumables. However, in the year ended December 31, 2023 the Gross Margin from our sales of Supernova was positive 17.9% based on €30.511 thousand in revenue and €25,040 thousand in changes in inventories and raw materials and consumables, which continued to improve during the year ended December 31, 2024 ending with a Gross Margin from our sales of Supernova of 30.5% based on €25,598 thousand in revenue and €17,798

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thousand in changes in inventories and raw materials and consumables and during the six month period ended June 30, 2025 ending with a Gross Margin of 44,5% based on €8,768 thousand in revenue and €4,871 thousand in changes in inventories and raw materials and consumables used for Supernova in the same period.

In addition, we may accelerate our operating expenditures where we see growth opportunities which may impact profitability until upfront costs and inefficiencies are absorbed and normalized operations are achieved. We also continuously evaluate and may adjust our operating expenditures based on our launch plans for our new products, as well as other factors including the pace and prioritization of current projects under development and the addition of new projects. As we attain higher revenue, we expect operating expenses as a percentage of total revenue to continue to decrease in the future as we focus on increasing operational efficiency and process automation.

***Government Mandates, Incentives and Programs***

The U.S. federal, state and local government, European member states, and China provide incentives to end users and buyers of EVs and EV charging products in the form of rebates, tax credits and other financial incentives. These governmental rebates, tax credits and other financial incentives significantly lower the effective price of EVs and EV charging products or stations to customers. Accordingly, these incentives may expire on a particular date, end when the allocated funding is exhausted, or be reduced or terminated as a matter of administrative, regulatory, or legislative policy under the current or future U.S. administration. Any reduction in rebates, tax credits or other financial incentives could reduce the demand for EVs and for charging infrastructure, including infrastructure offered by us.

**Penetration into the Public Market**

We commenced commercialization of the Supernova, our first DC fast charger for public use, during the first quarter of 2022. We have signed letters of intent ("LOI") to collaborate with some of the world's biggest utility companies for delivery of Supernova, and expect in the future to expand beyond utilities into additional distribution channels. One example includes Iberdrola which announced its intention to potentially acquire up to 10,000 public fast chargers from Wallbox as part of its sustainable mobility plan to deploy more than 150,000 chargers in homes, businesses and public road networks. In addition, we continue to introduce new versions of our Supernova product line with higher charging capacity which now can also be sold in North America and in Germany as we have all relevant certifications in place. Our offering of public charging solutions is complemented through Electromaps, an online platform that enables users to find publicly available charging ports and pay for their use. We have established partnerships in Europe with operators of charging points that allow users to pay for their charging directly via Electromaps. We intend to extend these relationships with charging operators outside of Europe and enable this payment feature globally.

***Seasonality***

Our business is seasonal in nature. Typically, consumers purchase more EVs in the second half of the year, particularly in the fourth quarter, and the seasonal variation in the timing of sales of our residential products tend to be correlated with sales of EVs. As a result, sales in the second half, and particularly in the fourth quarter, would, after adjusting for our growth, be higher than in the first half of the fiscal year and our results of operations may be subject to seasonal fluctuations as a result.

***Impact of the war between Russia and Ukraine***

As a result of the war between Russia and Ukraine, the U.S. and certain allies in Europe imposed sanctions on Russia and could impose further sanctions against it. Russia could respond in kind. Sanctions imposed by any of these countries could disrupt our supply of critical components among our manufacturing facilities in Barcelona as well as our production and the sales of EVs. As a result of the war, we stopped marketing our products in Russia, and will not pursue new opportunities with customers in that country. Although such sales in the Ukraine region have not been significant to our business further disruptions could negatively affect our ability to provide critical components to affiliates or produce finished goods for customers, which could increase our costs, require capital expenditures and harm our results of operations and financial condition.

Recently, the geopolitical landscape has shifted, with the U.S. reconsidering its stance on aid to Ukraine and European nations pushing for a more unified defense strategy. The ongoing diplomatic efforts, including discussions between the U.S. and Russia, could influence global economic conditions and supply chain stability. Additionally, heightened tensions and evolving sanctions policies may create further unpredictability in international trade and regulatory compliance.

We continue to monitor the situation closely and assess its potential impact on our business.

***The Global Economic Environment***

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Certain factors in the global economic environment that may impact our global operations include, among other things currency fluctuations, capital and exchange controls, global economic conditions including inflation, interest rates, monetary policy, restrictive government actions, changes in intellectual property, legal protections and remedies, trade regulations, tax laws and regulations and procedures and actions affecting approval, production, pricing, and marketing of, reimbursement for and access to our products, as well as impacts of political or civil unrest or military action, including the current conflict between Russia and Ukraine, tensions between China and the U.S., the U.K., the EU, the middle east and India, terrorist activity, unstable governments and legal systems, inter-governmental disputes, public health outbreaks, epidemics, pandemics, natural disasters or disruptions related to climate change. During 2022, global supply chains experienced disruptions that impacted and continues to impact delivery rates of electric vehicles. As a result, in January 2023, we announced cost reduction measures balanced between operating and personnel expenses, impacting approximately 15% of our workforce. We have continued with these cost reductions measures in 2024 and 2025. In response to impacts from the economic environment, we reduced costs in the six-month period ended June 30, 2025, primarily from reduced personnel costs and operating expenses, and we expect to have further savings during the second half of 2025.

**Key Components of Results of Operations**

**Revenue**

Our revenue consists of retail sales and sales from distributors, resellers and installer customers of charging solutions for EVs, which includes electronic chargers and other services. We recognize revenue from contracts with customers when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services.

Sale of Chargers and other related products

Revenue related to the sale of chargers consists of sales of public and home & business charging devices, as well as accessories. Revenue from the sale of goods is recognized at the point in time when control of the asset is transferred to the customer.

Sale of Services

Revenue related to the rendering of services consists of installation and software services, including commissions obtained from every charging transaction carried out through Electromaps; although, at this time, such revenue consists primarily of installation services.

Revenue from contracts with customers for installation services is generally recognized when the services have been completed to the customer (at a point in time given the short period that the service is rendered). Revenue is recognized at an amount that reflects the consideration to which we expect to be entitled in exchange for those services. For installation contracts where the time required to complete execution is longer, the revenue recognition for each period is calculated taking into account the percentage of completion at the end of each financial period, considering the work in progress and the costs incurred until this date compared to the budgeted costs.

**Changes in Inventories and Raw Materials and Consumables Used**

This account consists of changes in inventory due to consumption of finished goods, raw materials and other consumables. Inventory consists of electric chargers and related parts, which are available for sale or for warranty requirements. Inventories are stated at the lower of cost or net realizable value. Cost is determined by the weighted average cost method. Inventory that is sold to third parties is included within changes in inventories and raw materials and consumables used. We periodically review for slow-moving, excess or obsolete inventories. Products that are determined to be slow-moving, excess or obsolete, are written down to net realizable value.

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**Employee Benefits**

Employee benefits consist primarily of wages and salaries, share-based payment plan expenses and social security. We have 5 different share-based plans: (i) 2018 Legacy Stock Option Program for Founders; (ii) 2020 Legacy Stock Option Program for Employees ("ESOP"); (iii) 2018 Legacy Stock Option Program for Management ("MSOP"); (iv) Wallbox N.V. Amended & Restated 2021 Employee Stock Purchase Plan; and (v) Wallbox N.V. 2021 Equity Incentive Plan ("RSU"). For the MSOP, ESOP and RSU we record share-based payments based on the estimated fair value of the award at the grant date. It 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 granted after the Business Combination as defined below is based on the market price of our common stock listed in the NYSE on the date of grant. Employee benefits also includes the impact from Coil and Ares earn-outs to sellers as it is linked to their continued provision of services in future.

For the 2018 Legacy Stock Option Program for Founders, we record share-based payments based on the estimated fair value using the American option chain and considering the conditions established in the plan. This plan is considered fully vested from their date of concession.

**Other Operating Expenses**

Other operating expenses primarily consist of professional services, marketing expenses, external temporary workers expense, delivery expense, insurance premiums and other expenses, including leases of machinery with lease terms of twelve months or less and leases of office equipment with low value, including IT equipment.

**Amortization and Depreciation**

Depreciation, amortization and accretion relates to our intangible assets, right-of-use assets, property and equipment.

**Impairment of non-current assets**

Impairment of assets consists in the impairment expense booked in the period as a result of the impairment test performed.

**Net Other Income**

Net other income consists of all other income and expenses linked to activities that are outside the core of our operating activities and may include income or losses related to gain or loss of assets, liabilities, and grants.

**Operating Loss**

Operating loss consists of our revenue and net other income less changes in inventories and raw materials and consumables used, employee benefits, other operating expenses and amortization and depreciation.

**Financial Income and Financial Expenses**

Financial income consists of interest income on outstanding cash positions and fair value adjustments of derivative instruments and valuation of financial instruments. Financial expenses consist of interest expense on loan and borrowings including leases, fair value adjustments on the convertible bonds, valuation of financial instruments and the unwinding effect on the put option liabilities.

**Change in Fair Value of Derivative Warrant Liabilities**

Public and Private Warrants originally issued by Kensington to its public shareholders and its sponsors were converted on the closing date of the Business Combination, into a right to acquire one Class A Share (a "Wallbox Warrant") on substantially the same terms as were in effect immediately prior to the closing date. These warrants were considered part of the net assets of Kensington at the time of the Business Combination. In addition, during 2023, Wallbox issued new warrants as part of the facility agreement with Banco Bilbao Vizcaya Argentaria, S.A. ("BBVA") entered into in February 2023. On February 9, 2023 the Company signed an agreement with BBVA granting BBVA an aggregate of 1,007,894 warrants exercisable for 1,007,894 Class A shares for an exercise price of 5.32 USD per share (the "BBVA Warrants").

The BBVA warrants are exercisable until February 9, 2033 unless earlier redeemed by the Company pursuant to the warrant agreement.

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On July 30, 2024, Wallbox and Generac entered into warrant agreements (the "Warrant Agreements"), pursuant to which we issued to Generac (together with its assignees, the "Warrant holder"), and the Warrant holder subscribed for and acquired, (a) an aggregate of 11,135,873 warrants exercisable until May 8, 2029 (type 1) and (b) an aggregate of 1,967,098 warrants exercisable until July 30, 2028 (type 2), in each case for an equal number of our Class A Shares, at an exercise price of up to 3.05 USD per Class A Share (which exercise price may be lowered at the sole discretion of the Company prior to the Expiration Date (as defined in the Warrant Agreements). The Warrant Agreements also provide for a redemption right in our favor when the reported trading price of our Class A Shares is at least 6.00 USD per share on each of twenty (20) trading days within the thirty (30) trading-day period ending on the third business day prior to the date when the notice of redemption is given.

According to management's assessment, the Public and Private Warrants, BBVA Warrants and Generac Warrants fall within the scope of IAS 32 and have been classified as a derivative financial liability. In accordance with IFRS 9 guidance, derivatives that are classified as financial liabilities shall be measured at fair value with subsequent changes in fair value to be recognized in profit and loss.

**Foreign Exchange Gains/(Losses)**

Foreign exchange gains (losses) consist of realized and unrealized gains (losses) on foreign currency transactions and outstanding balances at year-end.

**Income Tax Credit**

Income tax credit relates to a percentage of research and development ("R&D") related expenses that are expected to be eligible for tax deductions. As a deduction as a result of our tax residency in Spain, the tax credit is available as a deduction for certain eligible R&D expenses, including IT and product development.

**Loss for the Period**

Loss for the period consists of our operating loss, net financial loss, share of loss of equity-accounted investees and income tax credit.

**Operating Results**

***Comparison of the six months ended June 30, 2025 and 2024***

The results of operations presented below should be reviewed in conjunction with our consolidated financial statements and the notes thereto included in our Annual Report and the interim condensed consolidated financial statements and the notes thereto included in this Interim Report. The following table sets forth our consolidated results of operations data for the six months ended June 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |  |  |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **Variance** | **Variance** |
|  | **2025** | **2025** | **2024** | **2024** |  |  |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** | **€** | **%** |
|  | **(€ in thousands)** | **(€ in thousands)** | **(€ in thousands)** | **(€ in thousands)** | **(€ in thousands)** | **(€ in thousands)** |
| Sales of goods | € | 64225 | € | 83946 | (19721) | (23.5%) |
| Sales of services | € | 11706 | € | 7947 | 3759 | 47.3% |
| **Revenue** | **€** | **75931** | **€** | **91893** | **(15962)** | **(17.4**<br>**%)** |
| Changes in inventories and raw materials and<br> consumables used | € | (47090) | € | (55749) | 8659 | (15.5%) |
| Employee benefits | € | (28136) | € | (36991) | 8855 | (23.9%) |
| Other operating expenses | € | (21153) | € | (27962) | 6809 | (24.4%) |
| Amortization and depreciation | € | (20286) | € | (18418) | (1868) | 10.1% |
| Impairment of assets | € | 2449 | € | (2349) | 4798 | (204.3%) |
| Net other income | € | (120) | € | 527 | (647) | (122.8%) |
| **Operating Loss** | **€** | **(38405)** | **€** | **(49049)** | **10644** | **(21.7**<br>**%)** |
| Financial income | € | 343 | € | 957 | (614) | (64.2%) |
| Financial expenses | € | (8192) | € | (11574) | 3382 | (29.2%) |
| Change in fair value of derivative warrant liabilities | € | 1100 | € | 1239 | (139) | (11.2%) |
| Foreign exchange gains/(losses) | € | 11654 | € | (1074) | 12728 | (1185.1%) |
| Net Financial Income/(Loss) | **€** | **4905** | **€** | **(10452)** | **15357** | **(146.9**<br>**%)** |
| **Loss before Tax** | **€** | **(33500)** | **€** | **(59501)** | **26001** | **(43.7**<br>**%)** |
| Income tax credit | € | (976) | € | 1266 | (2242) | (177.1%) |
| **Loss for the period** | **€** | **(34476)** | **€** | **(58235)** | **23759** | **(40.8**<br>**%)** |

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***Revenues***

Sales of goods revenue decreased by €19,721 thousand, or 23.5%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to the decrease of sales of our AC and DC chargers in our main markets.

Sales of services revenue increased by €3,759, or 47.3%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily to an increase in fees from installation services offered by us, including in connection with the services offered by Coil.

Expenses related to changes in inventories and raw materials and consumables used decreased by €8,659 thousand, or 15.5%, for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. These expenses decreased primarily as a result of the reduction in sales.

Employee benefits expense decreased by €8,855 thousand, or 23.9%, for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, primarily reflecting the improvements achieved in terms of personnel cost efficiency.

Other operating expenses decreased by €6,809 thousand, or 24.4%, for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, primarily due to the impact of our programs for cost reductions.

Amortization and depreciation increased by €1,868 thousand, or 10.1%, for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, primarily due to investments in R&D development costs of the Company.

Impairment of assets has increased by €4,798 thousand as a consequence of the reversal in the depreciation recognized in this period for the assets impaired in 2024.

***Net Financial Income/(Loss)***

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Financial income decreased by €614 thousand for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to the reduction in the interest rate of our financial investments.

Financial expenses decreased by €3,382 thousand for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to the reduction in debt and interest rates.

Change in fair value of derivative warrant liabilities decreased by €139 thousand for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to the decrease of the fair value of the warrants.

Foreign exchange results increased by €12,728 thousand for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to fluctuations in USD against the Euro.

***Income Tax Credit***

Income tax credit includes the deductions and credits generated as of June 30 in the amount of €1,178.

**Segment Results**

**EMEA Segment**

**Comparison of the six months ended June 30, 2025 and 2024**

The following table presents our results of operations at a segment level for EMEA for the six months ending June 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |  |  |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **Variance** | **Variance** |
|  | **2025** | **2025** | **2024** | **2024** |  |  |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** | **€** | **%** |
|  | **(€ in thousands)** | **(€ in thousands)** | **(€ in thousands)** | **(€ in thousands)** | **(€ in thousands)** | **(€ in thousands)** |
| **Revenue** | **€** | **56749** | **€** | **79433** | **(22684)** | **(28.6)%** |
| Changes in inventories and raw materials and<br> consumables used | € | (35636) | € | (48397) | 12761 | (26.4)% |
| Employee benefits | € | (23611) | € | (30233) | 6622 | (21.9)% |
| Other operating expenses | € | (17111) | € | (22937) | 5826 | (25.4)% |
| Amortization and depreciation | € | (19049) | € | (16972) | (2077) | 12.2% |
| Impairment of assets | € | 2449 | € | (2349) | 4798 | (204.3)% |
| Net other income/(expense) | € | (122) | € | 654 | (776) | (118.7)% |
| **Operating loss** | **€** | **(36331)** | **€** | **(40801)** | **4470** | **(11.0)%** |

---

Revenue decreased by €22,684 thousand, or 28.6%, for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, primarily due to the decrease of sales of our AC and DC chargers in our main markets.

