Kempower Oyj ($KEMPOWR)

Good afternoon, everyone, and welcome to Kempower's Capital Markets Day 2026. My name is Calle Loikkanen, I'm Director of Investor Relations. It's truly a pleasure to have you here, both those of you joining us in person and those tuning in remotely. Yesterday morning, we announced our updated strategy, Kempower 2.0 and financial targets for the period 2026 to 2030. Today, we'll go deeper into that strategy and explain how we plan to deliver against our targets. Before we begin, just a quick housekeeping note. Today's discussion includes forward-looking statements, which are subject to risks and uncertainties. So please refer to the disclaimer in the materials. And in the unlikely event of an emergency here at the venue, follow the instructions from the venue staff and use the marked exits. With that, let's turn to today's agenda. And we have a strong lineup of presentations for you today. We'll start off with an overview of the strategy by Kempower's CEO, Bhasker Kaushal. We'll then move to the technology part with Jussi Vanhanen, Chief Product Officer, before then going into the regions, starting with Europe and Asia Pacific with Mathias Wiklund, who is the Chief Sales Officer; and then the North America bit with Monil Malhotra, President of North America and Digital Solutions leader. Following these presentations, we will have a Q&A session and a short break. And after the break, we'll continue with our aftermarket operations presented by Katri Piirtola, Chief Aftermarket Officer, together with Monil Malhotra. After that, we'll have a look at the operational excellence by Sanna Otava, Chief Operating Officer, before then moving on to the financials with Jukka Kainulainen, CFO. At the end, we'll open the floor for a final Q&A before the closing words by Bhasker Kaushal. With that, let's get started. So once again, welcome. And now let me hand over to Kempower's CEO, Bhasker Kaushal.

Well, thank you, Calle, and good afternoon, everyone. Welcome to Kempower's 2026 Capital Markets Day, and thanks to everyone who's joining on the webcast as well. Well, today is a very exciting and an important day for us. It's for the first time that I'm standing here as the CEO of Kempower presenting the Capital Markets Day, as is for a number of the management team members that are joined here today as well. And we will, for the first time, lay out in full as this management team, where we are taking Kempower over the next 5 years. So reflecting back, a little more than 5 years back, Kempower was a Finnish startup that made one big bet that DC fast charging can be better done with a distributed architecture. 35,000 chargers in the ground in 60-plus countries, 350 customers later, that's a good start. That's a great start and a solid foundation. Now the world has changed. The EV transition is still going on, but at a different pace. Investors are scrutinizing every euro and every dollar that they are putting to work. And our customers expect more from us. They expect us to be more than just a hardware provider. They expect support through the life cycle for a decade or more. So now in light of that, today is about Kempower 2.0. 1.0 was about building the foundation and 2.0 is about scaling Kempower to be a global leader in DC fast charging. It's the same mission, sharper playbook and a higher bar for us. And by the end of the day today, I want you to leave with one conviction that in what is one of the fastest and the biggest infrastructure rollouts in our generation, Kempower is the company that will lead DC fast charging and will deliver compounding results. So let's get started. And let me start with why we exist. It's a simple mission, accelerate the electric mobility transition, and it hasn't changed since day 1, and it won't change. And we're here in Oslo, which is giving you a glimpse of the future. 95% plus vehicles that are being sold are electric vehicles. Look at the chargers, really good penetration of chargers. So that mission is going to translate into all of the -- all over the world. Our vision and ambition, our ambition is to be a top 3 global leader in DC fast charging, trusted by customers and build to compound. And these phrases are important for us. Trusted by customers because market leadership starts with building great trust and partnership with our customers and build to compound because we are a company that aspire to deliver compounding results quarter-over-quarter, year-over-year, not just one heroic quarter over year. So everything that we do is focused on this mission and vision. Now let me start with why do we think Kempower 2.0 is an exciting and a credible investment. Four points that you will hear consistently today. Number one, we're in an attractive, fast-growing market. The total addressable market doubles from roughly EUR 4.5 billion to EUR 10-plus billion over the next 5 years. Second, we're a proven leader. We're a leader in distributed architecture. We have the industry's strongest combination of hardware, software services. And third is we're expanding from just what we were previously a hardware manufacturer to more of a full life cycle solution provider, and we'll talk more about that. And fourth, we're going from growth at all costs to a focus on sustained, profitable growth. And we target to deliver 15% to 25% revenue compound annual growth rate over the next 5 years and 10% to 15% EBIT margin. And this range is intentional. It's calibrated to different market scenarios. It's not just internal hedging, and we'll talk about that. So just a quick overview of who we are. So Kempower, in 2025, EUR 251 million in revenues, 48% in gross margins. We've got over 800 employees headquartered in Finland, 60-plus countries where our chargers are, 35,000 chargers, as I mentioned. In terms of revenue composition, a little