Hello, everyone, and welcome to Wallbox's third quarter 2026 earnings conference call and webcast. At this time, all participant lines have been placed in listen-only mode to prevent any background noise. After the speaker's remarks, there will be an opportunity for a question-and-answer session. Analysts who wish to ask a question can place themselves into the queue by pressing star 1. I would now like to turn the call over to Michael Wilhelm from Wallbox. Michael, please go ahead.

Thank you and good morning and good afternoon to everyone listening in. Thank you for joining today's webcast to discuss Wolbox third quarter 2026 results. This event is being broadcast over the web and can be accessed from the investor section of our website at investors.wolbox.com. I am joined today by Enric Asuncion, Wolbox CEO and Isabel López Trujillo, Wolbox CFO. Earlier today, we issued our press release announcing results from the third quarter ended September 30th, 2026. which can also be found on our website. Before we begin, I would like to remind everyone that certain statements made on today's call are forward-looking that may be subject to risk and uncertainties related to future events and or the future financial performance of the company. Actual results could differ materially from those currently anticipated. The risk factors that may affect results are detailed in the company's most recent public filings with the SEC. including in the annual report on Form 20F for the fiscal year ended December 31st, 2025, filed on April 9th, 2026. We will be presenting all unaudited financial statements in IFRS format that reflect management's best assessment of actual results. Also, please note that we use certain non-IFRS financial measures on this call and reconciliations of these measures are included in the presentation posted on the investor section of our website. Also, a copy of these prepared remarks can be obtained from the Investor Relations website on the quarter results section, so you can more easily follow along with us today. So with that out of the way, I'll turn it over to Enric.