Expenses related to changes in inventories and raw materials and consumables used decreased by €12,761 thousand, or 26.4%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. These expenses decreased primarily as a result of the reduction in sales in this segment.

Operating loss decreased by €4,470 thousand for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, primarily due to the impact of the employee and other operating expense reduction initiatives, amounting €6,622 thousand and €5,826 thousand respectively.

Amortization and depreciation increased by €2,077 thousand for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 primarily due to investments in R&D development costs of the Company.

The impairment of assets reflects the reversal in the depreciation recognized in this period for the assets impaired in 2024.

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**NORAM Segment**

**Comparison of the six months ended June 30, 2025 and 2024**

The following table presents our results of operations at a segment level for NORAM for the six months ended June 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |  |  |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **Variance** | **Variance** |
|  | **2025** | **2025** | **2024** | **2024** |  |  |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** | **€** | **%** |
|  | **(€ in thousands)** | **(€ in thousands)** | **(€ in thousands)** | **(€ in thousands)** | **(€ in thousands)** | **(€ in thousands)** |
| **Revenue** | **€** | **23299** | **€** | **16456** | **6843** | **41.6%** |
| Changes in inventories and raw materials and<br> consumables used | € | (15634) | € | (11635) | (3999) | 34.4% |
| Employee benefits | € | (4394) | € | (6584) | 2190 | (33.3)% |
| Other operating expenses | € | (4114) | € | (4928) | 814 | (16.5)% |
| Amortization and depreciation | € | (1237) | € | (1445) | 208 | (14.4)% |
| Net other income/(expense) | € | (47) | € | (127) | 80 | (63.0)% |
| **Operating loss** | **€** | **(2127)** | **€** | **(8263)** | **6136** | **(74.3)%** |

---

Revenue increased by €6,843 thousand, 41.6%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 primarily due to the strong AC and DC sales in the North America market and increase in fees from installation services offered by Coil.

Employee benefits decreased by €2,190 thousand, primarily due to the reduction in personnel in this region as part of the reduction cost program started in 2023.

Other operating expenses decreased by €814 thousand, for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, primarily due to the impact of cost reduction program started in 2023.

**APAC Segment**

**Comparison of the six months ended June 30, 2025 and 2024**

The following table presents our results of operations at a segment level for APAC for the six months ended June 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |  |  |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **Variance** | **Variance** |
|  | **2025** | **2025** | **2024** | **2024** |  |  |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** | **€** | **%** |
|  | **(€ in thousands)** | **(€ in thousands)** | **(€ in thousands)** | **(€ in thousands)** | **(€ in thousands)** | **(€ in thousands)** |
| **Revenue** | **€** | **378** | **€** | **966** | **(588)** | **(60.9)%** |
| Changes in inventories and raw materials and<br> consumables used | € | (153) | € | (528) | 375 | (71.0)% |
| Employee benefits | € | (131) | € | (174) | 43 | (24.7)% |
| Other operating expenses | € | (90) | € | (297) | 207 | (69.7)% |
| Amortization and depreciation | € |  | € | (1) | 1 | (100.0)% |
| Net other income/(expense) | € | 49 | € |  | 49 | n/m |
| **Operating loss** | **€** | **53** | **€** | **(34)** | **87** | **(255.9)%** |

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Note: "n/m" means the amount was not meaningful.

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Revenue decreased by €588 thousand, 60.9%, for the six months ended June 30, 2025 as compared to the six months ended June June 30, 2024 primarily due to the sales reduction in the Australian region.

Expenses related to changes in inventories and raw materials and consumables used decreased by 375 thousand, or 71%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. These expenses decreased primarily as a result of the reduction in sales in this segment.

Operating loss for the six months ended June 30, 2025 improved by €87 thousand compared to the six month ended June 30, 2024 mainly due to the cost reduction.

**Non-IFRS Metrics and Other Financial and Operating Metrics**

We have included in this Interim Report certain financial measures not based on IFRS, including EBITDA and Adjusted EBITDA (together, the "Non-IFRS Measures"), as well as operating metrics, including Gross Margin. See the definitions set forth below for a further explanation of these terms.

Management uses the Non-IFRS Measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•as measurements of operating performance because they assist us in comparing our operating performance on a consistent basis, as they remove the impact of items not directly resulting from our core operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•for planning purposes, including the preparation of our internal annual operating budget and financial projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to evaluate the performance and effectiveness of our strategic initiatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•to evaluate our capacity to fund capital expenditures and expand our business.

The Non-IFRS Measures may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate these measures in the same manner. We present the Non-IFRS Measures because we consider them to be important supplemental measures of our performance, and we believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies. Management believes that investors' understanding of our performance is enhanced by including the Non-IFRS Measures as a reasonable basis for comparing our ongoing results of operations. By providing the Non-IFRS Measures, together with reconciliations to IFRS, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives.

Items excluded from the Non-IFRS Measures are significant components in understanding and assessing financial performance. The Non-IFRS Measures have limitations as analytical tools and should not be considered in isolation, or as an alternative to, or a substitute for loss for the period, revenue or other financial statement data presented in our consolidated financial statements as indicators of financial performance. Some of the limitations are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•such measures do not reflect our expenditures, or future requirements for capital expenditures or contractual commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•such measures do not reflect changes in our working capital needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•such measures do not reflect our share based payments, income tax benefit/(expense) or the amounts necessary to pay our taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•although depreciation and amortization are not included in the calculation of Adjusted EBITDA, the assets being depreciated and amortized will often have to be replaced in the future and such measures do not reflect any costs for such replacements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other companies may calculate such measures differently than we do, limiting their usefulness as comparative measures.

Due to these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to us to invest in the growth of our business and are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. In addition, the Non-IFRS Measures we use may differ from the Non-IFRS financial measures used by other companies and are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. Furthermore, not all companies or analysts may calculate similarly titled measures in the same manner. We compensate for these limitations by relying primarily on our IFRS results and using the Non-IFRS Measures only as supplemental measures.

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We define our Non-IFRS measures and other financial and operating metrics as follows:

"Gross Margin" is defined as revenue less changes in inventory, raw materials and other consumables used.

"EBITDA" is defined as a result of loss for the year before income tax credit, financial income, financial expenses, amortization and depreciation, change in fair value of derivative warrants and foreign exchange gains/(losses). "Change in fair value of derivative warrant liabilities" and "Foreign exchange gains/(losses)" were added to the definition of EBITDA, as management believe it presents a more useful measure to evaluate the Company's performance.

"Adjusted EBITDA" is defined as a result of loss for the year before income tax credit, financial income, financial expenses, amortization and depreciation, change in fair value of derivative warrants and foreign exchange gains/(losses) further to take into account the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These non-cash and other items include, but not are limited to, share based payment plan expenses, certain one-time expenses related to a reduction in workforce initiated in January 2023, certain non-cash expenses related to the ESPP plan launched in January 2023, any negative goodwill arising from business combinations and other items outside the scope of our ordinary activities.

The following table reconciles EBITDA and Adjusted EBITDA to the most directly comparable IFRS financial measure, which is loss for the period:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
| **€ in thousands** | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
| Loss | € | (34476) | € | (58235) |
| Income tax credit | € | 976 | € | (1266) |
| Amortization and depreciation | € | 20286 | € | 18418 |
| Financial income | € | (343) | € | (957) |
| Financial expense (1) | € | 8192 | € | 11574 |
| Change in fair value of derivative warrant liabilities (2) | € | (1100) | € | (1239) |
| Foreign exchange gains/(losses) | € | (11654) | € | 1074 |
| **EBITDA** | **€** | **(18119)** | **€** | **(30631)** |
| Share based payment plan expenses (3) | € | 539 | € | 1379 |
| Impairment of assets | € | (2449) | € | 2349 |
| Other items (4) | € | 120 | € | (527) |
| One-time expenses (5) | € | 4581 | € | 2327 |
| Other non-cash expenses (6) | € | 67 | € | 414 |
| **Adjusted EBITDA** | **€** | **(15261)** | **€** | **(24689)** |

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(1)Financial expenses is comprised of interest and fees on bank loans, interest on lease liabilities, interest on shareholder and other borrowings, interest on convertible bonds, accretion of discount on put option liabilities and other finance costs (such as fair value loss on financial investments and impairment on financial investments), excluding fair value adjustment of convertible bonds.

(2)Represents expenses or incomes related to change the fair value of the warrant liabilities. Please refer to Note 12 to our interim condensed consolidated financial statements include elsewhere in the Interim Report.

(3)Represents share-based payments expense. Please refer to Note 19 to our interim condensed consolidated financial statements include elsewhere in the Interim Report.

(4)Other items consist of all other income and expenses linked to activities that are outside the core of our operating activities and may include income or losses related to gain or loss of assets, liabilities, and grants. The amounts set forth in the table above represent net other income for the periods presented.

(5)One-time expenses consist of legal expenses related to reduction in workforce process initiated in January 2023, severance payments to the employees that have left the Company and the provision for indemnities related to litigation involving certain former employees.

(6)Other non-cash expenses consist of non-cash expenses related to the ESPP plan launched in January 2023.

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**Liquidity and Capital Resources**

**Sources of Liquidity**

We have a history of operating losses and negative operating cash flows. We have experienced net losses and significant cash outflows from cash used in operating activities over the past years as it has been investing significantly in the development of our EV charging products. During the six months ended June 30, 2025, we incurred a loss of €34.5 million and for the six months ended June 30, 2024, we incurred a loss for the period of €58.2 million and net cash used in operating activities of €17.6 million.

As of June June 30, 2025 and 2024, we had cash and cash equivalents of €27.3 million and €59.7 million, respectively, and an accumulated deficit of €63.8 million and €478.4 million, respectively. Our current working capital needs relate mainly to the growth of the current business and continuing operations. Our ability to expand and grow our business will depend on many factors, including our working capital needs and the evolution of our operating cash flows. Our primary cash requirements include operating expenses, satisfaction of commitments to various counterparties and suppliers, and capital expenditures (including property and equipment). Our principal uses of cash in recent periods have been funding of our operations and development of intangibles with respect to EV chargers and energy management software.

In assessing the going concern basis of presentation, we had to estimate expected cash flows for the next 12 months, including our compliance with covenants, exercise of warrants and availability of other financial funding from banks. 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. Although the expectation for the coming year is to continue to have net losses and we expect to continue to make investments, we also expect these sources of liquidity will be sufficient to fund our long-term contractual obligations and capital needs. However, this is subject, to a certain extent, to general economic, financial, competitive, regulatory and other factors that are beyond our control. If we are unable to generate sufficient cash flows from operations in the future, we may have to obtain additional financing, which may include equity or debt issuances and/or credit financing. If we obtain additional capital by issuing equity, the interests of our existing shareholders will be diluted and, if we incur additional indebtedness, that indebtedness may contain significant financial and other covenants that may significantly restrict our operations. We cannot assure that we could obtain additional financing on favorable terms or at all.

Our primary sources of liquidity have historically been cash generated from operations, the issuance of debt and equity instruments and under bank loans.

On December 30, 2022, we entered into a loan agreement with Banco Santander, S.A. for a loan in the amount of €17.9 million with a maturity date in 2029.

On February 9, 2023 (the "BBVA Facility Closing Date"), Wallbox, as guarantor, and its wholly-owned direct Spanish subsidiary, Wall Box Chargers, S.L.U., as borrower ("Wall Box Chargers") entered into a Facility Agreement (the "BBVA Facility Agreement") with Banco Bilbao Vizcaya Argentaria S.A. ("BBVA"). The BBVA Facility Agreement provides for an aggregate term loan commitment of €25.0 million (the "BBVA Facility"), and we received net borrowings of €24.6 million after deducting fees and expenses. As of December 31, 2024, we had €25.0 million of borrowings outstanding under the BBVA Facility.

The BBVA Facility is secured by certain intellectual property rights. The BBVA Facility matures on the fourth anniversary of the BBVA Facility Closing Date and under certain circumstances may be extended to mature on the fifth anniversary of the BBVA Facility Closing Date. Wall Box Chargers is permitted to prepay the BBVA Facility in whole or in part upon notice thereof in accordance with the terms of the BBVA Facility Agreement. Upon an event of default specified in the BBVA Facility Agreement that remains uncured after 15 business days, the BBVA Facility may become due and payable in full upon provision of notice thereof in accordance with the terms of the BBVA Facility Agreement. The BBVA Facility Agreement contains affirmative and negative covenants, including without limitation a minimum cash requirement and restrictions on incurrence of additional debt, liens, fundamental changes, asset sales, restricted payments and transactions with affiliates. The BBVA Facility Agreement also contains financial covenants regarding maintenance as of the end of each fiscal quarter of a maximum senior net debt to gross profit ratio ranging from 1.60x in 2023 to 0.60x in 2026 and thereafter and a minimum level of shareholders' equity of 0.00. We obtained a waiver issued by BBVA regarding the compliance with the covenants under the agreements governing our indebtedness. The BBVA Facility Agreement is governed by Spanish law. On November 11, 2024, Wallbox, as guarantor, and its direct wholly-owned Spanish subsidiary, Wall Box Chargers, S.L.U., as borrower ("Wall Box Chargers"), signed an agreement with Banco Bilbao Vizcaya Argentaria S.A. ("BBVA") which includes an additional grace period of 18 months from the last installment payment and without variation of any other terms of the initial agreement. Also, on April 8, 2025 we formalized a new framework agreement which includes a waiver of financial covenant requirements for 2025.

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Substantially concurrently with the closing of the BBVA Facility Agreement and in consideration thereof, we entered into a Warrant Agreement (the "Warrant Agreement") and Subscription Agreement (the "Subscription Agreement") with BBVA (together with its assignees,the "Warrantholder") pursuant to which we issued to the Warrantholder, and the Warrantholder subscribed for and acquired, an aggregate of 1,007,894 warrants exercisable for 1,007,894 Class A Shares, for an exercise price of $5.32 per share. Pursuant to the Subscription Agreement, we agreed to file a registration statement for the resale of the Class A Shares issuable upon exercise of the Warrant. The Warrant Agreement provides for a redemption right in favor of Wallbox when the Class A Shares achieve a value of $11.00 per share.

On April 3, 2023, we entered into an Equity Distribution Agreement (the "Equity Distribution Agreement") with Canaccord Genuity LLC ("Canaccord") and Oppenheimer & Co. Inc. ("Oppenheimer") with respect to the offer and sale of our Class A Shares, with aggregate offering price of up to $100 million (the "ATM Offering"), from time to time, establishing an at the market program under which Canaccord and Oppenheimer will act as sales agents (the "Sales Agents"). The sales, if any, of the Class A Shares under the Equity Distribution Agreement will be made by any method permitted that is deemed an "at the market offering" as defined in Rule 415(a)(4) under the Securities Act, or, in negotiated transactions or block transactions. The Equity Distribution Agreement provides that the commission payable to the Sales Agents for sales of our Class A Shares shall be up to three percent (3.0%) of the gross sales proceeds for any Class A Shares sold through the Sales Agent pursuant to the Equity Distribution Agreement. During the year ended December 31, 2023, we sold 2,630,076 Class A Shares resulting in $7,526 thousand (€6,876 thousand) in net proceeds, after deducting the commission and expenses payable to the Sales Agent in connection with such sales. During the year ended December 31, 2024 we sold 75,394 Class A Shares resulting in $45.6 thousand (€43.2 thousand) in net proceeds, after deducting the commission and expenses payable to the Sales Agent in connection with such sales. During the six months period ended June 30, 2025 we sold 739,742 Class A Shares resulting in $477 thousand (€457 thousand) in net proceeds, after deducting the commission and expenses payable to the Sales Agent in connection with such sales.

On June 15, 2023, we closed a private placement of Class A Shares, pursuant to which we sold 18,832,432 Class A Shares for aggregate gross proceeds of $48.6 million (€44.9 million) to certain existing investors and strategic partners at a price of $2.58 per share. Pursuant to the registration rights we agreed to as part of the private placement, we filed a registration statement for the resale of the Class A Shares purchased in the private placement on July 19, 2023.