over 80% of our sales come from Europe, 12% from North America and 7% from Asia Pacific. And in terms of the mix, 95% of our sales in '25 came from hardware and only 5% from aftermarket. And that's an important number to remember. We will come back to that as one of the transformations that we're going to be driving. We have been recognized as one of the fastest-growing companies in Europe by Financial Times 1000. So what are we focused on? We're 100% focused on DC fast charging, not AC. We're a focused play. We are not a portfolio play. DC charging is where the differentiation is. That's where the margin lies. AC is commoditized. And in particular, in DC, we're focused on DC ultrafast charging, 150-kilowatt or more, which allows you to go from -- for most vehicles to go from 10% state of charge to 80% or more in about 30 minutes. That's important. Now how do we do this? We do this with a full stack product, not just hardware. It's a full stack product. On the hardware front, we have the distributed architecture, which really means a modular power unit plus different kinds of dispensers that can adapt to different use cases that you see passenger cars, trucks, buses, ports, off-highway. These are all different segments that are all growing fast, and we can address this through one hardware platform plus software. We have Kempower ChargeEye. You're going to hear more about that today. It's our Software as a Service. It's a charging platform that allows customers to use it to operate, maintain and optimize their charging operations. So this combination of hardware plus software, we believe, drives a lot of stickiness with our customers. Now we are an ESG leader, and we've delivered 1.7 billion kilowatt hours of energy through Kempower chargers. And you look at the tonnes avoided, 1.4 million tonnes of CO2 avoided. I was born and raised in Delhi. I've seen the emissions -- the impact of emissions firsthand. And that's the kind of environmental impact that we need to drive throughout the world today. If you look at -- we've been validated by independent rating and standards bodies. We like to call it gold, green and trusted. We're EcoVadis gold. That puts us in the top 5% of companies globally based on benchmarks such as environment, labor, procurement. NASDAQ has awarded us the green equity designation. That means for companies that have revenues more than 50% focused on green. Ours is 100%, and that was the second year running. When I say trusted, on cybersecurity, we're one of the few players that has ISO 27001 certification. Charging is increasingly becoming critical infrastructure. That is a major requirement for our customers now when they're looking for procurement. Next, our view on the DC fast charging market. It's a EUR 4.5 billion market today, growing to over EUR 10 billion over the next 5 years. Quick point. This excludes China. China, we believe China is a captive market for Chinese suppliers. So we've deliberately excluded that from our estimates here. So this includes North America, Europe and Asia Pacific. If you look at the scenarios, the EUR 10 billion is the base scenario, which we believe is kind of the midpoint, about 18% compound annual growth rate for the market. The low and the high, that could be about 10% to 25%. And I'll talk about what drives that in a second. What's important here to know is that we've built our value creation model and our targets to work across all 3 scenarios, and I'll talk about that. So, fundamentally, I want to address the market reset directly. This market has changed. So fundamentally, the DC fast charging market is driven by battery electric vehicle adoption. And the forecast for battery electric vehicle adoption a few years back were unrealistic, right? Those numbers were too optimistic. And over the last 2 years or over the last year, the projections are much more realistic. So that reset is 40%. What you saw in 2023, that old projection of 16 million BEVs projected on the road in 2030, that's come down by 40%. A large majority of that reset is driven by North America, as you see, and that's driven by some of the policy shift in North America. But if you look over on the right-hand side, even after this reset, the battery electric vehicle market is still set to roughly triple. 4 million new BEVs sold in 2025 from that baseline, we still expect 9 million to 10 million passenger cars being sold in 2030. Much more realistic, but very much possible and very much in line with what we see today. On commercial vehicles, the same story, light, medium, heavy duty, we see the take rate is a little bit lower than passenger cars. It's obviously dependent on the availability of vehicles at the right price point. So you look at those BEV share ranges as a percent of the total new vehicle sales, passenger cars estimated to be 30% to 35%, Europe leading with much higher and North America with about half that range over the next 5 years and commercial vehicles at 25% to 30%. So now that recalibration was painful, but we've recalibrated our target to this new estimate of the BEV market. So bottom line, it was the market normalization that has reset our targets, not our ambition level as a company. So what is supporting this market? It's 4 things: Total cost of ownership advantage of the battery electric vehicles, it's regulations, it's public and private funding and energy security as a security imperative. When you look at BEVs, the economics of battery electric vehicles are more advantaged versus internal combustion engines for most use cases now. So that's what's driving the adoption. It's the economics. It is no longer a subsidy-driven story. CO2. OEMs have to electrify. They have no choice. This is a regulatory requirement in Europe. And the governments and the regulators, they're not reversing course on that. Public and