Thank you, Michael, and thanks everyone for joining us today. We will start today's call with an overview of our third quarter 2016 results, including the continued build-up of our border backlog the management of our supply chain, our perspective on the EV market and discuss our operational progress. Isabel will then offer a closer look at our financial results, key financial metrics and our financial position. After, I will close the conversation to highlight what we are focused on for the final quarter of the year. The key message of this quarter is that demand for our products remains solid. Our priority remains on converting that demand into revenue and that we improve our adjusted EBITDA to 84% year-over-year, landing within our guided range. Order intake remained robust in the third quarter compared to the previous quarter, which reflects a solid performance when accounting for typical seasonal softness during this time of the year. Therefore, we continued to build up our backlog, which landed at 16.9 million euros at the end of September, compared to 12 million at the end of the second quarter. Of this backlog, 14.7 million euros relates to AC, including 0.65 million euros of bidirectional charging and 2.2 million euros of fast charging. Customer demand remains strong. Total revenue landed at 24.2 million euros, below our guided range of 29 million euros to 31 million euros. Revenue was up 1% compared to the previous quarter and down 32% compared to the same quarter last year. The shortfall versus guidance is mainly a matter of timing, as orders could not be converted into revenue due to continuing operational challenges in our supply chain. This is why order intake and backlog are growing while revenue is not yet following. If we were able to convert the generated backlog as planned, we expect our revenue would have landed within our guided range. We are working closely with our suppliers and expect to resolve these constraints over the course of the next months. By product, AC sales grew 8% quarter over quarter to 17 million euros. while DC sales declined 65% to 0.6 million euros and software service and others were stable at 6.6 million euros. From a geographical perspective, North America grew 15% sequentially while EMEA was broadly flat. Gross margin was 36.5% in the third quarter, down from 38% in the previous quarter. This is below the 38% to 40% added range. The main driver is product mix. DC, which carries a higher gross margin than AC, represented only 3% of revenue this quarter compared to 7% in the second quarter. Labor costs and operating expenses landed at 15 million euros, improving 13% quarter over quarter and 34% compared to the same period last year. This is the result of strong cost control and the continued efficiency efforts of the past quarters. and it means our cost base is moving in the right direction to align with the current level of activity. Adjusted EBITDA loss for the third quarter of 2026 was 5.3 million euros, improving 32% quarter over quarter and 24% compared to the same period last year and within our guided range of 6.5 million to 4.5 million. We delivered this result even though revenue was below guidance, which shows the effect of our cost discipline. At the same time, we see significant upside on the P&L as the backlog converts into revenue. With our cost base largely in place, additional revenue from the backlog should have a minimal positive impact on profitability. A larger and more predictable backlog also lets us plan better with our suppliers, which should support more stable shipments, better terms, and more robust operations. For the third quarter of 2026, Europe contributed 17.5 million euros of consolidated revenue, or 72% of total topline. This is 1% below the previous quarter and 26% below the same quarter last year. The European EV market grew 3% quarter-over-quarter and 35% year-over-year. While revenue did not reflect this market expansion, sales order intake remained resilient. We continue to dedicate resources to our priority countries, Spain, France, Benelux, Germany and North America, to better support our customers with sales and service response. North America contributed €6.5 million, or 27% of the total revenue, an increase of 15% compared to the previous quarter, and a decrease of 41% compared to the same period last year. The sequential growth is encouraging, particularly as the North American EV market was down 9% quarter-over-quarter and 36% year over year. AIPAC and South America together contributed 0.2 million euros, or less than 1% of revenue, consistent with our decision to concentrate resources on our key markets. We continue to sell through distribution partners which allow us to accelerate growth in these regions in the future. AC sales of 17 million euros represented approximately 70% of our global consolidated revenue. up 8% compared to last quarter and down 24% compared to the same period last year. AC is also where most of our backlog sits, with 14.7 million euros, so we expect AC to be the main driver of revenue growth as supply normalizes. On the product side, we launched the new generation of Pulsar Max in Europe earlier this month. It has ISO 15118, ready hardware, built-in RFID authentication, and Ethernet connectivity, making it particularly suited to shared residential environments and it will be progressively available across European markets from November. We also continue to see traction for Pulsar Pro in larger projects. At Monreal Metropolitan Airport, together with EDP Electric, we now have 120 Pulsar Pro chargers operational, with a further 48 planned. which will bring the project to 168 charging points using our power sharing technology. DC sales landed at 0.6 million euros or 3% of sales and were down 65% compared to last quarter. This decline is related to the timing of deliveries and to our supply constraints. In addition, we could not participate in selective tenders as the aftermath of our restructuring process was settling down. By going forward, we don't expect this to be an issue. In the end, this is an operational issue we are addressing, not a product issue. Our fast charging backlog stands at 2.2 million euros, which gives us visibility on DC revenue as supply normalizes. And we are working with our suppliers to improve delivery reliability and spare parts availability. Software, service and others generated 6.6 million euros for the third quarter, or 27% of the total revenue. Up 1% quarter over quarter. Looking forward, we expect software to remain an important part of our strategy. In October, we announced a partnership with E-Node, which allows Volvo's chargers to connect with third-party apps and energy services across Europe, supporting smart charging, tariff optimization, and home energy management. In our addressable market, which we define as all regions except China, 2.7 million EVs were sold during the third quarter. This represents a 27% increase year-over-year and a 3% increase compared to last quarter. Zooming in our key markets, which are North America and Europe, we continue to see diverging trends. In North America, the EV market remains soft following the removal of incentives and tax credits. About 0.4 million EVs were sold in the quarter, a decrease of 36% compared to the same period last year and 9% compared to last quarter. Despite this overall market decline in the region, we are pleased with our momentum, delivering sequential revenue growth of 15%. We expect the North American market to remain challenging, which is why we are focusing on our key clients and on the segments where electrification continues to grow. Europe continues to grow, with 1.4 million EVs sold in the quarter, up 35% compared to the same period last year and 3% compared to the previous quarter. Many countries continue to incentivize electrification and new affordable EV models are becoming available. which supports demand for charging infrastructure. This is the market opportunity behind our growing backlog. The growth in the rest of the world, which includes Asia excluding China and the rest of the world, was again the strongest of the regions in our additional market. EV sales in the region reached 0.9 million, up 93% compared to the same period last year and 10% compared to last quarter. As discussed, we deliberately concentrate our resources on our key markets, So we did not capture this growth, but we keep working with our distribution partners and key accounts to maintain our footprint. Overall, the EV transition continues to progress, but volatility remains, and it is important for us to remain flexible. We have a more lean organizational structure and a growing backlog, which positions us to respond when supply conditions normalize. Isabel, over to you.