On October 16, 2023, we, our wholly owned subsidiary, Wallbox USA, Inc. ("Wallbox USA"), and Wall Box Chargers, entered into agreements (the "October 2023 Facility Agreements") that provide for: (i) a syndicated loan with Instituto de Crédito Oficial E.P.E., Institut Català de Finances, Mora Banc Grup SA and EBN Banco de Negocios, S.A. ("EBN Banco") as funding entities, EBN Banco as coordinating entity and agent, Wallbox Spain as borrower and Wallbox USA and Wallbox as guarantors; and (ii) a loan with Compañía Española de Financiación Del Desarrollo COFIDES, S.A., S.M.E., as funding entity, EBN Banco as coordinating entity, Wallbox USA as borrower and Wallbox Spain and Wallbox as guarantors. The October 2023 Facility Agreements provide for an aggregate term loan commitment of €35.0 million (the "October 2023 Term Loan"), which aggregate amount was elected to be drawn on October 14, 2023. As of December 31, 2023, we had €35.0 million of borrowings outstanding under the October 2023 Term Loan.

Principal outstanding under the October 2023 Term Loan will accrue interest on a daily basis at a rate equal to three-month EURIBOR plus an amount equal to 3.25% per annum, provided that, the October 2023 Facility Agreements also include sustainability-linked pricing adjustments and, as to Facility Agreement 2, pricing adjustments related to sales in the United States. The Term Loan will be secured by the property assets that were acquired in Barcelona with the proceeds under the October 2023 Term Loan, the bank accounts related to the October 2023 Facility Agreements and the credit rights under the insurance agreements related to the property assets to be secured. The October 2023 Term Loan matures on the fifth anniversary of October 16, 2023. The relevant borrower is permitted to prepay the October 2023 Term Loan in whole or in part upon notice thereof in accordance with the terms of the October 2023 Facility Agreements. As of December 31, 2024 we obtained a waiver issued by EBN Banco regarding the compliance with the covenants under the agreements governing our indebtedness. On April 8, 2025 EBN Banco adhered to the framework agreement together with the other financial institutions, which includes an additional grace period of 18 months from the last installment payment and without variation of any other terms of the initial agreement.This Facility Agreement contain covenants that require, based on Wallbox's audited consolidated financial statements, a total debt to equity ratio ranging from 2.70x or less in 2025, 3.20x or less in 2026 and to 2.70x or less in 2027 and thereafter, and a net debt to equity ratio ranging from 2.10x or less in 2025, 2.40x or less in 2026 and 2.00x or less in 2027 and thereafter, as well as other affirmative and negative covenants and customary events of default.

On December 13, 2023 we closed a private placement of Class A Shares, pursuant to which we sold 10,360,657 Class A Shares for aggregate gross proceeds of $31.6 million (€29.3 million) to certain existing investors and Generac Power Systems, Inc. ("Generac") at a price of $3.05 per share. Pursuant to the registration rights we agreed to as part of the private placement we filed a registration statement for the resale of the Class A Shares purchased in the private placement on January 12, 2024. Substantially concurrently with the closing of the transaction several agreements have been entered into by the Company.

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On March 22, 2024, Wallbox and Wallbox USA Inc, as guarantors, and its wholly-owned direct Spanish subsidiary, Wall Box Chargers, S.L.U., as borrower ("Wall Box Chargers") entered into a Facility Agreement with Hong Kong and Shanghai Banking Corporation Limited ("HSBC"). The HSBC Facility Agreement provides for an Asset Based Lending commitment of €15.0 million (the " HSBC Facility"), for which we had €15.0 million of borrowings outstanding under the HSBC Facility as of December 31, 2024 and €12 million as of June 30, 2025. The HSBC Facility is secured by certain stock rights. The HSBC Facility matures on the third anniversary of the HSBC Facility Closing Date. Wall Box Chargers is permitted to prepay the HSBC Facility in whole or in part upon notice thereof in accordance with the terms of the HSBC Facility Agreement. Upon an event of default specified in the HSBC Facility Agreement, the HSBC Facility may become due and payable in full upon provision of notice thereof in accordance with the terms of the HSBC Facility Agreement. The HSBC Facility Agreement contains affirmative and negative covenants, including without limitation a minimum cash requirement and restrictions on incurrence of additional debt, liens or fundamental changes. The HSBC Facility Agreement also contained financial covenants regarding maintenance as of the end of each closing month of a minimum of Current Ratio (Current Assets/Current Liabilities) calculated with some exclusions, of 1.25 and a minimum of an Inventory Turnover of 400 days. The HSBC Facility Agreement is governed by Spanish law. On December 31, 2024 we obtained a waiver issued by HSBC regarding the compliance with the covenants under the agreements governing our indebtedness. This waiver sets new covenant levels. On May 28, 2025, the Group formalized a new agreement to ensure the continued fulfillment of its debt obligations, this agreement includes a minimum cash covenant of €25 million.

On August 5, 2024, we close a private placement of Class A Shares, pursuant to which we sold 36,334,277 Class A Shares for aggregate gross proceeds of $45 million (€ 41.6 Million) to certain existing investors and strategic partners at a price of $1.24 per share. Pursuant to the registration rights we agreed to as part of the private placement, we filed a registration statement for the resale of the Class A Shares purchased in the private placement on September 5, 2024.

On November 11, 2024, the Group entered into a framework agreement with several financial institutions providing an 18-month grace period on debt repayments. Additionally, as part of the agreement, the financial institutions have committed to maintaining the short-term financing agreements in force at least until June 30, 2026 with a limit of Euro 84.2 million. The agreement included a clause requiring adherence from all relevant lenders by May 11, 2025. The loan and borrowings outstanding amounts from the lender included in the agreement as of December 31, 2024 amounts to Euro 88.2 million

On February 21, 2025, we close a private placement of Class A Shares, pursuant to which we sold 26,707,142 Class A Shares for aggregate gross proceeds of $9.9 million (€ 9.4 million) to certain existing investors and strategic partners at a price of $0.37 per share.

On April 8, 2025, all remaining financial institutions adhered to the framework agreement, previously disclosed, thereby formalizing the grace period on debt repayments and the waiver of financial covenant requirements for 2025, the agreement remains in force as of June 30, 2025, and includes, among other conditions a requirements to maintain a minimum of cash balance of Euro 35 million at the end of each month. In addition, during the first half of 2025, the Group has obtained a waiver of this minimum cash balance from the banks.

On June 2, 2025, we close a private placement of Class A Shares, pursuant to which we sold 22,458,944 Class A Shares for aggregate gross proceeds of $5.6 million (€5.0 million) to certain existing investors and strategic partners at a price of $0.25 per share.

On June 17, 2025, we close a private placement of Class A Shares with Entidad Pública Empresarial Sociedad Española para la Transformación Tecnológica ('SETT'), pursuant to which we sold 37,759,630 Class A Shares for aggregate gross proceeds of €8.4 million at a price of €0.22 per share.

Management has prepared detailed business and liquidity plans, including financial forecast extending through at least the following twelve months from the date of issuance of the interim condensed consolidated financial statements, which demonstrate the Company's ability to meet its operational and financial obligations as they fall due. These plans incorporate a number of assumptions regarding revenue growth (sales volumes), gross margin performance driven by product mix and cost efficiencies, operating expense management, working capital optimization driven by inventory reduction, the ability to raise additional capital as well as renewing short-term credit lines and meeting covenants or obtaining waivers.

We believe that our sources of liquidity and capital will be sufficient to meet our business needs for at least the next twelve months. We also expect these sources of liquidity will be sufficient to fund our long-term contractual obligations and capital needs. However, this is subject, to a certain extent, to general economic, financial, competitive, regulatory and other factors that are beyond our control. If we are unable to generate sufficient cash flows from operations in the future, we may have to obtain additional financing, which may include equity or debt issuances and/or credit financing. If we obtain additional capital by issuing equity, the interests of our existing shareholders will be diluted and, if we incur additional indebtedness, that indebtedness may contain significant

------

financial and other covenants that may significantly restrict our operations. We cannot assure you that we would be able to obtain additional financing on favorable terms or at all.

**Liquidity Policy**

As an early-stage company, we maintain a strong focus on liquidity and define our liquidity risk tolerance based on sources and uses to maintain a sufficient liquidity position to meet our obligations under both normal and stressed conditions. We manage our liquidity to provide access to sufficient funding to meet our business needs and financial obligations, as well as capital allocation and growth objectives.

***Cash Flow Summary***

The following table summarizes our cash flows for the six months ended June 30, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |  |  |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **Variance** | **Variance** |
|  | **2025** | **2025** | **2024** | **2024** |  |  |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** | **€** | **%** |
|  | **(€ in thousands)** | **(€ in thousands)** | **(€ in thousands)** | **(€ in thousands)** | **(€ in thousands)** | **(€ in thousands)** |
| Net cash used in operating activities | € | 12119 | € | (17593) | 29712 | (169)% |
| Net cash from (used) in investing activities | € | 14180 | € | (25661) | 39841 | (155)% |
| Net cash from financing activities | € | (3258) | € | (2034) | (1224) | 60% |

---

*Operating Activities*

Net cash used in operating activities increased by €29,712 thousand, or 169%, for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to changes in inventories.

*Investing Activities*

Net cash used in investing activities increased by €39,841 thousand, or 155%, for six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to the impact of payment for capex and the fluctuation of investments in funds in the second the first half of 2025 compared to the same period of 2024.

*Financing Activities*

Net cash from financing activities increased by €1,224 thousand, or 60%, for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, primarily due to the cash flow from net proceeds from loans.

**Critical Accounting Policies and Estimates**

Our discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with IFRS. The preparation of these financial statements requires us to make estimates, assumptions and judgements that affect the reported amounts of assets, liabilities, revenues, costs and expenses. We evaluate our estimates and judgements on an ongoing basis, and our actual results may differ from these estimates. We base our estimates on historical experience, known trends and events, contractual milestones and other various factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying value of assets and liabilities that are not readily apparent from other sources.

Our critical accounting estimates and judgments are described in Note 3 "Use of Judgements and Estimates," within our interim condensed consolidated financial statements included in the Interim Condensed Consolidated Financial Statements. Actual results may differ from these estimates.

------

**Material Weakness**

As previously reported, in connection with the audits of our consolidated financial statements for each of the years ended December 31, 2021, 2022, 2023 and 2024, our management and independent registered public accounting firm identified material weaknesses in our internal control over financial reporting. The material weaknesses related to: (i) lack of sufficient personnel in the finance team with an appropriate level of knowledge and experience in the application of International Financial Reporting Standards (IFRS) in relation to complex accounting transactions and in the application of other IFRS matters such as goodwill impairment testing, (ii) IT general controls have not been sufficiently designed or were not operating effectively, including controls over the completeness and accuracy of reports used in controls, and (iii) accounting policies and practices are not designed appropriately to establish an effective structure of internal controls. Thus, policies and procedures specifically with respect to the review, supervision and monitoring of the accounting and reporting functions were not operating effectively and/or documented accordingly.

Further, our independent registered public accounting firm has not been engaged to express, nor have they expressed, an opinion on the effectiveness of our internal control over financial reporting. We are currently in the process of remediating these material weaknesses and we are taking steps that we believe will address their underlying causes, however, we cannot predict the ultimate timing or success of our remediation plan. We have also enlisted the help of external advisors to provide assistance in the areas of internal controls and IFRS accounting in the short term, and are evaluating the longer-term resource needs of our accounting staff, including IFRS expertise. These remediation measures may be time-consuming and costly, and might place significant demands on our financial, accounting and operational resources.

These actions and planned actions are subject to ongoing management evaluation and will require validation and testing of the design and operating effectiveness of internal controls over a sustained period of financial reporting cycles before we are able to determine that the controls are operating effectively and the material weaknesses have been remediated. In addition, there is no assurance that we will be successful on implementing all measures and internal controls in a timely manner.

Assessing our procedures to improve our internal control over financial reporting is an ongoing process. We can provide no assurance that our remediation efforts will be successful or that we will not have material weaknesses in the future. Any material weaknesses we identify could result in an adverse reaction in the financial markets due to a loss of confidence in the reliability of our consolidated financial statements.

**JOBS Act**

The JOBS Act permits an emerging growth company ("EGC") such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. As an emerging growth company, we intend to take advantage of exemptions from various reporting requirements that are applicable to most other public companies. The exemptions include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an exemption from the provisions of Section 404(b) of the Sarbanes-Oxley Act requiring that our independent registered public accounting firm provide an attestation report on the effectiveness of our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reduced disclosure obligations regarding executive compensation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not being required to hold a nonbinding advisory vote on executive compensation or seek shareholder approval of any golden parachute payments not previously approved.

We have elected to use the extended transition period under the JOBS Act until the earlier of the date we (1) are no longer an emerging growth company or (2) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our consolidated financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

We will remain an emerging growth company until the earliest to occur of: (1) the last day of the fiscal year in which we have more than $1.235 billion in annual revenue; (2) the date on which we are deemed to be a "large accelerated filer," which would occur if the market value of our equity securities held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter; (3) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period; and (4) the last day of the fiscal year ending after the fifth anniversary of Kensington's initial public offering, or March 2, 2026.

------

***Recent Accounting Pronouncements***

See Notes 4 and 5 of our interim condensed consolidated financial statements included in our Interim Report for more information regarding recently issued accounting pronouncements and discussion of the impact of recent accounting pronouncements, respectively.

***Quantitative and Qualitative Disclosures About Market Risk***

Refer to Note 24 "Financial Risk Management" of our audited consolidated financial statements included in the Interim Report for more information.

***Interest Rate Risk***

We are exposed to Interest rate risk 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. A hypothetical 10% change in interest rates would mean an increase (decrease) in profit or loss as of June 30, 2025 by €907 thousand.

***Foreign Currency Risk***

We have foreign currency risks related to our revenue and operating expenses denominated in currencies other than the Euro, causing both our revenue and operating results to be impacted by fluctuations in the exchange rates.

Gains or losses from the revaluation of certain cash balances, accounts receivable balances and intercompany balances that are denominated in these currencies impact our net loss. A hypothetical change in all foreign currencies against the Euro of 10% would result in an increase/decrease of our foreign currency loss on foreign-denominated balances of approximately €2,500 thousand. As our global operations expand, our results may be more materially impacted by fluctuations in the exchange rates of the currencies in which it does business.

At this time, we do not enter into financial instruments to hedge our foreign currency exchange risk, but it may in the future.

***Other market price risk***

We maintain investments in funds and other financial instruments as of June 30, 2025 for an amount of €5,078 thousand compared to €6,002 thousand as of June 30, 2024. Please refer to Note 11 of our unaudited interim condensed consolidated financial statements for further disclosures.

We have derivative warrant liabilities (see Note 11 of our unaudited interim consolidated financial statements included in our Interim Report) measured at FVTPL. The derivative warrant liabilities of €869 thousand as of June 30, 2025 as compared to €2,168 thousand at December 31, 2024 are measured at fair value.

A change of the warrant price by 1% would result in an increase/decrease of the underlying warrant liabilities of €9 thousand.

***Contractual Obligations and Commitments***

As of June 30, 2025, in addition to the contractual obligations and commitments described above under "Liquidity and Capital Resources," there were contractual obligations to purchase, construct or develop Property, plant and equipment assets, for an amount of €209 thousand and commitments for the acquisition of intangible assets of €531 thousand. We intend to fund these contractual obligations with cash generated from operations, equity financings and borrowings. As of June 30, 2025, these commitments mainly related to the acquisition of tools and machinery for the Group plants.

See Notes 8 and 10 of the unaudited interim condensed consolidated financial statements included in our Interim Report for more information.

------

Additionally, our lease agreements provide for lease obligations and the future interest payable under these agreements is as set forth in the table below. Please refer to Note 9, "Right of Use Assets and Lease Liabilities" of the interim condensed consolidated financial statements included elsewhere in the Interim Report for more information.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
|  |  |  |  |  | **€ in thousands** | **€ in thousands** |  |  |  |  |
|  |  |  | **Less than 1** | **Less than 1** |  |  |  |  | **More than** | **More than** |
|  | **Total** | **Total** | **year** | **year** | **1-2 years** | **1-2 years** | **2-5 years** | **2-5 years** | **5 years** | **5 years** |
| Lease obligations | € | 44742 | € | 5945 | € | 11037 | € | 23920 | € | 3840 |

---

***Capital Expenditures***

For the six month period ended June 30, 2025, our capital expenditures for property, plant and equipment were €1,781 thousand. We expect to spend approximately €4 million in 2025 for capital expenditures, primarily related to machinery and tools for our factories and intend to fund these expenditures with borrowings under financing facilities.

------

## Exhibit 99.2

?xml version='1.0' encoding='ASCII'? EX-99.2

**Exhibit 99.2**

**WALLBOX N.V. AND SUBSIDIARIES**

Interim Condensed Consolidated Financial Statements

June 30, 2025 and 2024

------

WALLBOX N.V.