private funding, there's ample amount of public and private funding. You look at all the announcements over the last couple of years, we believe there's $10-plus billion in funding that has been announced over the last 2 years. Our customers, they're well capitalized. Lastly, the recent war in the Middle East has just shown how volatile the oil prices can be. Importantly, it highlighted a risk for countries and companies that, that kind of an oil price shock can totally destabilize their environments. So countries and companies are now accelerating their electrification targets to derisk themselves. And that's very important to know. Shifting to the DC fast charging market. Let's look at our position there. Today, we are a global -- top 5 global player. We believe we are the leader in distributed charging. That's where the market is converging, by the way. You look at a couple of peers that are ahead of us in terms of installed base. We rank them by installed base here. They're concentrated in the all-in-one hardware, the station charger. It's a different architecture. It's a different business model. And we and our customers, we believe that Kempower has the strongest combination of the hardware, of the software and the services platform. And we are the only pure-play publicly traded DC fast charging player. So great time to own DC fast charging exposure. All right. So as we turn the page, how are we evolving? How will we be different? Kempower 2.0. 1.0 was about building the platform. 2.0 is about scaling the platform profitably. And there are 3 key areas where we will evolve, and we'll focus on these. First is geographic focus. Second is the business model; and third is the operating model and the focus. Geography, we're looking to become a much more balanced global player, growing from more than 80% exposure in Europe to being much more balanced across the key geographies, North America, Europe and Asia Pacific. Business model. Today, only 5% of our revenues come from aftermarket. We're looking to become much more balanced with materially higher share of recurring revenues that can come often at higher margins and much better predictability. And third, in terms of operating focus, we were a startup. We were in scale-up mode, heavy scale-up mode, and our focus was building the platform. And here, we shift to a more profitable, sustained profitable growth focus. So really, we're evolving from a regional hardware-focused player to a global life cycle solution provider that is going to be disciplined to drive sustained profitable growth. Now to achieve these visions and our targets that we've set, how will we do it? There's 4 pillars and a foundational enabler. These 4 pillars are what we do and the enabler, winning culture and team, is how we do it at scale. We'll talk a little bit about it, and you're going to see that throughout the course of the day today and hear about these presentations. Win with customers. We just don't win orders. We build partnerships with our customers. We earn their trust every day, and we build partnerships. The second pillar, technology leadership through innovation. This is a very competitive market. For us to differentiate, it starts with technology and starts with the full product stack, not just hardware. Third, life cycle solutions, allows us to play both defense and offense. This is where our customers are increasingly looking for solutions across the whole life cycle, not just treat us as a hardware vendor and see us later. Operational excellence, something that we pride ourselves in, and that's something that we'll talk about is asset-light productivity-driven operations. And what you see here as the foundational enabler, the winning culture and team, this is something that I'm really proud of and really we focus on these things, high-performance model, disciplined execution, startup speed, industry, these are not just slogans. This is how we operate. This is how we operate and behave every day. So starting with winning with customers. Look, we win when our customers win in their respective markets. That's our belief. We call this motto winning with customers. And today, we're trusted by leading operators across segments and regions. You look at some of the names here on this page, CIRCLE K as a CPO in retail, EV Realty, Fleet Trucks, Thomas Bus, DP WORLD in ports, the largest port operator. And these are some marquee names. Overall, we have 350-plus customers globally and 135-plus customers acquired over the last 2 years. And our top 25 accounts account for about 50% of our revenues. So we have deep relationships and deep multi-account, multisite relationships there as well. Last point on this page, 75% of our installed base is doing public charging for cars and then 25% is fleet. So we're diversified in terms of our focus and also diversified in terms of the revenue streams that we see. We are not dependent just on public charging or just on fleet. One of the things that I have enjoyed the most about our teams since I joined is how customer-centric our teams are. It can often be just a slogan, but really, our teams get to the heart of what the customers need to win in their markets, truly understanding it and solving the problems of our customers. And there are different customer segments. They have different needs. You look at the CPOs, every day, they're focused on revenue maximization, revenue per site per day. The fleets, they're focused on total cost of ownership over the life cycle, by the way. So how do we do it? We do it through one platform. For the CPOs, our distributed architecture, you've got a limited grid connection. You want to be able to give that to maximize that to the maximum number of cars or vehicles available, and our distributed architecture does that very well. By the way, it's scalable. As you