Thank you, Enric. Good morning and good afternoon to everyone. Third quarter revenue landed at 24.2 million euros, below our guided range of 29 million to 31 million euros, up 1% sequentially and down 32% year over year. While revenue was impacted by softer conversion of volumes in North America and Europe due to supply chain constraints, Our sales order intake has remained robust. To stabilize the supply chain, we are working on new agreements with suppliers. Gross margin for the third quarter was 36.5%, below the 38% to 40% guided range, and gross profit was 8.8 million euros. The sequential decline is correlated with the lower share of DC sales, which have a higher gross margin than AC. Additionally, while warranty spends remain stable on an absolute basis, they had a proportionally larger impact this quarter due to lower revenue levels. Q3 labor costs and operating expenses total We will continue to apply strict cost control while we convert our backlog so that the incremental revenue translates into profitability. Adjusted EBITDA loss for the quarter was 5.3 million. within our guided range of negative 6.5 million euros to negative 4.5 million euros. This is an improvement of 32% compared to the second quarter and 24% compared to the same quarter last year. The remaining driver is lower cost and with the current cost base, we have significant operating leverage. Our backlog of 16.9 million euros is therefore the key to our profitability. As we convert it into revenue, we expect the impact on our bottom line will be significant. Now, moving to key financial items. We ended the third quarter with approximately 10.4 million euros in cash, cash equivalents and financial instruments, compared to 25.1 million euros at the end of June. In addition to funding operations, the cash position has been impacted due to payments related to the restructuring process. Our financing efforts are focused to secure the right level of working capital needed to convert the backlog, strengthen our supplier relationships and support the growth we expect in the coming quarters. Loans and borrowings total 186.7 million euros, a decrease of 2% compared to the end of June, with 149.2 million euros in long-term debt and 37.5 million euros in short-term debt. Approximately 80% of our debt is no long-term debt. which gives us a stable maturity profile. CAPEX remained light and landed at €7.5 million for the quarter, of which €0.3 million related to property, plan and equipment. Year-to-date, CAPEX amounts to €0.8 million, a decrease of 61% compared to the same period last year. Consistent with the last quarters, we are limiting spending on CAPEX and are focused on leveraging our existing assets. Inventory landed at 39.1 million, broadly stable compared to last quarter and 11.6 million euro or 23% year-over-year reduction. This reduction has released cash to support our cooperations during the year. As we convert the backlog, we will keep managing inventory carefully, matching components purchases to confirm orders so that inventory continues to be a source of working capital generation. Enric, I will turn it back to you to provide some closing commentary.

Thank you, Isabel. To summarize the third quarter, order intake remains solid and our backlog continues to grow. reaching 16.9 million euros. Our operations are still affected by supply chain challenges, which we expect to resolve in the following months. Adjusted EBITDA was within our guided range, thanks to strong cost control, although revenue and gross margin were below guidance. And we see significant upside on the P&L as orders converge into revenue. If we look at the three objectives of the plan for our new wallbox, we have achieved one, continuous operational efficiency improvements, and two, completed the restructuring. Now our focus is on three, re-accelerating growth by converting our backlog into revenue and cash while remaining disciplined on cost. We have also continued to expand our product and partner portfolio with the new Pulsar Max and partnership with Enote, which will help us win in the market as supply normalizes. With that, I would like to discuss the next quarter's guidance. For the fourth quarter of 2026, we have the following expectation. Revenue in the €29 million to €31 million range, gross margin between 36% and 38%, a negative adjusted EBITDA between €5.5 million and €3.5 million. Thanks for your time.

Thank you. Everyone, this concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.