Index to Interim Condensed Consolidated Financial Statements

---

| | |
|:---|:---|
| [<u>Interim Condensed Consolidated statements of financial position as of June 30, 2025 and December 31, 2024</u>](#consolidated_financial_june_30_2023) | 2 |
| [<u>Interim Condensed Consolidated statements of profit or loss and other comprehensive income for the six months ended June 30, 2025 and 2024</u>](#consolidated_profit_loss_other_comp_inc) | 3 |
| [<u>Interim Condensed Consolidated statements of changes in equity for the six months ended June 30, 2025 and 2024</u>](#statements_of_changes_equity) | 4 |
| [<u>Interim Condensed Consolidated statements of cash flows for the six months ended June 30, 2025 and 2024</u>](#condensed_consolidated_stmt_cash_flows) | 6 |
| [<u>Notes to the Interim Condensed Consolidated financial statements</u>](#notes_interim) | 7 |

---

------

**WALLBOX N.V.**

**Interim Condensed Consolidated statements of financial position as of June 30, 2025 and December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| ***(In thousand Euros)*** | **Notes** | **June 30, 2025 (\*)** | **December 31, 2024** |
| **Assets** |  |  |  |
| **Non-Current Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment | 8 | 62448 | 67848 |
| &nbsp;&nbsp;&nbsp;Right-of - use assets | 9 | 30446 | 32175 |
| &nbsp;&nbsp;&nbsp;Intangible assets | 10 | 71755 | 76101 |
| &nbsp;&nbsp;&nbsp;Goodwill | 10 | 10803 | 11178 |
| &nbsp;&nbsp;&nbsp;Non-current financial assets | 11 | 1277 | 1350 |
| &nbsp;&nbsp;&nbsp;Tax credit receivables | 22 | 3752 | 6047 |
| **Total Non-Current Assets** |  | **180481** | **194699** |
| **Current Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Inventories | 12 | 56606 | 70082 |
| &nbsp;&nbsp;&nbsp;Trade and other financial receivables | 11 | 35283 | 29671 |
| &nbsp;&nbsp;&nbsp;Other receivables | 22 | 5550 | 5866 |
| &nbsp;&nbsp;&nbsp;Other current financial assets | 11 | 5078 | 26110 |
| &nbsp;&nbsp;&nbsp;Other current assets and deferred charges |  | 1000 | 2007 |
| &nbsp;&nbsp;&nbsp;Advance payments | 12 | 5186 | 4595 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 13 | 27304 | 20036 |
| **Total Current Assets** |  | **136007** | **158367** |
| **Total Assets** |  | **316488** | **353066** |
| **Equity and Liabilities** |  |  |  |
| **Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;Share capital | 14 | 65987 | 55243 |
| &nbsp;&nbsp;&nbsp;Share premium | 14 | 3825 | 531113 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | 14 | (63770) | (569175) |
| &nbsp;&nbsp;&nbsp;Other equity components | 14 | 32218 | 34835 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation reserve | 14 | (2989) | 12784 |
| **Total Equity attributable to owners of the Company** |  | **35271** | **64800** |
| **Non-controlling interest** |  | **867** | **(2222)** |
| **Total Equity** |  | **36138** | **62578** |
| **Liabilities** |  |  |  |
| **Non-Current Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans and borrowings | 11 | 79765 | 66659 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 9 and 11 | 30532 | 31742 |
| &nbsp;&nbsp;&nbsp;Provisions | 15 | 2626 | 3064 |
| &nbsp;&nbsp;&nbsp;Government grants | 16 | 6904 | 7216 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | 22 | 2814 | 3412 |
| &nbsp;&nbsp;&nbsp;Long term deferred income | 17 | 5152 | 2644 |
| **Total Non-Current Liabilities** |  | **127793** | **114737** |
| **Current Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans and borrowings | 11 | 101780 | 131810 |
| &nbsp;&nbsp;&nbsp;Derivative warrants liabilities | 11 | 869 | 2168 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 9 and 11 | 4314 | 4664 |
| &nbsp;&nbsp;&nbsp;Trade and other financial payables | 11 | 37426 | 29052 |
| &nbsp;&nbsp;&nbsp;Other payables | 22 | 3707 | 3071 |
| &nbsp;&nbsp;&nbsp;Provisions | 15 | 2086 | 2349 |
| &nbsp;&nbsp;&nbsp;Government grants | 16 | 555 | 585 |
| &nbsp;&nbsp;&nbsp;Contract liabilities | 17 | 1820 | 2052 |
| **Total Current Liabilities** |  | **152557** | **175751** |
| **Total Liabilities** |  | **280350** | **290488** |
| **Total Equity and Liabilities** |  | **316488** | **353066** |

---

*(\*) Unaudited*

*The notes form an integral part of these interim condensed consolidated financial statements.*

------

**WALLBOX N.V.**

**Interim Condensed Consolidated statements of profit or loss and other comprehensive income for the six months ended June 30, 2025 and 2024**

---

| | | | |
|:---|:---|:---|:---|
| ***<u>(In thousand Euros)</u>*** | **Notes** | **June 30, 2025 (\*)** | **June 30, 2024 (\*)** |
| &nbsp;&nbsp;&nbsp;Revenue | 17 | 75931 | 91893 |
| &nbsp;&nbsp;&nbsp;Changes in inventories and raw materials and consumables used | 18 | (47090) | (55749) |
| &nbsp;&nbsp;&nbsp;Employee benefits | 19 | (28136) | (36991) |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 18 | (21153) | (27962) |
| &nbsp;&nbsp;&nbsp;Amortization and depreciation | 8910 | (20286) | (18418) |
| &nbsp;&nbsp;&nbsp;Impairment of assets | 8, 10 | 2449 | (2349) |
| &nbsp;&nbsp;&nbsp;Net other income |  | (120) | 527 |
| **Operating Loss** |  | **(38405)** | **(49049)** |
| &nbsp;&nbsp;&nbsp;Financial income | 20 | 343 | 957 |
| &nbsp;&nbsp;&nbsp;Financial expenses | 20 | (8192) | (11574) |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivative warrant liabilities | 11 | 1100 | 1239 |
| &nbsp;&nbsp;&nbsp;Foreign exchange gains/(losses) |  | 11654 | (1074) |
| **Financial Results** |  | **4905** | **(10452)** |
| **Loss before Tax** |  | **(33500)** | **(59501)** |
| &nbsp;&nbsp;&nbsp;Income tax credit | 22 | (976) | 1266 |
| **Loss for the Period** | 21 | **(34476)** | **(58235)** |
| **Attributable to:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity holders of the Company |  | (33679) | (58234) |
| &nbsp;&nbsp;&nbsp;Non-controlling interest |  | (797) | (1) |
| **Loss per share** |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted losses per share (euros per share) | 21 | (0.13) | (0.31) |
| **Loss for the Period** |  | **(34476)** | **(58235)** |
| **Other comprehensive (loss)/income** |  |  |  |
| **Other comprehensive (loss)/income that may be reclassified to profit<br> or loss in subsequent periods** |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency translation differences in foreign operations, net of tax |  | (15773) | 3873 |
| &nbsp;&nbsp;&nbsp;Changes in the fair value of debt instruments at fair value through other<br> comprehensive income, net of tax |  | (5) |  |
| **Net other comprehensive (loss)/income that may be reclassified to<br> profit or loss in subsequent periods** |  | (15778) | 3873 |
| **Other comprehensive (loss)/income for the Period** |  | **(15778)** | **3873** |
| **Total comprehensive loss for the Period** |  | **(50254)** | **(54362)** |

---

*(\*) Unaudited*

*The notes form an integral part of these interim condensed consolidated financial statements.*

------

**WALLBOX N.V.**

**Interim Condensed Consolidated statements of changes in equity for the six months ended June 30, 2025 and 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** |  |  |  |
| ***<u>(In thousand Euros)</u>*** | **Notes** | **Share<br>capital** | **Share<br>premium** | **Accumulated<br>deficit** | **Other<br>equity<br>components** | **Currency<br>translation<br>reserve** | **Total** | **Non- controlling interest** | **Total** |
| **Balance at January 1, 2024** |  | **50352** | **481615** | **(420195)** | **32149** | **5868** | **149789** | **22** | **149811** |
| Total comprehensive (loss)/income for the period |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss for the Period |  |  |  | (58234) |  |  | (58234) | (1) | **(58235)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive (loss)/income for<br> the period |  |  |  |  |  | 3873 | 3873 |  | **3873** |
| **Total comprehensive income for the period** |  | **—** | **—** | **(58234)** | **—** | **3873** | **(54361)** | **(1)** | **(54362)** |
| Transactions with owners of the Company |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution of equity (Execution of options<br> and warrants) |  | 291 | 8258 |  | (8108) |  | 441 |  | **441** |
| &nbsp;&nbsp;&nbsp;&nbsp;Share based payments |  |  |  |  | 1981 |  | 1981 |  | **1981** |
| &nbsp;&nbsp;&nbsp;&nbsp;Others |  | 3 | (275) |  |  |  | (272) |  | **(272)** |
| **Total contributions and distributions** |  | **294** | **7983** | **—** | **(6127)** | **—** | **2150** | **—** | **2150** |
| **Total transactions with owners of<br> the Company** |  | 294 | 7983 | (58234) | (6127) | 3873 | (52211) | (1) | **(52212)** |
| **Balance at June 30, 2024 (\*)** |  | **50646** | **489598** | **(478429)** | **26022** | **9741** | **97578** | **21** | **97599** |

---

*(\*) Unaudited*

*The notes form an integral part of these interim condensed consolidated financial statements.*

------

**WALLBOX N.V.**

**Interim Condensed Consolidated statements of changes in equity for the six months ended June 30, 2025 and 2024 (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** | **Attributable to owners of the Company** |  |  |  |
| ***<u>(In thousand Euros)</u>*** | **Notes** | **Share<br>capital** | **Share<br>premium** | **Accumulated<br>deficit** | **Other<br>equity<br>components** | **Currency<br>translation<br>reserve** | **Total** | **Non- controlling interest** | **Total** |
| **Balance at January 1, 2025** |  | **55243** | **531113** | **(569175)** | **34835** | **12784** | **64800** | **(2222)** | **62578** |
| Total comprehensive (loss)/income for the period |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss for the Period |  |  |  | (33679) |  |  | (33679) | (797) | **(34476)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive (loss)/income for<br> the period |  |  |  |  | (5) | (15773) | (15778) |  | **(15778)** |
| **Total comprehensive income for the period** |  | **—** | **—** | **(33679)** | **(5)** | **(15773)** | **(49457)** | **(797)** | **(50254)** |
| Transactions with owners of the Company |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution of equity (Private Placement) |  | 10431 | 12246 |  |  |  | 22677 |  | **22677** |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution of equity (ATM) |  | 89 | 314 |  |  |  | 403 |  | **403** |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution of equity (Execution of options<br> and warrants) |  | 224 | 3124 |  | (3185) |  | 163 |  | **163** |
| &nbsp;&nbsp;&nbsp;&nbsp;Share based payments |  |  |  |  | 573 |  | 573 |  | **573** |
| &nbsp;&nbsp;&nbsp;&nbsp;Others (Note 14) |  |  | (542972) | 542972 |  |  |  |  | **—** |
| Other movement (Note 14) |  |  |  | (3888) |  |  | (3888) | 3886 | **(2)** |
| **Total contributions and distributions** |  | **10744** | **(527288)** | **539084** | **(2612)** | **—** | **19928** | **3886** | **23814** |
| **Total transactions with owners of<br> the Company** |  | **10744** | **(527288)** | **505405** | **(2617)** | **(15773)** | **(29529)** | **3089** | **(26440)** |
| **Balance at June 30, 2025 (\*)** |  | **65987** | **3825** | **(63770)** | **32218** | **(2989)** | **35271** | **867** | **36138** |

---

*(\*) Unaudited*

*The notes form an integral part of these interim condensed consolidated financial statements.*

------

**WALLBOX N.V.**

**Interim Condensed Consolidated statements of cash flows for the six months ended June 30, 2025 and 2024**

---

| | | | |
|:---|:---|:---|:---|
| ***(In thousand Euros)*** | **Notes** | **June 30, 2025 (\*)** | **June 30, 2024 (\*)** |
| **Cash flows from Operating Activities** |  |  |  |
| **Loss for the Period** |  | **(34476)** | **(58235)** |
| Adjustments for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and depreciation | 8, 9 and 10 | 20286 | 18418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets | 10 | (2449) | 2349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected credit loss for trade and other receivables | 11 and 18 | (61) | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Impairments | 10, 11 and 18 | (278) | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in provisions | 15 | (716) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Government grants | 16 | (374) | (271) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial income | 20 | (343) | (957) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial expenses | 20 | 8192 | 11574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivative warrant liabilities | 11 | (1100) | (1239) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange differences |  | (11654) | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax credit | 22 | 976 | (1266) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share based payments expense | 19 | 573 | 1981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- inventories |  | 20832 | 5667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- trade and other financial receivables |  | 8678 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- other assets |  | (779) | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- trade and other financial payables |  | 2536 | (546) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- contract liabilities |  | 2276 | 829 |
| **Net cash used in operating activities** |  | **12119** | **(17593)** |
| **Cash flows from Investing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of intangible assets | 10 | (974) | (15998) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of property, plant and equipment | 8 | (6220) | (6260) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other currrent of financial assets | 11 | 21374 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of subsidiaries, net of cash acquired |  |  | (3403) |
| **Net cash used in investing activities** |  | **14180** | **(25661)** |
| **Cash flows from Financing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuing equity instruments (private placement) | 14 | 22677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuing equity instruments (ATM) | 14 | 403 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuing equity instruments (Warrants conversions and others) | 19 | 163 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from government grants | 16 | 445 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from loans | 11 | 364884 | 378428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of loans | 11 | (380741) | (367681) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of principal portion of lease liabilities | 9 | (3074) | (2406) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of interest on lease liabilities | 9 | (892) | (963) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and bank fees paid | 20 | (7123) | (11105) |
| **Net cash from financing activities** |  | **(3258)** | **(2034)** |
| **Net increase in cash and cash equivalents** |  | **23041** | **(45288)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at beginning of period |  | 20036 | 101158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange gains/(losses) |  | (15773) | 3878 |
| **Cash and cash equivalents at the end of the period** |  | **27304** | **59748** |

---

*(\*) Unaudited*

*The notes form an integral part of these interim condensed consolidated financial statements.*

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

**1.** **Reporting Entity**

Wallbox N.V. (the "Company" or "Wallbox") was incorporated as a Dutch private limited liability company under the name Wallbox B.V. on June 7, 2021 and was subsequently converted into a Dutch public limited liability company. Wallbox is registered in the Commercial Registry of the Netherlands Chamber of Commerce under ID number 83012559. Its statutory seat is in Amsterdam, the Netherlands, and the mailing and business address of its principal executive office is Carrer del Foc 68, 08038 Barcelona, Spain.

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, 2024, published on May 6, 2025.

Wallbox is the parent entity of the Group. The Group's subsidiaries as of June 30, 2025 and 2024 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.

**2.** **Basis of Preparation**

These interim condensed consolidated financial statements as of and for the six months ended June 30, 2025 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 Auditing 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, 2025, 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, 2024, drawn up in accordance with the existing IFRS as issued by the International Accounting Standards Board ("IASB"), which were published on May 6, 2025.

**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, 2025, the Group recorded a consolidated net loss of Euros 34,476 thousand and net cash generated in operations of Euros 12,119 thousand. As of June 30, 2025, the Group had an accumulated deficit of Euros 63,770 thousand and positive total equity of Euros 36,138 thousand. The Group held Euros 32,382 thousand in cash, cash equivalents, and financial investments at the end of June 2025.

The Group has financed its operations through a combination of bank borrowings and equity issuances. As of June 30, 2025, total borrowings amounted to 181,545 thousand (compared to Euros 198,469 thousand as of December 31, 2024). Some of these borrowings are subject to financial covenants, which the Group either complied with as of June 30, 2025 or obtained waivers from the relevant financial institutions.

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

**Financing**

On November 11, 2024, the Group entered into a framework agreement with several financial institutions providing an 18-month grace period on debt repayments. Additionally, as part of the agreement, the financial institutions have committed to maintaining the short-term financing agreements in force at least until June 30, 2026. The agreement included a clause requiring adherence from all relevant lenders by May 11, 2025. The loan and borrowings outstanding amounts from the lender included in the agreement as of June 30, 2025 amounts to Euro 84.8 million.