grow, as you see your demand grow, you can scale. For fleet operators, they're buying on total cost of ownership. And you look at things like what's important to them. It's uptime, the redundancy in our system. It's uptime, it's SLA-driven service level-driven contracts. Again, the distributed architecture helps the depot economics. They want telematics integrations, integrations with their fleet management systems. We do that. So same hardware, same platform, 2 different value propositions that we are serving. And that's the power of the distributed platform. And Mathias and Monil will share real customer examples of why we win and why this kind of value is translated to our customers. Next, on technology. I'd say innovation is in Kempower's DNA, right? And the industry is shifting from what was basic charging to now more advanced charging today to really intelligent energy management. And our focus, we in a way -- and also it's also going from peak power. Everybody was fixated on, hey, 200 kilowatts, 400 kilowatts, 1,000 a megawatt. It's no longer about just nameplate power. It's about total cost of ownership. And you look at that, it's -- what does that drive? Our focus is both TCO and intelligence. We differentiate with our hardware, looking at cost per kilowatt hour. And on the intelligence, we want to be able to drive outcomes for our customers. We'll talk more about that, cloud, AI-driven uptime, energy, predictive service. These are the kind of things that drive value to our customers. So we will focus on that. We're investing in R&D. 25% of our total workforce is focused on R&D and product. We have a unique and a patented IP portfolio across power conversion as well as the electricity delivery through the cable support mechanisms and the dynamic charging. That is really our secret sauce, and we'll talk a little bit more about that. And we are also constantly looking around the corner for what is the next technology. And that's where we partner with universities. Universities such as LUT in Finland and North Carolina State University in the U.S., the FREEDM Center there to again get access to the next-generation technology. And Jussi is going to talk about this in more detail overall our technology view. I have to say a word on AI. AI is not just a road map item or a slogan for us. We have 20-plus agents that we're deploying at scale today. And the way we look at AI is through 3 lenses. AI helps us deliver differentiation, product differentiation, so how we infuse AI into that and the dynamic charging algorithms that we talked about. Look, we've been working on those algorithms over the last 5 years. Now we are infusing AI. How do we extend our lead and extend our advantage. It's not just going to be hardware, it's those algorithms. So that's the differentiation bit. Growth. We focus on revenue expansion. We have the Kempower ChargeEye platform. Monil is going to speak about that and share a couple of examples of how we're doing that. And productivity, apply AI to everyday task. It's become one of my favorite friends for sure, and I know for a lot of folks around our company as well. And there's real examples of how that is driving productivity. For software developers, 8-plus hours per FTE per week reduced. And order handling, we're getting 20%-plus efficiencies in our order handling, and we're just scratching the surface. So these are real things and numbers that we're delivering through AI. Next, life cycle solutions. As our installed base grows and customers increasingly want solutions across the life cycle, we have a great opportunity to build a recurring revenue business. Our offerings that we have, parts, service contracts, modernization and upgrades and software, each comes with their different revenue and margin profile. Katri is going to talk about that in more detail. But look, it's fundamentally driven by a growing installed base, 2.5x plus. 2.5 is the exact sort of absolute lower end of the estimate, quite frankly. You look at a much higher opportunity for us to grow our installed base, very conservative estimate there. And every charger, every unit that we sell is an aftermarket revenue stream for the next decade or more. And every charger is also connected to our Kempower ChargeEye Cloud in real time. Every charger turns into a data feed. We know when to service that equipment, when to upgrade that equipment, what to upsell to our customers next time before a customer ever asks us. So this recurring revenue stream, as we build it out, it's hard work, but we will build it out. This provides much better predictability, much higher margin and also improves our earnings quality. Operational excellence, I mentioned we pride ourselves on that, leading industry performance around things like order to delivery, lead time, configure to order, we got a scalable model. When we think about the investments that we've made in factory capacity and equipment, we're 3x ready. Labor obviously scales with volume. And we're very focused on productivity. Late last -- earlier this year, I shared that we started a unit cost improvement program. Just this year, our target is to get $10-plus million productivity savings. We do see price pressure. Jukka is going to talk about that, right? This is a price-sensitive market. We are going to our unit cost reduction and our productivity program to offset and improve -- offset that. Now we will also stay disciplined on operational expenses, and I'll talk about that in a second here. Sanna will go through this in much more detail in a later presentation. So overall, look, our goal is to build a balanced business. Different regions are at different stages in their EV adoption curve, right? As these regions get ready for their inflection points, we aim to be there, and we're already there. So we have a well-defined approach