On April 8, 2025, the remaining financials institutions adhered to the framework agreement, previously disclosed, thereby formalizing the grace period on debt repayments and the waiver of financial covenant requirements for 2025. The agreement remains in force as of June 30, 2025, and included, among other conditions a requirement to maintain a minimum of cash balance of Euro 35 million at the end of each month, which has been waived since.

**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 are based on key assumptions regarding revenue growth (sales volumes), gross margin performance driven by product mix and cost efficiencies, operating expense management, working capital optimization through inventory reduction, the ability to raise additional capital as well as renewing short-term credit lines and meeting covenants or obtaining waivers.

As described in Note 14, the Company raised Euros 22,677 thousand through capital increases performed during the six first months of 2025.

While management believes the assumptions are reasonable and that the Company has a viable plan to execute its strategy, there is material uncertainty regarding the achievement of forecasted operating cash flows, the ability to raise further capital, and the renewal of short-term credit lines or securing necessary waivers. A significant deviation from the business plan or failure to obtain required financing could cast substantial doubt on the Company's ability to continue as a going concern.

Nevertheless, 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 financial statements. The financial statements do not include any adjustments that would be required 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•financial assets related to investment, which are measured at fair value through other comprehensive income ("FVTOCI");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•financial investments related to investment funds with institutions, which are measured at fair value through profit of loss ("FVTPL"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•derivative warrant liabilities and contingent consideration related to the business acquisitions, which are measured at FVTPL.

**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, 2024 (the "2024 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.

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

**Changes in the scope of consolidation**

There have not been any changes in the scope of consolidation since December 31, 2024.

**3.** **Use of Judgments and Estimates**

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 2024 Consolidated Financial Statements set out in Note 3 thereto.

During the six months ended June 30, 2025, no significant changes have occurred in the assumptions linked to the judgments and estimates disclosed in the 2024 Consolidated Financial Statements.

During the six months ended June 30, 2025, no impairment indicators were identified that would lead to a decrease in value of non-current assets (including goodwill) as compared to what was reported in the 2024 Consolidated Financial Statements.

**<u>Critical judgement and estimates</u>**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Going concern: Disclosures related to the going concern have been included in Note 2.

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 2024 Consolidated Financial Statements.

**4.** **New IFRS and IFRIC not yet effective**

The standards and interpretations effective during the six months ended June 30, 2025 and those issued but not yet in force are detailed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Standards and interpretations effective as of January 1, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Lack of Convertibility (Amendments to IAS 21)

The Group has not had any significant impacts on the interim condensed consolidated financial statements for the six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)New standards, amendments and interpretations effective and the European Union

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Classification and measure of financial instruments (Amendments to IFRS 9 and IFRS 7) [effective as of January 1, 2026]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•IFRS 18 Disclosures of the financial statements [effective as of January 1, 2027]

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. Although the Group is currently analyzing their impact, based on the analyses carried out to date, the Group estimates that their initial application will not have a significant impact on its consolidated financial statements.

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

**5.** **Significant and New Accounting Policies**

The accounting policies and valuation standards used when preparing these interim condensed consolidated financial statements are consistent with those used when preparing the 2024 Consolidated Financial Statements and which are detailed therein.

**6.** **Business Combinations**

During the six months ended June 30, 2025, no new business combinations have occurred.

**7.** **Operating Segments**

**Basis for segmentation**

The Group's business segment information included in this Note is aligned with the segment information included in the 2024 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, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  |  |  |  |  | **Consolidated** |  |
|  |  |  |  |  | **adjustments and** |  |
| ***(In thousand Euros)*** | **EMEA** | **NORAM** | **APAC** | **Total segments** | **eliminations** | **Consolidated** |
| &nbsp;&nbsp;&nbsp;Sales of Goods | 53425 | 14917 | 216 | 68558 | (4333) | 64225 |
| &nbsp;&nbsp;&nbsp;Sales of Services | 3324 | 8382 | 162 | 11868 | (162) | 11706 |
| &nbsp;&nbsp;&nbsp;Changes in inventories and raw | (35636) | (15634) | (153) | (51423) | 4333 | (47090) |
| &nbsp;&nbsp;&nbsp;Employee benefits | (23611) | (4394) | (131) | (28136) |  | (28136) |
| &nbsp;&nbsp;&nbsp;Other operating expenses | (17111) | (4114) | (90) | (21315) | 162 | (21153) |
| &nbsp;&nbsp;&nbsp;Amortization and depreciation | (19049) | (1237) |  | (20286) |  | (20286) |
| &nbsp;&nbsp;&nbsp;Impairment of assets | 2449 |  |  | 2449 |  | 2449 |
| &nbsp;&nbsp;&nbsp;Other income | (122) | (47) | 49 | (120) |  | (120) |
| **Operating Loss** | **(36331)** | **(2127)** | **53** | **(38405)** | **—** | **(38405)** |
| **Total Assets** | 452274 | 42821 | 1520 | 496615 | (180127) | 316488 |
| **Total Liabilities** | 359798 | 38685 | 1011 | 399494 | (119144) | 280350 |

---

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

**Reconciliations of information on reportable segments with the amounts reported in the financial statements for the six months ended June 30, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
|  |  |  |  |  | **Consolidated** |  |
|  |  |  |  |  | **adjustments and** |  |
| ***(In thousand Euros)*** | **EMEA** | **NORAM** | **APAC** | **Total segments** | **eliminations** | **Consolidated** |
| &nbsp;&nbsp;&nbsp;Sales of Goods | 75400 | 12566 | 750 | 88716 | (4770) | 83946 |
| &nbsp;&nbsp;&nbsp;Sales of Services | 4033 | 3890 | 216 | 8139 | (192) | 7947 |
| &nbsp;&nbsp;&nbsp;Changes in inventories and raw | (48397) | (11635) | (528) | (60560) | 4811 | (55749) |
| &nbsp;&nbsp;&nbsp;Employee benefits | (30233) | (6584) | (174) | (36991) |  | (36991) |
| &nbsp;&nbsp;&nbsp;Other operating expenses | (22937) | (4928) | (297) | (28162) | 200 | (27962) |
| &nbsp;&nbsp;&nbsp;Amortization and depreciation | (16972) | (1445) | (1) | (18418) |  | (18418) |
| &nbsp;&nbsp;&nbsp;Impairment of goodwill | (2349) |  |  | (2349) |  | (2349) |
| &nbsp;&nbsp;&nbsp;Other income | 654 | (127) |  | 527 |  | 527 |
| **Operating Loss** | **(40801)** | **(8263)** | **(34)** | **(49098)** | **49** | **(49049)** |
| **Total Assets** | 359396 | 162451 | 998 | 522845 | (93536) | 429309 |
| **Total Liabilities** | 373956 | 49811 | 1476 | 425243 | (93533) | 331710 |

---

**Eliminations and unallocated items**

There have been no significant transactions between segments during the six months ended June 30, 2025 and June 30, 2024, 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 no further allocated to the operating segments EMEA, NORAM and APAC.

**<u>External revenue by location</u>**

The countries where the Group has sold more than 10% of the annual revenue are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six-months period ended June 30,** | **Six-months period ended June 30,** | **Six-months period ended June 30,** | **Six-months period ended June 30,** |
| **(In thousand Euros)** | **2025** | **2025** | **2024** | **2024** |
|  | **Revenue** | **%** | **Revenue** | **%** |
| ***Country*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Spain | 12801 | 17% | 11484 | 12% |
| &nbsp;&nbsp;&nbsp;United States | 18899 | 25% | 13399 | 15% |
| &nbsp;&nbsp;&nbsp;Italy | 1546 | 2% | 4935 | 5% |
| &nbsp;&nbsp;&nbsp;Germany | 19147 | 25% | 22715 | 25% |
| &nbsp;&nbsp;&nbsp;Other countries | 23538 | 31% | 39360 | 43% |
| &nbsp;&nbsp;&nbsp;**Total** | **75931** | **100%** | **91893** | **100%** |

---

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

**8.** **Property, Plant and Equipment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Reconciliation of carrying amount**

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***(In thousand Euros)*** | **Buildings and leasehold improvements** | **Fixtures and fittings** | **Plant and equipment** | **Total** |
| **Balance at December 31, 2024** | 17078 | 3404 | 47366 | 67848 |
| &nbsp;&nbsp;&nbsp;Additions |  | 5 | 1776 | 1781 |
| &nbsp;&nbsp;&nbsp;Impairment of assets |  | 28 |  | 28 |
| &nbsp;&nbsp;&nbsp;Depreciation for the period | (1102) | (466) | (3988) | (5556) |
| &nbsp;&nbsp;&nbsp;Translation differences | (10) | (41) | (1602) | (1653) |
| **Balance at June 30, 2025** | **15966** | **2930** | **43552** | **62448** |
| &nbsp;&nbsp;&nbsp;Cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At December 31, 2024 | 23537 | 6532 | 64336 | 94405 |
| &nbsp;&nbsp;&nbsp;At June 30, 2025 | 23527 | 6496 | 64510 | 94533 |
| **Accumulated amortization** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At December 31, 2024 | (6458) | (2753) | (16970) | (26181) |
| &nbsp;&nbsp;&nbsp;At June 30, 2025 | (7560) | (3219) | (20958) | (31737) |
| **Impairment of assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At December 31, 2024 |  | (376) |  | (376) |
| &nbsp;&nbsp;&nbsp;At June 30, 2025 |  | (348) |  | (348) |

---

Additions to property, plant and equipment for the six months ended June 30, 2025 amounted to Euros 1,781 thousand, and primarily relates to the acquisition of machinery and tools for manufacturing plants.

As of June 30, 2025, additions to property, plant and equipment for which payment was still pending totaled Euros 440 thousand, as compared to Euros 719 thousand as of December 31, 2024.

The Group has items in use that were fully depreciated as of June 30, 2025 for an amount of Euros 1,853 thousand as compared to 385 Euros as of December 31, 2024.

**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 209 thousand as of June 30, 2025, compared to Euros 335 thousand as of December 31, 2024. These commitments mainly relate to the acquisition of tools and machinery.

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, 2025 and December 31, 2024 for an amount of Euros 24,789 thousand. There are no additional restrictions on the sale of its property, plant and equipment and no additional pledge exists on these assets at June 30, 2025 and 2024, except for the leasehold improvement which cannot be realized and which totaled Euros 23,527 thousand as of June 30, 2025 as compared to Euros 23,537 thousand at December 31, 2024.

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

**9.** **Right of Use Assets and Lease Liabilities**

The considerations regarding the lease terms and the recognition exception are consistent with those disclosed in the 2024 Consolidated Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Set out below are the carrying amounts of right-of-use assets recognized and the movements during the six months ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***(In thousand Euros)*** | **Buildings** | **Vehicles** | **Other assets** | **Total** |
| **Balance at December 31, 2024** | **26003** | **1619** | **4553** | **32175** |
| &nbsp;&nbsp;&nbsp;Additions | 1267 |  | 278 | 1545 |
| &nbsp;&nbsp;&nbsp;Depreciation for the period | (1442) | (347) | (1085) | (2874) |
| &nbsp;&nbsp;&nbsp;Other | 460 | (460) |  |  |
| &nbsp;&nbsp;&nbsp;Translation differences | (400) |  |  | (400) |
| **Balance at June 30, 2025** | **25888** | **812** | **3746** | **30446** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Set out below are the carrying amounts of lease liabilities and the movements during the six months ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***(In thousand Euros)*** | **Buildings** | **Vehicles** | **Other assets** | **Total** |
| **Balance at December 31, 2024** | **30912** | **1054** | **4440** | **36406** |
| &nbsp;&nbsp;&nbsp;Additions to liabilities | 1267 |  | 278 | 1545 |
| &nbsp;&nbsp;&nbsp;Interest on lease liabilities | 762 | 27 | 103 | 892 |
| &nbsp;&nbsp;&nbsp;Lease payments | (2556) | (320) | (1090) | (3966) |
| &nbsp;&nbsp;&nbsp;Translation differences | (31) |  |  | (31) |
| **Balance at June 30, 2025** | **30354** | **761** | **3731** | **34846** |

---

An analysis of the contractual maturity of lease liabilities, including future interest payable, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***(In thousand Euros)*** | **June 30,<br>2025** | **June 30,<br>2025** | **December 31,<br>2024** | **December 31,<br>2024** |
| 6 months or less |  | 3,040 |  | 3,284 |
| 6 months to 1 year |  | 2,905 |  | 2,905 |
| From 1 to 2 years |  | 11,037 |  | 10,000 |
| From 2 to 5 years |  | 23,920 |  | 16,888 |
| More than 5 years |  | 3,840 |  | 13,808 |
|  |  | **44,742** |  | **46,885** |

---

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,<br>2025** | **June 30,<br>2025** | **June 30<br>2024** | **June 30<br>2024** |
| Interest on lease liabilities (see note 20) |  | 892 |  | 963 |
| Expenses relating to short-term and low value leases (see <br> note 18) |  | 297 |  | 1,577 |

---

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

**10.** **Intangible Assets and Goodwill**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Intangible assets**

Details and movement of items composing intangible assets are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***(In thousand Euros)*** | **Software** | **Trademarks, industrial property and customer relationships** | **Development<br>costs** | **Total** |
| **Balance at December 31, 2024** | **6928** | **2865** | **66308** | **76101** |
| &nbsp;&nbsp;&nbsp;Additions | 226 |  | 5523 | 5749 |
| &nbsp;&nbsp;&nbsp;Impairment of assets | 627 | 807 | 987 | 2421 |
| &nbsp;&nbsp;&nbsp;Amortization for the period | (977) | (1038) | (9841) | (11856) |
| &nbsp;&nbsp;&nbsp;Translation differences | (121) | (192) | (347) | (660) |
| **Balance at June 30, 2025** | **6683** | **2442** | **62630** | **71755** |
| Cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At December 31, 2024 | 16434 | 20768 | 117333 | 154535 |
| &nbsp;&nbsp;&nbsp;At June 30, 2025 | 16539 | 20576 | 122509 | 159624 |
| **Accumulated amortization** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At December 31, 2024 | (6745) | (3644) | (44355) | (54744) |
| &nbsp;&nbsp;&nbsp;At June 30, 2025 | (7722) | (4682) | (54196) | (66600) |
| **Impairment of assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At December 31, 2024 | (2761) | (14259) | (6670) | (23690) |
| &nbsp;&nbsp;&nbsp;At June 30, 2025 | (2134) | (13452) | (5683) | (21269) |

---

During the six months ended June 30, 2025, the Group made investments in several development projects, consisting of payroll expenses and other costs totaling to Euros 5,523 thousand as compared to Euros 23,797 thousand as of December 31, 2024, for which the associated development expenditures met the requirements for capitalization.

The caption of trademarks, industrial property and customer relationships includes trademarks for an amount of Euros 430 thousand as compared to Euros 489 thousand as of December 31, 2024 and customer relationships totaling Euros 2,012 thousand as compared to 2,376 thousand as of December 31, 2024.

Total additions to internally developed intangibles (Development costs and Software) amounted to Euros 4,426 thousand for the six months ended June 30, 2025 as compared to Euros 19,696 thousand as of December 31, 2024; these additions correspond to the capitalization carried out by the Group in relation to product development , specifically for the DC products under the names of Quasar, Supernova and AC products under the names of Pulsar, and MyWallbox software.

The average remaining amortization term for these assets is between 3 and 5 years.

Additions of computer software totaled Euros 226 thousand for the six months ended June 30, 2025, as compared to Euros 2,689 thousand for the year ended December 31, 2024 due primarily to the implementation of new software applications. The patents and customer relationships category also include the registration of brands, logos, and design patents for different chargers.

The Group recognized impairment losses on non-current assets amounting to Euros 23,690 thousand during the year ended December 31, 2024. These losses corresponded to Euros 2,762 thousand in software, Euros 14,259 thousand in trademarks, industrial property and customer relationships and Euros 6,670 thousand in development costs. No additional impairment has been recognized during the six months ended June 30, 2025, however as a consequence of the depreciation recognized in this period for the assets impaired in 2024, the Group has reversed impairment for an amount of Euros, 2,421 thousand.

The Group has items in use that were fully depreciated as of June 30, 2025 and of December 31, 2024 for an amount of Euros 2,555 thousand.