for each region. Nordics, we lead that today. Our goal is to protect and deepen our position and defend our share. Rest of Europe, we're gaining share. We continue to acquire new customers, gain share of wallet. North America, Monil will talk about, that's a share gain story. Whatever the market does, we're going to outpace the market. We're already doing that today. We can continue to do that. And Asia Pacific, it's a very competitive market. We scale selectively. We pick and choose our markets, pick and choose our customers, and it's going to be a targeted entry with local partners. So how does all of this come together to deliver value for our shareholders. I said our goal is to deliver sustained profitable growth and compounding value. And we've got a 4-part formula: disciplined above-market growth, we gain share, but margin protected and balanced global expansion. On the life cycle front, again, I talked about materially higher aftermarket revenues. Third, operating profit expansion, the operating leverage that we get and the aftermarket mix and productivity help us there. And then disciplined selective reinvestment. We're still investing selectively in areas that are tied to our strategic priorities. But what we will target -- the OpEx growth, we are targeting that to be less than half of what the revenue growth rate is. That is -- we're going to stay disciplined on that. We will not let OpEx grow ahead of our revenues. So as we execute this strategy and this value creation model, what are we targeting? In terms of revenues, we're targeting 15% to 25% compound annual growth rate through 2030. 10% to 15% in operative EBIT by 2030. The revenue range is tied to the market scenarios. It is not internal hedging, right? You've seen this market be dynamic. It can go up and down. And in a slow market, our approach is -- we are targeting the lower end of the range. So that's what that means. In a base market, we have calibrated to the midpoint well. And in an accelerated market, we go to the upper end. And look, our goal -- end goal is sustained profitable growth on the EBIT -- operative EBIT. And the way we're going to do that is also use the reinvestment as a lever. So it's tighter in a slower market. It's balanced in a base market, and we lean into investments as we grow faster than what we -- on the top end of that. So no dividends on the short term as we focus on reinvestments, and we think that drives more value, at least in the near term, but we reassess that. So we don't think we're sandbagging or promising this moonshot with these scenarios. We're just giving you a very honest conditional architecture, right? It's honest, it's credible and it's conditional to what the market does. All right. Coming down to the home stretch here. Look, strategy targets are easy, right? Execution is what differentiates real companies. So what I'm really proud of is what we're building internally, the culture here. We've already got a really solid base, a start-up orientation, bias for action, fast decision-making, and we're building on that. And all of this with a view that we can lead and we can deliver results for years and decades to come. So we're building high performance into the fabric of our company. It starts with clarity of role, ensuring people know what they're accountable for, right, investing in developing talent, giving them the tools and the coaching that they need to grow and deliver their results. And when they achieve their results, raise the performance bar, get to the next level. And then disciplined execution at start-up speed, this is all about discipline without losing the speed. I've talked about how we'll be disciplined on capital allocation. We drive this through KPIs. We have KPIs and targets. This strategy that we talked about, it's been translated into very specific initiatives. We have targets. We have dashboards. We operationalize it. We don't wait for a year. We review this every month. We are taking action. So it's accountability, it's transparency top to bottom and its speed of decision-making. I do humbly believe that we've got the best team in the industry, 800-plus people delivering results, right? 60-plus nationalities, very diverse, very global team already, 40% plus female representation in the leadership. And look, we're a team of industrial technology and electrification leaders. We're all assembled on that same mission that I talked about. Sanna, Jussi, Jukka have been around since the early days. You see Monil joined ex-Emerson leading large software businesses. Katri joined aftermarket from KONE and Ahlstrom heritage. And you look at Mathias, Chief Sales Officer, ABB, Universal Robots and Ane from Valmet. So we've got a good mix of depth and experience in this leadership team to deliver what I talked about. All right. Well, in closing, let me leave you with why we believe Kempower 2.0 is a very exciting and credible investment. Four things to remember. We're in an attractive, fast-growing market. It's going to double or estimated to double over the next 5 years. Second, we're a proven leader. Third, look, we're evolving from this regional hardware focus to more of a global and a life cycle focus. And from a profitability standpoint, we're focused on discipline, on sustained profitable growth. These are not aspirations. This is how we run the company, right? So we believe Kempower is built to lead and built to deliver sustained compounding results, and we're very excited about it. So the rest of the day, we'll be talking about these themes. So now I will turn it over to Calle for the rest of the presentation. Thank you.

Thank you, Bhasker, for setting the scene and outlining the strategy. Now let's turn to how this strategy has been enabled by our technology. So let me welcome Jussi Vanhanen, Chief Product Officer to the stage.