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

As of June 30, 2025, additions of intangible assets for which payment was still pending totaled Euros 720 thousand, as compared to Euros 1,191 thousand at December 31, 2024. The Group has no restrictions on the realizability of its intangible assets and no pledge existed on these assets as of June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025, there were commitments for the acquisition of intangible assets for Euros 531 thousand, as compared to Euros 1,644 thousand at December 31, 2024 relating to the current projects of R&D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Goodwill**

The Goodwill breakdown by CGU as of June 30, 2025, and December 31, 2024, is as follows:

---

| | | |
|:---|:---|:---|
| ***(In thousand Euros)*** | **June 30,<br>2025** | **December 31,<br>2024** |
| Ares | 4424 | 4424 |
| Coil | 2922 | 3297 |
| Nordics |  |  |
| Electromaps / Software | 3457 | 3457 |
| **Total** | **10803** | **11178** |

---

During the six months ended June 30, 2025, no impairment indicators existed that could lead to the existence of additional impairment those already recorded as of December, 31, 2024 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.

**11.** **Financial Assets and Financial Liabilities**

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

**<u>Financial assets</u>**

**A.** **Current and non-current financial assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| ***(In thousand Euros)*** | **Non-current** | **Current** | **Non-current** | **Current** |
| &nbsp;&nbsp;&nbsp;Customer sales and services |  | 34819 |  | 29243 |
| &nbsp;&nbsp;&nbsp;Other receivables |  | 464 |  | 428 |
| &nbsp;&nbsp;&nbsp;Loans to employees | 180 |  | 180 |  |
| **Trade and other financial receivables** | **180** | **35283** | **180** | **29671** |
| &nbsp;&nbsp;&nbsp;Guarantee deposit | 1097 |  | 1170 |  |
| **Non-current financial assets** | **1097** | **—** | **1170** | **—** |
| &nbsp;&nbsp;&nbsp;Guarantee deposit |  | 164 |  | 209 |
| &nbsp;&nbsp;&nbsp;Financial investments |  | 4914 |  | 25901 |
| **Other current financial assets** | **—** | **5078** | **—** | **26110** |
| **Total** | **1277** | **40361** | **1350** | **55781** |

---

------

**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. The Group considers that the held-to-collect business model remains appropriate for these receivables and hence continues to measure them at amortized cost.

As of June 30, 2025, other current financial assets include financial investments, such as investment funds in financial institutions, totaling Euros 4,914 thousand as compared to Euros 25,901 thousand at December 31, 2024.

These financial investments are deposits managed by financial institutions in investment funds to obtain profitability. The Group has considered their classification as current assets because it expects to liquidate these investments in the following 12 months.

**B.** **Expected credit loss assessment as of June 30, 2025 and December 31, 2024.**

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 total income recognized in profit or loss during the six months ended June 30, 2025 was Euros 22 thousand and a total expense of Euros 1,195 thousand for the six months ended June 30, 2024. This amount includes Euros 1,527 thousand corresponding mainly to the impact of final uncollectible balances (Euros 328 thousand in the same period of 2024). The allowance for doubtful debts provision as of June 30, 2025 estimated based on the expected credit loss, was Euros 1,161 thousand, as compared to Euros 1,360 thousand as of December 31, 2024, for amounts outstanding less than 180 days as at reporting date. Additionally, the Company has recognized as of June 30, 2025, a bad debt provision for amounts outstanding 180 days or longer for Euros 4,763 thousand, as compared to Euros 6,113 thousand as at December 31, 2024, which has been calculated taking into account specific accounts receivable considered doubtful.

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

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

**C.** **Financial assets by class and category**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **June 30, 2025** | **June 30, 2025** |  |
| ***<u>(In thousand Euros)</u>*** | **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** |
| &nbsp;&nbsp;&nbsp;Customer sales and services | 34819 |  |  | **34819** |
| &nbsp;&nbsp;&nbsp;Other receivables | 464 |  |  | **464** |
| &nbsp;&nbsp;&nbsp;Loans to employees | 180 |  |  | **180** |
| **Trade and other financial receivables** | **35463** | **—** | **—** | **35463** |
| &nbsp;&nbsp;&nbsp;Guarantee deposit | 1097 |  |  | **1097** |
| **Non-current financial assets** | **1097** | **—** | **—** | **1097** |
| &nbsp;&nbsp;&nbsp;Guarantee deposit | 164 |  |  | **164** |
| &nbsp;&nbsp;&nbsp;Financial investments | 326 | 4318 | 270 | **4914** |
| **Other current financial assets** | **490** | **4318** | **270** | **5078** |
| **Total** | **37050** | **4318** | **270** | **41638** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** |  |
| ***<u>(In thousand Euros)</u>*** | **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** |
| &nbsp;&nbsp;&nbsp;Customer sales and services | 29243 |  |  | **29243** |
| &nbsp;&nbsp;&nbsp;Other receivables | 428 |  |  | **428** |
| &nbsp;&nbsp;&nbsp;Loans to employees | 180 |  |  | **180** |
| **Trade and other financial receivables** | **29851** | **—** | **—** | **29851** |
| &nbsp;&nbsp;&nbsp;Guarantee deposit | 1170 |  |  | **1170** |
| **Non-current financial assets** | **1170** | **—** | **—** | **1170** |
| &nbsp;&nbsp;&nbsp;Guarantee deposit | 209 |  |  | **209** |
| &nbsp;&nbsp;&nbsp;Financial investments | 323 | 25303 | 275 | **25901** |
| **Other current financial assets** | **532** | **25303** | **275** | **26110** |
| **Total** | **31553** | **25303** | **275** | **57131** |

---

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.

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

**<u>Financial liabilities</u>**

**A.** **Loans and borrowings**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| ***<u>(In thousand Euros)</u>*** | **Non-current** | **Current** | **Non-current** | **Current** |
| Loans | 79765 | 24067 | 66659 | 43179 |
| Working capital line of credit |  | 77713 |  | 88631 |
| **Loans and borrowings** | **79765** | **101780** | **66659** | **131810** |
| Derivative warrant liabilities |  | 869 |  | 2168 |
| Lease liabilities (see note 9) | 30532 | 4314 | 31742 | 4664 |
| **Total** | **110297** | **106963** | **98401** | **138642** |

---

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, 2025, the Group had available credit lines and other financing products of Euros 123,119 thousand, compared to Euros 125,619 thousand as of December 31, 2024, of which a total of Euros 77,710 thousand have been drawn down, compared to Euros 88,614 thousand as of December 31, 2024. In addition to the aforementioned financing products, the Company engages in non-recourse factoring with a limit of Euros 12,000 thousand at June 30, 2025 (Euros 12,000 thousand at December 31, 2024) of which Euros 1,926 thousand have been disposed as June 30, 2025 (Euros 561 thousand at December 31, 2024).

On November 11, 2024, the group entered into a framework agreement with several financial institutions, providing an 18-month grace period on debt repayments, Additionally, as part of the agreement, the financial institutions have committed to maintaining the short-term financing agreements in force at least until June 30, 2026. The agreement included a clause requiring adherence from all relevant lenders by May 11, 2025.

On April 8, 2025, the remaining financial institutions adhered to the framework agreement, previously disclosed, thereby formalizing the grace period on debt repayments and the waiver of financial covenant requirements for 2025. The agreement remains in force as of June 30, 2025, and includes, among other conditions, a requirement to maintain a minimum cash balance of Euro 35 million at the end of each month, which has been waived since.

Interest expenses from banks loans amounted to Euros 6,881 thousand as of June 30, 2025, compared to Euros 8,520 thousand as of June 30, 2024 (See Note 20).

The Group has loans which require compliance with certain financial covenants. As of June 30, 2025, the Group met these financial covenants or has obtained the corresponding waiver issued by the bank.

Details of the maturities, by year, of the principal and interest of the loans and borrowings as of June 30, 2025 and December 31, 2024, are as follows:

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

---

| | | | |
|:---|:---|:---|:---|
| ***<u>(In thousand Euros)</u>*** | **June 30, 2025** |  | **December 31, 2024** |
| 1 July 2025 - 30 June 2026 (\*) | 107902 | 2025 | 139103 |
| 1 July 2026 - 30 June 2027 | 46375 | 2026 | 33962 |
| 1 July 2027 - 30 June 2028 | 23087 | 2027 | 21545 |
| 1 July 2028 - 30 June 2029 | 11793 | 2028 | 13814 |
| 1 July 2029 - 30 June 2030 | 2454 | 2029 | 3356 |
| More than five years | 1709 | More than five years | 2554 |
|  | **193320** |  | **214334** |

---

(\*) Of the amounts maturing between July 1, 2025 and June 30, 2026, those falling due from May 2026 onwards amount to €61,716 thousand.

Details of the loans and borrowings as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| ***<u>(In thousand Euros)</u>*** | **Currency** | **Less than 1 year** | **1 to 3 years** | **Over 3 years** | **Total** |
| **Bank Loans** |  |  |  |  |  |
| Fixed rate loan | EUR | 4212 | 9207 |  | 13419 |
| Floating rate loan | EUR | 92769 | 12467 | 1797 | 107033 |
| Covenant Loan | EUR | 4560 | 52586 |  | 57146 |
|  |  | 101541 | 74260 | 1797 | 177598 |
| **Borrowings** |  |  |  |  |  |
| Fixed rate loan | EUR | 239 | 1422 | 2286 | 3947 |
|  |  | **101780** | **75682** | **4083** | **181545** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| ***<u>(In thousand Euros)</u>*** | **Currency** | **Less than 1 year** | **1 to 3 years** | **Over 3 years** | **Total** |
| **Bank Loans** |  |  |  |  |  |
| Fixed rate loan | EUR | 5703 | 7099 |  | 12802 |
| Floating rate loan | EUR | 114804 | 3203 | 2735 | 120742 |
| Covenant Loan | EUR | 11078 | 49850 |  | 60928 |
|  |  | 131585 | 60152 | 2735 | 194472 |
| **Borrowings** |  |  |  |  |  |
| Fixed rate loan | EUR | 225 | 742 | 3030 | 3997 |
|  |  | **131810** | **60894** | **5765** | **198469** |

---

As of June 30, 2025, the Group had loans at variable interest rates referenced to Euribor plus a differential between 1.60% and 8.0% and at fixed interest rates that range between 0% and 5.60%, respectively, compared to variable rates referenced to Euribor plus a differential between 2% and 8% and fixed rates between 0% and 5.67%, respectively, during fiscal year ended December 31, 2024.

The Group had a loan with a nominal value of Euros 12.5 million that includes a pledge on the inventories at June 30, 2025 (Euros 15 million as of December 31, 2024) for the same amount (Note 12). In addition, the Group had loans with a total nominal value of Euros 35 million that include a pledge on the property, plant and equipment at June 30, 2025 and December 31, 2024 for a gross amount of Euros 24,789 thousand (Note 8).

***Borrowings***

As of June 30, 2025, loans from a government entity ("CDTI") total Euros 3,947 thousand as compared to Euros 3,997 thousand as of December 31, 2024.

***Derivative warrant liabilities***

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

As described in the 2024 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.

Movement in the derivative warrant liabilities during the six-months ended June 30, 2025 is summarized below:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Public Warrant** | **Public Warrant** | **Private Warrant** | **Private Warrant** | **BBVA Warrant** | **BBVA Warrant** | **Generac Warrant** | **Generac Warrant** | **Total** |  |
|  | **Number of warrants** | **Thousand<br>Euros** | **Number of warrants** | **Thousand<br>Euros** | **Number of warrants** | **Thousand<br>Euros** | **Number of warrants** | **Thousand<br>Euros** | **Number of warrants** | **Thousand<br>Euros** |
| **At December 31, 2024** | **5259119** | **142** | **8883333** | **239** | **1007894** | **204** | **13102971** | **1583** | **28253317** | **2168** |
| Change in fair value of derivative<br> warrant liabilities |  | (131) |  | (222) |  | (63) |  | (684) |  | (1100) |
| Exchange differences |  | (11) |  | (17) |  | (21) |  | (150) |  | (199) |
| **At June 30, 2025** | **5259119** | **—** | **8883333** | **—** | **1007894** | **120** | **13102971** | **749** | **28253317** | **869** |

---

The fair value of the BBVA Warrants was USD 0.14 based on a Black-Scholes valuation methodology for options and warrants.

The fair value of Generac Warrant was USD 0.07 for type 1 Warrants and USD 0.05 port type 2 Warrants, both based on a Black-Scholes valuation methodology for options and warrants.

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

**Reconciliation of movements of liabilities to cash flows arising from financing activities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***<u>(In thousand Euros)</u>*** | **Loans and borrowings** | **Derivative warrant liabilities** | **Lease<br>liabilities** | **Total** |
| **Balance at January 1, 2025** | **198469** | **2168** | **36406** | **237043** |
| Proceeds from loans | 364884 |  |  | 364884 |
| Principal paid on lease liabilities |  |  | (3074) | (3074) |
| Interest paid on lease liabilities |  |  | (892) | (892) |
| Repayments of loans | (380741) |  |  | (380741) |
| Interest and bank fees paid | (7123) |  |  | (7123) |
| **Total changes from financing cash flows** | **(22980)** | **—** | **(3966)** | **(26946)** |
| **The effect of changes in foreign exchange rates** | **(776)** | **(199)** | **(31)** | **(1006)** |
| Change in fair value of derivative warrant liabilities |  | (1100) |  | (1100) |
| New leases |  |  | 1545 | 1545 |
| Government loan receivable | (49) |  |  | (49) |
| Interest and bank fees expenses | 6881 |  | 892 | 7773 |
| Other |  |  |  |  |
| **Total liability-related other changes** | **6832** | **(1100)** | **2437** | **8169** |
| **Balance at June 30, 2025** | **181545** | **869** | **34846** | **217260** |

---

**B.** **Trade and other financial payables** 

Details of trade and other financial payables as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
| ***<u>(In thousand Euros)</u>*** | **June 30, 2025** | **December 31, 2024** |
| Suppliers | 33160 | 23517 |
| Personnel (salaries payable) | 4101 | 5390 |
| Customer advances | 165 | 145 |
| **Total** | 37426 | 29052 |

---

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.

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

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

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

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

All trade payable subject to the supplier finance arrangements are included in current loans and borrowings in the consolidated statements of the financial position.

---

| | | |
|:---|:---|:---|
| ***<u>(In thousand Euros)</u>*** | **June 30, 2025** | **December 31, 2024** |
| Carrying amount of liabilities |  |  |
| Presented within trade and other payables |  | 886 |
| Presented within loans and borrowings (\*) | 29435 | 31681 |
| Liabilities that are part of the arrangements | Not applicable | 136 days after the invoice date |
| Comparable trade payables that are not part of the arrangements | 60 days after the invoice date | 60 days after the invoice date |
| (\*) 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. | There were no significant non-cash changes in the carrying amount of the trade payables. | There were no significant non-cash changes in the carrying amount of the trade payables. |

---

**12.** **Inventories**

Details of inventories as of June 30, 2025 and as of December 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
| ***(In thousand Euros)*** | **June 30, 2025** | **December 31, 2024** |
| Raw materials & Work in progress | 48137 | 55736 |
| Finished goods | 8469 | 14346 |
| **Total** | **56606** | **70082** |

---

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, 2025 and December 31, 2024. Advance payments to suppliers for the acquisition of inventories as of June 30, 2025 were Euros 5,186 thousand, as compared to Euros 4,595 thousand as of December 31, 2024.

Based on current information, the Group has booked an inventory provision of Euros 8,885 thousand as of June 30, 2025 to cover the impact of slow-moving and accrual obsolescence inventories, as compared to Euros 9,203 thousand at December 31, 2024.

As a consequence of certain loans the Group had a pledge on the inventories at June 30, 2025 for an amount of Euros 12,500 thousand (Euros 15,000 thousand at December 2024) (Note 11).

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

**13.** **Cash and Cash Equivalents**

Cash and cash equivalents are comprised of the following:

---

| | | |
|:---|:---|:---|
| **<u>(In thousand Euros)</u>** | **June 30, 2025** | **December 31, 2024** |
| Cash | 3 | 3 |
| Bank and other credit institutions | 25253 | 13336 |
| Bank and other credit institutions, foreign currency | 1764 | 6412 |
| Other cash equivalents | 284 | 285 |
| **Total** | **27304** | **20036** |

---

We maintain cash and cash equivalents with major financial institutions. The other cash equivalents corresponds to bank deposits which due date is lower than three months. Our cash and cash equivalents of bank deposits held with banks that, at the time, exceed federally our local insured limits.

The current account earn interest at applicable market rates and this interest is not significant.