All right. Welcome to this back to the future experience for Norway and Oslo. So excited to be here. I will talk today about the technology and product leadership. And why this matter is dear to me, of course, that Bhasker is paying me for it, but also I'm so excited to work with our customers. And that's the key for our innovation and how we understand the customer needs and how we create the value for our customers. And this is a story I tried to highlight to you today. Before we go to the topic, I would like to know you a little bit better. So put the hands up that who are the EV drivers. It's quite good, almost everybody. Hands down, who is the want-to-be EV driver? -- rest of the group. So great. Awesome. So I know my audience now, good to see you. You know what I'm talking about now. All right. Let's go back to the past from the future, 3 years ago that we had at Capital Markets Day. We were talking about the industry where the industry is. It was about the peak powers like Bhasker said, that who makes the biggest charger, who can make the DC charger and most important, who can deliver the DC charger. And it was about the static systems, peak powers, euro per kilowatt and all that kind of old-fashioned way to look at it. Then Kempower came to the market, we started to define the charging for something better. We analyzed what is the charging business, what is the user experience at the sites and how we can bring something better. We created the intelligent platform with the full stack of hardware, software and also services that time because there, you're getting stronger all the time. Now as already there, the strategy was to create the customer value and collaborate deeply with our customers. Kempower 2.0, we go stronger to that direction. We go for total cost of ownership and optimizing all the elements of the TCO calculation there what I'm stating. You guys, you know the equation quite well. Minimizing the CapEx, how to minimize the hardware cost compared to energy that customers are charging, how to make a faster deployment with less staff, higher efficiencies, planned OpEx, that's what all the customers said that they want to plan their operations. They want to plan their EBIT. Maximum uptime that they earn the money all the time. We go for the euro per kilowatt hour. That's the transition for the TCO. Let's still look at the evolution of Kempower. 2019, when we came to the market, the very fundamental things that we were bringing to the market was our own in-house power electronics and our power source. So crucial that it was -- that design in Finland, made in Finland architecture. Number two was the charging controls. We created the charging controls from the beginning that we knew exactly what was happening between car battery and our charger. And number three, we were introducing the charger already there 6, 7 years ago that we started to accumulate the data and information and the customer experience at our sites. 2020, that was the time we were bringing the distributed system, really disrupted the market. I think all of you still remember that crazy Tesla Bjorn video that made us very, very famous. If you haven't seen it, I will send it to all of you from YouTube. Same time, we were bringing the station charger, all-in-one charger that many competitors have also. There is a specific use case for that, but still the bread and butter differentiation was a distributed system. 2020, we came to North America with full compliance of North American standards. '24 with the total redesign of the power electronics, change for silicon carbide technology and boosting the efficiency of our charger. It still looks the same from outside, inside totally new. And now last year, this year, we are bringing the MCS, 1.2 megawatt and 12. That was the first in the industry charging 1.2 megawatt for the electric vehicle. It was an amazing journey and still continues. Same time, when we develop the hardware stack, you see the amazing AI-driven Kempower ChargeEye that has been disrupting the business. Now the latest developments are the Kempower EMS, the site analytics and the state of health analysis of the fleets. And this is where we are at the moment. This is the strongest distributed DC charging system in the market with the 50 to 1.2 megawatt power units, satellite systems up to 12 bays. Here is the standard satellite, the MCS satellite, still the station charger and Kempower ChargeEye with the Service Cloud, Energy Cloud and Operations Cloud. Let's still dig in a little bit the Kempower differentiation. The 5 elements where really the Kempower differentiates from the competition and creates a better customer value. Number one, distributed; number two, dynamic; number three, modular; four, intelligent; and number five, the best user experience. All the EV drivers know how good the Kempower chargers are. Let's go one by one. Distributed. So it really means that we have a centralized power unit, and we distribute the cable management and user interface away from the power electronics. Here, you see the MCS satellite charging the truck, the satellite system there charging the cars and then even the depot overhead charging. So one power electronics, multiple use cases. This makes the site layout design so much easier and flexible placement of the charging ports, reducing the space. You know how much the space costs, especially in the parking lots. It's more than the apartments and flat prices, especially in places like California, New York and the center of Oslo. So 50% of space savings and maximizing the grid utilization. When you look at the stories of EV charging that what is holding us back to have more rollout, it's the limitations of the grid connection and how fast the grids are even for the different sites. Kempower system is maximizing the utilization of the grid connection. And with the same grid connection, we can charge even 30% more energy than the traditional system. So 3 unique values of the distributed systems. Dynamic power sharing that I had here a real site example for you, 12 bays, 1.2 megawatt. I was presenting for our team in rehearsals and the guy said that Jussi, this is way too complicated, but there is so much happening in your site. I don't know where you are in your story. So I made this very simplified version now, but the real version of this story is in the YouTube animation. We can link you to that one also. Probably you have seen it. So total 600-kilowatt capacity. That's one basic charger. And we look at the utilization a little bit. Let's imagine this is a calm and easy Tuesday morning in Kempower site. First, Mathias comes with the Volvo there. Volvo XC40 -- it's slightly slow charging. Mathias comes early and he's the first one because safety is so important for Mathias. Safety comes first, so does Mathias. Mathias is the early bird. Slowly charging. What happens next? Sanna comes with the BMW. Sanna knows that the most efficient charging, you charge from 10% to 80%. Sanna comes there with the 11% because he's a little bit saving. And you see that the same power is now accumulated to the same power unit. And Sanna is getting that full power and is in and out very fast. Next, Sanna's power curve is going down already. What happens at that point? Monil comes in with the Tesla Model S. Monil is reading the