Details of cash at banks and other credit institutions with balances held in foreign currency are as follows:

---

| | | |
|:---|:---|:---|
| **<u>(In thousand Euros)</u>** | **June 30, 2025** | **December 31, 2024** |
| USD | 937 | 4575 |
| GBP | 709 | 1001 |
| NOK | 8 | 97 |
| SEK | 73 | 532 |
| DKK | 6 | 196 |
| AUD | 31 | 11 |
| **Total** | **1764** | **6412** |

---

**14.** **Capital and Reserves**

**Share capital and share premium**

As of June 30, 2025 issued share capital of the Company was as follows:

---

| | | |
|:---|:---|:---|
|  | **Shares<br>(number)** | **Share Capital (in thousand Euros)** |
| Class A shares of euro 0.12 nominal value each | 326898645 | 39234 |
| Class B shares of euro 1.20 nominal value each | 13500793 | 16201 |
| Class C shares of euro 1.08 nominal value each | 9770000 | 10552 |
| **Total** | **350169438** | **65987** |

---

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, Class B Shares provide holders with ten (10) votes per share, Class C Shares provide holders with nine (9) votes per share and Class A Shares provide holders with one (1) vote per share.

Wallbox's Class A Shares began trading on the NYSE under the "WBX" symbol on October 4, 2021.

As of June 30, 2025 and December 31, 2024, authorized share capital was as follows:

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

---

| | | | |
|:---|:---|:---|:---|
| **June 30, 2025** | **Shares<br>(number)** | **Nominal<br>(Euros)** | **Share Capital (in thousand Euros)** |
| Class A Shares | 409770000 | 0.12 | 49172 |
| Class B Shares | 40230000 | 1.20 | 48276 |
| Conversion shares | 9770000 | 1.08 | 10552 |
| **Total** | **459770000** |  | **108000** |

---

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2024** | **Shares<br>(number)** | **Nominal<br>(Euros)** | **Share Capital (in thousand Euros)** |
| Class A Shares | 409770000 | 0.12 | 49172 |
| Class B Shares | 40230000 | 1.20 | 48276 |
| Conversion shares | 9770000 | 1.08 | 10552 |
| **Total** | **459770000** |  | **108000** |

---

During the six months ended June 30, 2025, there were the following share capital and share premium movements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares<br>(number)** | **Price per Share (Euros)** | **Share Capital (In thousand Euros)** | **Share Premium (In thousand Euros)** |
| **At December 31, 2024** | **260633072** |  | **55243** | **531113** |
| January 2025: Stock option plan execution (MSOP/RSU) (Class A shares) | 16189 | 0.12 | 2 | 41 |
| January 2025: Capital increase (ATM) (Class A shares) | 739742 | 0.12 | 89 | 314 |
| February 2025: Stock option plan execution (RSU) (Class A shares) | 574272 | 0.12 | 69 | 903 |
| February 2025: Capital increase (Private placement) (Class A shares) | 26707142 | 0.12 | 3205 | 6204 |
| March 2025: Stock option plan execution (MSOP/RSU) (Class A shares) | 197136 | 0.12 | 24 | 463 |
| April 2025: Stock option plan execution (RSU) (Class A shares) | 309899 | 0.12 | 37 | 1490 |
| May 2025: Stock option plan execution (RSU) (Class A shares) | 16170 | 0.12 | 2 | 28 |
| June 2025: Stock option plan execution (RSU/ESPP) (Class A shares) | 757242 | 0.12 | 91 | 199 |
| June 2025: Capital increase (Private Placement) (Class A shares) | 22458944 | 0.12 | 2695 | 2217 |
| June 2025: Capital increase (Private Placement - SETT) (Class A shares) | 37759630 | 0.12 | 4531 | 3825 |
| June 2025: Off sett share premium and accumulated deficit |  |  |  | (542972) |
| **At June 30, 2025** | **350169438** |  | **65987** | **3825** |

---

The capital increases that have taken place during the six months ended June 30, 2025 correspond mainly to the private placement, stock plans execution (see Note 19) and at-the-market program.

At June 30, 2025 the shareholder of the parent company have approved the offset of losses against share premium for an amount of Euros 531,113 thousand. Additionally, at June 30, 2025 the board of directors approved an additional offset of losses against share premium for an amount of Euros 11,859 thousand.

**Nature and purpose of reserves**

<u>Consolidated prior years' Accumulated deficit</u>

As of June 30, 2025, consolidated accumulated deficit amounts to Euros 63,770 thousand, as compared to Euros 569,175 as of December 31, 2024.

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

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, 2025, the amount of capitalized development costs as carried on the consolidated statement of financial position amounts to Euros 62,630 thousand, as compared to Euros 66,308 thousand as of December 31, 2024, as further detailed in Note 10.

<u>Foreign currency translation reserve</u>

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 (2,989) thousand as of June 30, 2025, as compared to Euros 12,784 thousand as of December 31, 2024.

<u>Other equity components:</u>

*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 19,953 thousand as of June 30, 2025, as compared to Euros 22,626 thousand as of December 31, 2024. Refer to Note 19 for further details of these plans.

*Equity-settled earn-out*

In addition, this caption includes Euros 802 thousand corresponding to the amount to be paid in shares for to the acquisition of Ares (2024: Euros 738 thousand).

*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 in 2024 of reversing the put option liability related to ABL acquisition for an amount of Euros 11.429 thousand.

**15.** **Provisions**

Details of the provisions are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>At June 30, 2025</u>** | **Non-current** | **Non-current** | **Total** | **Current** | **Current** |  |
| **<u>(In thousand Euros)</u>** | **Other** | **Service<br>warranties** | **Non-<br>current** | **Other** | **Service<br>warranties** | **Total<br>Current** |
| Carrying amount at the beginning of the year | 422 | 2642 | 3064 | 500 | 1849 | 2349 |
| Financial expense from provisions update (Note 22) | 9 |  | 9 |  |  |  |
| Charge / (Credit): | 67 | (514) | (447) |  | (263) | (263) |
| &nbsp;&nbsp;&nbsp;(+) additional provisions recognized, net | 67 | 61 | 128 |  | 35 | 35 |
| &nbsp;&nbsp;&nbsp;(+/-) Short-term transferred |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(-) Amounts used during the year |  | (575) | (575) |  | (298) | (298) |
| **Carrying amount at year end** | **498** | **2128** | **2626** | **500** | **1586** | **2086** |

---

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>At December 31, 2024</u>** | **Non-current** | **Non-current** | **Total<br>Non-** | **Current** | **Current** | **Total** |
| **<u>(In thousand Euros)</u>** | **Other** | **Service warranties** | **current** | **Other** | **Service warranties** | **Current** |
| Carrying amount at the beginning of the year | 11652 | 2184 | 13836 |  | 1752 | 1752 |
| Reversal of ABL put option liability (Note 6) | (12000) |  | (12000) |  |  |  |
| Financial expense from provisions update (Note 22) | 1669 |  | 1669 |  |  |  |
| Charge / (Credit): | (899) | 458 | (441) | 500 | 97 | 597 |
| &nbsp;&nbsp;&nbsp;(+) additional provisions recognized, net | 655 | 2032 | 2687 |  | 1475 | 1475 |
| &nbsp;&nbsp;&nbsp;(+/-) Short-term transferred | (500) |  | (500) | 500 |  | 500 |
| &nbsp;&nbsp;&nbsp;(-) Amounts used during the year | (1054) | (1574) | (2628) |  | (1378) | (1378) |
| **Carrying amount at year end** | 422 | 2642 | 3064 | 500 | 1849 | 2349 |

---

**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, 2025, there have been no significant movements in the "Other" provisions caption.

As of June 30, 2024, "Other" provisions caption included mainly the variation of the contingent consideration related to acquisitions and the provision for indemnities of a total amount of Euros 12,079 thousand.

As of June 30, 2025 there are various ongoing claims in relation to commercial agreements, amounting to a maximum exposure of 2.15 million euros (2 million euros as at December 31, 2024). The Company, along with its external advisors, assessed the likelihood of success of the claim as possible, but not probable, and therefore no provision was recorded in relation to these claims.

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

**16.** **Government Grants**

Details of Government grants as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Grants** | **Government Entity** | **Non-current<br>Liability** | **Current liability** | **Non-current<br>Liability** | **Current liability** |
| Movilidad 2030 | Centro para el Desarrollo Tecnológico Industrial. E.P.E. (CDTI) | 472 | 38 | 530 | 43 |
| Flexener | Centro para el Desarrollo Tecnológico Industrial. E.P.E. (CDTI) | 21 | 2 | 48 | 4 |
| Zeus Ptas | Centro para el Desarrollo Tecnológico Industrial. E.P.E. (CDTI) | 275 | 22 | 303 | 25 |
| Alt Impacte | Agencia para la Competitividad de la Empresa de la Generalitat de Catalunya (ACCIÓ) | 336 | 27 | 356 | 29 |
| Minichargers | Centro para el Desarrollo Tecnológico Industrial. E.P.E. (CDTI) | 42 | 3 | 49 | 4 |
| Acció - Creació llocs treball | Agencia para la Competitividad de la Empresa de la Generalitat de Catalunya (ACCIÓ) | 100 | 8 | 101 | 8 |
| Hermes - Estudios | Ministerio de Industria, Comercio y Turismo | 518 | 42 | 591 | 48 |
| Hermes - Desarrollo | Ministerio de Industria, Comercio y Turismo | 1182 | 95 | 1232 | 100 |
| Hermes - Formación | Ministerio de Industria, Comercio y Turismo | 135 | 11 | 142 | 11 |
| Top Gun | Centro para el Desarrollo Tecnológico Industrial, E.P.E. (CDTI) | 24 | 2 | 26 | 2 |
| Torres Quevedo | Agencia Estatal de Investigación | 66 | 5 | 71 | 6 |
| ILIOS-PERTE VEC 2 | Ministerio de Industria, Comercio y Turismo | 2870 | 230 | 2900 | 235 |
| GRID FORMING LOAD | European Climate, Infrastructure and Environment Executive Agency (CINEA) | 368 | 30 | 371 | 30 |
| REDWDS-USA | California Energy Commission | 495 | 40 | 496 | 40 |
| **Total** |  | **6904** | **555** | **7216** | **585** |

---

As of June 30, 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 Comission"for an amount of Euros 901 thousand, Euros 471 thousand, Euros 71 thousand, Euros 5,083 thousand, Euros 398 thousand and Euros 535 thousand, respectively, to develop new technologies and promote smart mobility solutions.

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

As of December 31, 2024, 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 Comission"for an amount of Euros 1,034 thousand, Euros 494 thousand, Euros 77 thousand, Euros 5,259 thousand, Euros 401 thousand and Euros 536 thousand, respectively, to develop new technologies and promote smart mobility solutions.

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, 2025 amounts to Euros 374 thousand, as compared to Euros 271 thousand for the six months period ended June 30, 2024.

As of June 30, 2025 Euros 1,031 thousand are pending to be received from government entities, as compared to Euros 1,872 thousand as of December 31, 2024 (Note 22).

**17.** **Revenue from Contracts with Customers**

Set out below is the disaggregation of the Group's revenue from contracts with customers:

---

| | | |
|:---|:---|:---|
| **(In thousand Euros)** | **June 30, 2025** | **June 30, 2024** |
| Sales of goods | 64225 | 83946 |
| Sales of services | 11706 | 7947 |
| **Total** | **75931** | **91893** |

---

Sales by country are broken down in Note 7 to the financial statements.

There is no individual customer exceeding 10% of the total revenues during the six months period ended June 30, 2025 and 2024.

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).

**18.** **Expenses**

**A.** **Changes in inventories and raw materials and consumables used**

Details of changes in inventories and raw materials and consumables used is as follows:

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

---

| | | |
|:---|:---|:---|
| *<u>(In thousand Euros)</u>* | **June 30, 2025** | **June 30, 2024** |
| Consumption of finished goods, raw materials and other consumables | 44687 | 53099 |
| Scrap stock, slow moving & obsolete accrual | 318 | 616 |
| Work carried out by other companies | 2085 | 2034 |
| **Total** | **47090** | **55749** |

---

**B.** **Operating expenses**

Operating expenses are mainly as follows:

---

| | | |
|:---|:---|:---|
| *<u>(In thousand Euros)</u>* | **June 30, 2025** | **June 30, 2024** |
| Marketing expenses | 1400 | 2715 |
| External temporary workers | 712 | 994 |
| Professional services | 4850 | 5575 |
| Office expense | 3034 | 3633 |
| Delivery | 2568 | 2359 |
| Custom duty, tax, penalties | 535 | 233 |
| Utilities and similar expenses | 2058 | 1917 |
| Fees | 33 | 209 |
| Insurance premium | 767 | 978 |
| Short-term and low value leases (see note 9) | 297 | 1577 |
| Bank Services | 268 | 477 |
| Travel expenses | 504 | 1238 |
| Repairs | 911 | 1329 |
| Warranty provision | (777) | 560 |
| Other impairments and losses (see note 11) | 177 | 367 |
| Expected credit loss for trade and other receivables (see note 11) | (199) | 828 |
| Other | 4016 | 2973 |
| **Total** | **21153** | **27962** |

---

**19.** **Employee Benefits**

Details of employee benefits for the six months ended June 30, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
| ***(In thousand Euros)*** | **June 30, 2025** | **June 30, 2024** |
| Wages and salaries | 22453 | 26659 |
| Share-based payment plans expenses | 537 | 1404 |
| Social Security | 5146 | 8928 |
| **Total** | **28136** | **36991** |

---

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:

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

---

| | | |
|:---|:---|:---|
| ***(In thousand Euros)*** | **June 30, 2025** | **June 30, 2024** |
| Management stock option plan |  | 195 |
| ESPP | 22 | 77 |
| Performance based earn out in shares and RSUs management<br> Ares | 64 | 157 |
| RSU Employees | 120 | 994 |
| RSU Management | 367 | 558 |
| Capitalization of share-based payment transactions in<br> intangible assets | (36) | (577) |
| **Total** | **537** | **1404** |

---

**Management Stock Option Plan**

As described in the 2024 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 2024 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 service-based vesting condition for awards under the Employee Stock Option Plan was completed as of December 31, 2020.

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.

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 0.12 par value (previously Euro 0.50 par value) and the exercise price of the options will be equivalent to Euros 1.93 per share after applying the "Exchange Ratio" of Euro 240.990795184659 (previously Euros 466.24 per share).

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 1,033,609 Wallbox NV Class A Shares.

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

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 is 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 8.66. To determine the fair value at grant date of these options the Group used American option chain, where each option has a maturity of 5 years.

Each beneficiary must comply with the following conditions in order to exercise the options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.A lock-up period of three years, during which time they will be able to exercise the options proportionally on a monthly basis, however this lock-up period was cancelled in December 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.the Company has not initiated a Temporary suspension of exercise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Any other conditions included in the beneficiary's Invitation Notice have been fulfilled.

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•33% will vest on the 1st anniversary date as from the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•33% will vest on the 2nd anniversary date as from the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•34% will vest on the 3rd anniversary date as from the date of grant.

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 100% covered when valuing these RSUs.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Serviced-Based Condition: one-third of the RSUs are subject to the service-based condition and will vest as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•50% of this 33% will vest on the 1st anniversary date as from the date of grant,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•50% of this 33% will vest on the 2nd anniversary date as from the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Performance-Based Condition: two-thirds of the RSUs are subject to the performance-based condition and will vest as follows:

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Period 1: 50% will vest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If between April 8, 2025 and April 8, 2029 (both dates included), at any time, the closing stock price (the last price at which the Company stock trades during the regular trading session) equals or exceeds $25 per share for any 20 trading days within any 30 trading days period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Period 2: 50% will vest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If between April 8, 2027 and April 8, 2029 (both dates included), at any time, the closing stock price (the last price at which the Company stock trades during the regular trading session) equals or exceeds $30 per share for any 20 trading days within any 30 trading days period.

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 20,000 shares by each of the Company's employees who participates in the ESPP with a discount of up to 15%, with a limit of 1% to 10% of annual salary per year.