mantra for himself. This is going to be the Monil Malhotra EV charging success story. I'm going to make it. I'm going to charge high powers, and I will do it now. Let's do this Jussi. So Monil comes, bang, 250 kilowatt. Monil goes there, takes a Facebook photo and sits in the car, the window open. And all you see there, the Mathias is getting power, powers are getting down, Sanna power getting a little bit lower already. Sanna is getting ready. Still, Monil is getting the full power. And what happens next is the ambulance is coming to the site. And this site is agreed that there is an emergency priority for police and ambulances. So we allocate most of the power to the emergency charging. These are the most advanced features in the Kempower dynamic power sharing. What this really means for our customers and as a user experience. Again, high power utilization because of using the same power electronics here, 30% higher utilization, improved system availability because of the modular structure, leading to 99% or better uptime and then intelligent charging priorities. One priority can be emergency, one can be Gold card member. So it depends on the CPO how they want to do that. That was the dynamic power sharing. Let's move on. Modular and scalable. One platform, this story I told you already. One simple power electronics platform. And then with the different dispensers, we vary the user experience and the usage in different segments. Public charging, it's typically those satellite systems. Bus and fleet, this is a buscraft solution. Port, this is now MCS, high power and truck fleet, overhead charging. These are our strong use cases, and it's great to show these to you tomorrow in real life. We will visit all these sites, and we can dig into this functionality better. Intelligent. 100% of all the charging and all the chargers and charging sessions are connected to the Kempower ChargeEye Cloud system from the beginning. Service Cloud, Energy Cloud and Operations Cloud. This allows us to optimize the service quality, optimizing the energy usage and assuring the mission-critical operations. These examples are here the AI-driven features that we have created to our system. Monil will have a deep dive on this. I'll leave the rest of that for Monil's presentation. 100% intelligent, 100% connected. So powerful. Number five, the user experience loved by EV drivers. You know that you are -- most of you, you are the EV drivers. You know what a relief it is to arrive to a Kempower site. These are the EV chargers designed by EV drivers. 100% of our own fleet is electric. We need to charge our cars at the sites all the time to learn what works and what doesn't. One that the users really love is our UI. And this is the typical picture, giving a prediction of the charging times. This is the ChargeEye feature and then follow on mobile. You can beam the UI with you. I think you have been using that. This -- if you want to try that example, it takes you to the demo site. Also, the cable management with the reach that all the users we have been interviewing and testing our system, they say that they love it. It's compact, it's light and you have a beautiful reach with the cable. So those 2 features make a very, very different product that the EV drivers love. And because the drivers, they love the Kempower sites, the Kempower sites are busier. That's why our customers, they make better profits. Those were the 5 differentiating features of Kempower system. Let's look at a little bit about the future, where we are going next, what we are innovating at the moment. So number one, megawatt charging. I will show you a couple of examples there. Number two, we go more for the advanced satellite structures, go for the microgrids with the energy storage integrations, automated charging, wireless. At the same time, we continue investing in the digital services, predictive maintenance, advertisement, ChargeEye for ports, microgrid energy management and self-optimizing depot charging. Let's dig in a few of the most important topics here. The MCS truck charging, this is an example of the truck charging site last year, and this was the first world premiere for 1-megawatt charging in real life. And there, Kempower is really pioneering and differentiating from the competition. On the right-hand side, a similar site from the U.S. California at the first MCS installation on American soil. I think this proves how much ahead Kempower is in the technology. Why I'm talking about the MCS when we have done that, like is there a room for innovation still? I think this is just the beginning of what will happen. MCS standard is now ready. This is concretizing the road map now to go forward. These chargers are developed together with the leading OEMs, a few examples in the picture here. So good collaboration. We know that the trucks are now ready for the rollout. During the break, we were discussing about this already a little bit, and we can continue. But a great journey ahead of us. Number two, the microgrid installations. These are a few site examples where the battery energy storage is connected to charger. Some sites are integrated even with renewables. And this is the direction where the industry is going. And Kempower is on top of the innovation there. We are getting to the end of my presentation. I still have a couple of slides to show you. The next one is our next-generation satellite that we will introduce to the market next autumn. This is just a sneak peek for you, so keep the information just for you. We are bringing the next-generation satellite system. And the crazy thing when we started the project was how you can make something that is almost perfect even better. So the project was perfecting the perfect. We were developing this together with the leading CPOs in Europe and in the U.S.A., and they say they need a faster installation and deployment. It's one of the key features here. It's even easier. I'm so proud of the user interface that we are bringing to the market now. All new, it's communicating better, so much cleaner and nicer, even that I love the existing one, but I'm so excited when we are getting this out. And number three, great branding options for our customers, the total branding of the hardware and full branding of the UI also. The CPOs are so excited about the product. If you come to the exhibitions in Europe and U.S. next autumn, you can see and touch and try this product. All right. Let's go to the summary of my presentation. So really, the Kempower differentiation and how we keep ahead of our competition is that we are innovating together with our customers, and we deliver more value to our customers. That's what we study every day in our relationship with them, and this is where we want to perfect our operations. Bhasker was talking about the customer centricity of Kempower. Better uptime, 99%. This is the industry-leading uptime with the modular structure we have. 100% intelligent. This will give huge opportunities for our digital services and aftersales market, where Katri will -- in a few minutes, she will dig in. And as a conclusion, we can give up to 20% better TCO for our customers in the full stack of CapEx, OpEx, high efficiency. That was all what I wanted to say today for you. Let's continue after the break and enjoy the show. Thank you so much.