**Movements during the year**

The following table illustrates the movements in stock options during the six months ended June 30, 2025, 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** | **ESPP** | **Total** |
| **At December 31,<br> 2024** | **675691** | **1932862** | **1013609** | **2333924** | **2596440** | **222800** | **—** | **8775326** |
| Granted |  |  |  | 958500 |  |  | 719998 | 1678498 |
| Exercised |  | (21134) |  | (754776) | (375000) |  | (719998) | (1870908) |
| Cancelled |  |  |  | (642072) | (300000) | (32148) |  | (974220) |
| **At June 30, 2025** | **675691** | **1911728** | **1013609** | **1895576** | **1921440** | **190652** | **—** | **7608696** |

---

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

**20.** **Financial income and expenses**

Details of financial income and expenses are as follows:

---

| | | |
|:---|:---|:---|
| **(In thousand Euros)** | **June 30, 2025** | **June 30, 2024** |
| **Financial income** |  |  |
| Fair value gain on financial investments | 70 | 101 |
| Fair value of derivatives |  | (8) |
| Other finance income | 273 | 864 |
| **Total financial income** | **343** | **957** |
| **Financial Expenses** |  |  |
| Interest and fees on bank loans (Note 11) | 6881 | 8520 |
| Interest on leases (Note 9) | 892 | 963 |
| Other finance costs | 419 | 2091 |
| **Total financial expenses** | **8192** | **11574** |

---

**21.** **Loss Per Share**

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, 2025** | **June 30, 2024** |
| Loss for the period | (34476) | (58235) |
| Dilutive effects on earnings per share |  |  |
| Total loss for basic and diluted earnings per share | **(34476)** | **(58235)** |
| *Number of shares* |  |  |
| Weighted average number of ordinary shares for basic and<br> diluted 'earnings per share (thousand shares) | 273870 | 189337 |
| **Basic and diluted losses per share (In Euros)** | **(0.13)** | **(0.31)** |

---

**22.** **Tax-related balances**

**A.** **Tax credit and other receivables/Other payables**

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

---

| | | |
|:---|:---|:---|
| *<u>(In thousand Euros)</u>* | **June 30, 2025** | **December 31, 2024** |
| VAT receivables | 3284 | 2740 |
| Government Grant receivables | 1031 | 1872 |
| Income tax credit receivables (short term) | 1117 | 1073 |
| Income tax credit receivables (long term) | 3752 | 6047 |
| Other tax receivable | 118 | 181 |
| **Total** | **9302** | **11913** |

---

---

| | | |
|:---|:---|:---|
| *<u>(In thousand Euros)</u>* | **June 30, 2025** | **December 31, 2024** |
| VAT payable | 2572 | 1612 |
| Social Security payable | 515 | 307 |
| Personal Income Tax payable | 620 | 1152 |
| Deferred tax liability | 2814 | 3412 |
| **Total** | **6521** | **6483** |

---

**B.** **Amounts recognized in profit or loss**

---

| | | |
|:---|:---|:---|
| *<u>(In thousand Euros)</u>* | **June 30, 2025** | **June 30, 2024** |
| Loss before Tax | (33500) | (59501) |
| Tax income (at 25%) | 8375 | 14288 |
| Unrecognized deferred tax assets on tax losses | (8375) | (14288) |
| Deductions and credits generated | 1178 | (844) |
| Other adjustments | (202) | (422) |
| **Income tax expense/(income)** | **976** | **(1266)** |

---

**As of June 30, 2025 and December 31, 2024 details of unrecognized tax losses to be offset are as follows:**

---

| | | |
|:---|:---|:---|
| *<u>(In thousand Euros)</u>* | **June 30, 2025** | **December 31, 2024** |
| 2015 | 47 | 47 |
| 2016 | 439 | 439 |
| 2017 | 56 | 56 |
| 2018 | 1579 | 1579 |
| 2019 | 3318 | 3318 |
| 2020 | 9025 | 9025 |
| 2021 | 122456 | 122456 |
| 2022 | 3167 | 3167 |
| 2023 | 41962 | 41962 |
| 2024 | 80676 | 80676 |
| 2025 | 18750 |  |
| Total | **281475** | **262725** |

---

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 56,539 thousand as of June 30, 2025 (Euros 69,228 thousand as of December 31, 2024). Regarding ABL GmbH, the unrecognized tax losses amount to Euros 17,137 as of June 30, 2025 (Euros 16,494 thousand as of December 31, 2024). The unrecognized tax losses of the rest of the subsidiaries amount to Euro 17,137 thousand (Euros 15,657 thousand as of December 31, 2024).

Tax losses may be offset indefinitely in the future. 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 term, as the Company is early stage. Having considered all evidence available and the current investment phase, management

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

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.

**23.** **Related party disclosures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Related parties**

Details of transactions and balances with related parties are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |  |
| ***(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, 2024** | **December 31, 2024** | **December 31, 2024** |  |
| ***(In Thousand Euros)*** | **Shareholders** | **Joint Venture** | **Key management** | **Total** |
| **Statement of financial position** |  |  |  |  |
| Accounts receivables and accounts payables | 369 |  |  | 369 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |  |
| ***(In Thousand Euros)*** | **Shareholders** | **Joint Venture** | **Key management** | **Total** |
| **Statement of profit or loss** |  |  |  |  |
| Revenue |  |  |  |  |

---

Only revenues from shareholders holding a minimal interest in the Group of 50% has been disclosed as a related party transaction in accordance with IAS 24 definitions.

In connection with the June 2025 private placement of Class A Shares, Orilla Asset Management, S.L. purchased 9,037,804 Class A Shares, AM Gestio, S.L. purchased 2,259,451 Class A Shares, Consilium, S.L. purchased 1,671,994 Class A Shares, Iberdrola, S.A. purchased 4,518,902 Class A Shares, Mingkiri, S.L. purchased 2,259,451 Class A Shares and Kariega Ventures S.L. purchased 2,711,342 Class A Shares, in each case, at price of $0.25 per share.

In connection with the February 2025 private placement of Class A Shares, Enric Asuncion Escorsa purchased 135,209 Class A Shares, Orilla Asset Management, S.L. purchased 11,333,694 Class A Shares, AM Gestio, S.L. purchased 2,833,424 Class A Shares, Consilium, S.L. purchased 2,487,832 Class A Shares, Inversiones Financieras Perseo, S.L. purchased 5,666,847 Class A Shares, Mingkiri, S.L. purchased 2,833,424 Class A Shares and Infisol 3000, S.L. purchased 1,416,712 Class A Shares, in each case, at price of $0.37 per share.

In connection with the August 2024 private placement of Class A Shares, Enric Asuncion Escorsa purchased 40,372 Class A Shares, Orilla Asset Management, S.L. purchased 4,279,371 Class A Shares, AM Gestio, S.L. purchased 1,614,857 Class A Shares, Consilium, S.L. purchased 2,139,686 Class A Shares and Generac Power Systems, Inc purchased 28,259,991 Class A Shares , in each case, at price of $1.24 per share.

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
| *(In thousand Euros)* | **June 30, 2025** | **June 30, 2024** |
| Short-term benefits | 267 | 340 |
| Non-executive directors remuneration |  | 246 |
| Share-based payment plan |  |  |
| **Total** | **267** | **586** |

---

Details of the remuneration expenses recorded for the Company's senior management (excluding the executive members of the Board of Directors) are as follows:

---

| | | |
|:---|:---|:---|
| *(In thousand Euros)* | **June 30, 2025** | **June 30, 2024** |
| Short-term benefits | 1003 | 951 |
| Termination benefits |  | 390 |
| Share-based payment plan expenses | 430 | 596 |
| **Total** | **1433** | **1937** |

---

No expenses for post-employment benefits were incurred during the six months ended June 30, 2025 and the six months ended June 30, 2024. As of June 30, 2025 and 2024, the Group had no pension or life insurance obligations with members of senior management.

As of June 30, 2025 and 2024, no advances or loans had been granted to members of senior management, nor had the Company extended any guarantees on their behalf.

During the six months ended June 30, 2025, public liability insurance premiums of Euros 342 thousand, as compared to Euros 310 thousand in the six months ended June 30, 2024 had been incurred to be covered for damages or losses that may be incurred by members of the Board of Directors in the performance of their duties. These insurance premiums do however not form part of the remuneration of the members of the Board of Directors and have therefore not been included in the table above.

**24.** **Financial Risk Management**

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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:

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| ***(In thousand Euros)*** | **Non-current** | **Current** | **Non-current** | **Current** |
| &nbsp;&nbsp;&nbsp;Customer sales and services |  | 34819 |  | 29243 |
| &nbsp;&nbsp;&nbsp;Other receivables |  | 464 |  | 428 |
| &nbsp;&nbsp;&nbsp;Loans to employees | 180 |  | 180 |  |
| **Trade and other financial receivables** | **180** | **35283** | **180** | **29671** |
| &nbsp;&nbsp;&nbsp;Guarantee deposit | 1097 |  | 1170 |  |
| **Non-current financial assets** | **1097** | **—** | **1170** | **—** |
| &nbsp;&nbsp;&nbsp;Guarantee deposit |  | 164 |  | 209 |
| &nbsp;&nbsp;&nbsp;Financial investments |  | 4914 |  | 25901 |
| **Other current financial assets** | **—** | **5078** | **—** | **26110** |
| **Total** | **1277** | **40361** | **1350** | **55781** |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) Market risk**

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.

<u>Interest rate risk</u>

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, 2025 and December 31, 2024 is broken down as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *<u>(In thousand Euros)</u>* | **Currency** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| Fixed rate Loan | EUR |  | 17,366 |  | 16,799 |
| Floating rate loan | EUR |  | 164,179 |  | 181,670 |
|  |  |  | **181,545** |  | **198,469** |

---

A 100 basis points change in interest rates would mean an increase (decrease) in profit or loss as of June 30, 2025 by Euros 907 thousand, as compared to Euros 834 thousand as of June 30, 2024. This analysis assumes that all other variables are held constant and considers only the effect of interest rates.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
|  | **Profit or loss** | **Profit or loss** | **Profit or loss** | **Profit or loss** |
| *<u>(In thousand Euros)</u>* | **100 bp increase** | **100 bp decrease** | **100 bp increase** | **100 bp decrease** |
| Floating rate loan | 907 | (907) | 834 | (834) |

---

*<u>Currency risk</u>*

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

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

impact from anticipated sales and purchases. The Group's exposure to foreign currency exchange for all other currencies is not significant.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
|  | **Profit or loss** | **Profit or loss** | **Profit or loss** | **Profit or loss** |
| *<u>(In thousand Euros)</u>* | **Strengthening** | **Weakening** | **Strengthening** | **Weakening** |
| USD (10% movement) | 2335 | (2853) | 248 | (248) |

---

*<u>Other market price risk</u>*

The Group has derivative warrant liabilities (see Note 11) measured at FVTPL.

The derivative warrant liabilities of Euros 869 thousand as of June 30, 2025, as compared to Euros 2,168 thousand at December 31, 2024, are measured at fair value.

A change of the warrant price by 1% would result in an increase/decrease of the underlying warrant liabilities of Euros 9 thousand. (2024: Euros 31 thousand).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c) Liquidity risk**

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:

---

| | | |
|:---|:---|:---|
| *<u>(In thousand Euros)</u>* | **June 30, 2025** | **December 31, 2024** |
| Current assets | 136007 | 158367 |
| Current liabilities | 152557 | 175751 |
| **Total** | **(16550)** | **(17384)** |

---

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 obligation as they com 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, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| *<u>(In thousand Euros)</u>* | **Capital** | **Interest** | **Total** |
| 1 July 2025 - 30 June 2026 | 101780 | 6122 | 107902 |
| 1 July 2026 - 30 June 2027 | 42711 | 3664 | 46375 |
| 1 July 2027 - 30 June 2028 | 21640 | 1447 | 23087 |
| 1 July 2028 - 30 June 2029 | 11327 | 466 | 11793 |
| 1 July 2029 - 30 June 2030 | 2383 | 71 | 2454 |
| More than five years | 1704 | 5 | 1709 |
|  | **181545** | **11775** | **193320** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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

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**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

shareholder value. The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of its financial requirements to attend 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 changes were made in the objectives, policies, or processes for managing capital with regard to the information disclosed in the 2024.

**25.** **Events after the Reporting Period**

No additional significant events after the reporting period have occurred except of events disclosed below:

In the Annual General Shareholders' Meeting of June 30, 2025, the shareholders of the parent Company approved, among others, the following:

- To increase the number of ordinary class A shares in the authorized capital up to 730,500,000 ordinary class A shares in to create further flexibility for Wallbox NV to raise capital. This resolution has been effective since July 2, 2025.

- Reverse stock split of the ordinary Class A Shares, ordinary Class B Shares and ordinary conversion shares in the capital of Wallbox NV with a range between 10:1 and 40:1. Board of Directors on the same date has finally fixed the ratio 20:1. The primary purpose for effecting the reverse stock split would be to increase the per-share trading price of the Class A Shares to maintain their listing on the New York Stock Exchange (NYSE). A listing on NYSE requires that listed securities maintain a minimum bid price of USD 1.00 per share. This resolution has been effective since July 3, 2025.

------

**WALLBOX N.V.**

**Notes to the interim condensed consolidated financial statements**

**26.** **Detail of Wallbox Group subsidiaries**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **% Equity interest** | **% Equity interest** |  |  |
| **Company name** | **Registered office** | **Activity** | **Company holding investment** | **June 30, 2025** | **December 31, 2024** |  | **Consolidation method** |
| Wall Box Chargers, S.L.U. | Paseo de la Castellana, 95. Planta 28, 28046, Madrid, Spain | Retail innovative solutions for charging Electric Vehicles | Wallbox NV | 100% | 100% | \* | Fully consolidated |
| Kensington Capital Acquisition Corp II | 1400 Old Country Road, Suite 301, Westbury, NY 11590 | Special purpose acquisition company | Wallbox NV | 100% | 100% | \* | Fully consolidated |
| Wallbox UK Limited | 378-380 Deansgate, Manchester, United Kingdom M3 4LY | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - | Fully consolidated |
| SAS Wallbox France | Avenue des Champs Elysées 102, 75008, Paris, France | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - | Fully consolidated |
| WBC Wallbox Chargers Deutschland GmbH | Leopoldstraße 23, 80802 München, Germany | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - | Fully consolidated |
| Wallbox Italy, S.R.L. | Piazza Tre Torri 2, 20145 CAP, Milano, Italy | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - | Fully consolidated |
| Wallbox Netherlands B.V. | Overhoeksplein 1, Amsterdam 1031 KS, Netherlands | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - | Fully consolidated |
| Wallbox USA Inc. | 2240 Forum Drive, Arlington, TX 76010, USA | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - | Fully consolidated |
| Wallbox Shanghai Ldt. | Room 06-116,6F, No.482,488,492,518 Xinjiang Road, Jingan District, Shanghai, China | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - | Fully consolidated |
| Wallbox AS | Professor Olav Hanssens vei 7A, 4021 Stavanger, Norway | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - | Fully consolidated |
| Wallbox ApS | C/O Azets Insight A/S Lyskær 3C, 2, 2730 Herlev, Denmark | Retail innovative solutions for charging Electric Vehicles | Wallbox Norway AS | 100% | 100% | - | Fully consolidated |
| Wallbox AB | C/O WEWORK Malmskillnadsgatan, 32, Stockholm, 5 111 51, Sweden | Retail innovative solutions for charging Electric Vehicles | Wallbox Norway AS | 100% | 100% | - | Fully consolidated |
| Wallbox Oy | Azets Insight Oy PB, 1, Azets 00028, Finland | Retail innovative solutions for charging Electric Vehicles | Wallbox Norway AS | 100% | 100% | - | Fully consolidated |
| Electromaps, S.L.U. | Calle Foc 68, 08038, Barcelona, Spain | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - | Fully consolidated |
| Coil, Inc. | 1307 Hayes Street Suite 5 San Francisco, CA 94117 US | EV Charge installer | Wallbox USA, Inc. | 100% | 100% | - | Fully consolidated |
| AR Electronics Solutions, S.L.U. | Calle Foc 68, 08038, Barcelona, Spain | Manufacture of Electronical components | Wall Box Chargers, S.L.U. | 100% | 100% | - | Fully consolidated |
| Wallbox Australia PTY, Ltd | 152 Elizabeth Street - Level 4 - Melbourne VIC 3000 | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - | Fully consolidated |
| WBX Chargers Portugal, Unipessoal Lda | Rua de Vilar, 235 Edifício Scala, 2 andar Porto 4050 626, Portugal | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - | Fully consolidated |
| Wallbox Belgium BV | Pegasuslaan 5, 1831 Machelen, Belgium | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - | Fully consolidated |
| ABL Gmbh (1) | Albert-Büttner-Straße 11, 91207 Lauf / Pegnitz, Deutschland | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 79% | 75% | - | Fully consolidated |
| ABL Morocco S.A. | Zone Franche D'exportation - Ilot 72 - Lot 2 - Tanger-Médina | Retail innovative solutions for charging Electric Vehicles | ABL Gmbh | 99% | 99% | - | Fully consolidated |
| ABL Nederland B.V. | Meander 251 6825 MC Arnhem, Netherlands | Retail innovative solutions for charging Electric Vehicles | ABL Gmbh | 100% | 100% | - | Fully consolidated |
| ABL (Shangai) Co. Ltd | Yuandong Building, No. 1101 Pudong South Road,200120 Shanghai, China | Retail innovative solutions for charging Electric Vehicles | ABL Gmbh | 100% | 100% | - | Fully consolidated |

---

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**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 and 2025.

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