Thank you, Jussi. And with that, let's continue with how we are executing across our regions. So first, let's start with Europe and Asia Pacific. So let me hand over to Chief Sales Officer, Mathias.

So thank you, Calle. Thank you, Bhasker as well, and thank you, Jussi, for highlighting my safe Volvo driving when I'm charging. So my name is Mathias Wiklund. I'm going to talk a little bit about winning with customers. But before I do that, I think it's important to think about where you are. You're actually in Norway, and I think Norway is really good at a lot of things, and I'm talking about winter sports now. Norway is really the frontrunner, the future when it comes to electrification. Look at renewables, 98% is actually coming from renewables here when it comes to the energy. 96% of all cars, passenger cars in Norway, 2025 were EVs. That's quite impressive. Their fleet on passenger cars is over 50% EVs. So think about that when you go out and look at every second car will be an EV. This is the only market where that has happened. But what I think we're seeing, and I think that's an important thing because we have certain things that are moving in the world today. Look at the oil prices, how that is changing. Look at how the Germans now are Googling EVs about 3x more than they did before the war. So there is a transition that is happening here. And that, of course, is going to help us on our transition into making charging a bigger business and a more interesting thing for the future as well. I think there are 2 things I want to show with this slide, and I think this is always good when you're working in sales. There are challenges and there are opportunities. And really, when I'm looking at this, this is a huge opportunity. When you look at these numbers, looking from a market point of view, you will see the electrical cars are going to grow by 3x to about 7 million or 8 million from 2.6 million. You will see the fleet side, the truck sites and buses and those will grow as well 5x. And then you know that a bus or a truck will require more DC charging than the passenger car does because the factor is almost 1:1, vehicle, 1 charger. This is a very good market to be in. Looking at that as well, you're going to have a EUR 3 billion increase in the overall market. That means Kempower can grow with this in Europe, EUR 3 billion. And of course, we can fight for the other EUR 3 billion where we will take market shares from our competitors. The other thing that is good with this slide, and I think it's important as well, is actually the tailwind we have because you will see that there is funding of over EUR 3 billion here as well, trying to drive the electrification journey to our benefit. I already mentioned the increased oil prices where people are strategic focused on energy. How do we keep costs low. And with the oil and the diesel or gasoline going as it's going today, this becomes a saver in some way. Then in Europe, you also have the emission regulations, you're trying to drive those down, and you also have cultural values. And those are going to play into our opportunities in making sure that we are driving the market for the better. If I then look at Kempower, Kempower started in Finland. We have been very strong in Nordics. We're in Norway now. So you see these things, done a very good job here. Our challenge and our transition, which already started, is to make sure we're doing this journey as well in Central Europe and the South of Europe. You can see here our sales numbers, and you can see that we're actually starting our expansion in South and Central. Those markets are very, very big. We haven't done our homework from the past. It's time that we're doing it today, and we have a lot of benefits with us here. We have a very strong Nordic situation. Our challenge is to make sure that we maintain. We need to maintain our Nordic stronghold, but we need to make sure we're also expanding in the South and Central. You have some big countries there where we have the right products. We've been learning. We've been evolving as well. Talk about the DACH market, talk about Benelux, France, Spain, Italy, U.K., enormous potential. That's what you want when you are in sales. You want potential, and we have huge potential. Kempower has another thing that is really a benefit for us. I will show you a slide later on, but we're talking about a lot of big customers. And those customers are global. A lot of them are actually playing on the global scale. Our job is to make sure we do a better job going forward and playing with them where they want to play. Bhasker was also showing on one of his slides that we have added 135 new customers to our portfolio during 2 years' time. That's something we need to continue doing. You should never be satisfied with the amount of eggs you have in the basket. Always make sure you add more because that is something that will pay off in the long run. The EV business is going up and down when it comes to potential. We just need to make sure we have as many players as possible because we can't predict who will be winners and who will be not. But if we get most of them in our portfolio as a customer, the potential is there. Sales can't do this on their own. I think this is an important thing. I think you listened to Jussi, he was talking about the benefits with our product, numerous both in public and in fleets. But it's also another journey that is going to be important for us to make sure that we are giving the customer the best of the best experience. And it really becomes important now when we're talking fleet business big time, and that's the service, the lifetime product support. And Katri will talk about that one. If you look at this, my intention is not to go through all of these customers, so you can rest assured on that one. But I think it's important to see where Kempower is. And if you look at this one, you will see we're in public charging, we're in fleet. We're working with the ones selling the energy. We're working also on the retailing side on the public. Both are extremely important, making sure that we give them the best of the best experience. You can see global brands here, you can see European brands, you might see local brands, but they are big players and a lot of them will help on our continued journey. Then if you're looking on the fleet side, you have trucks and you have logistic customers there, a lot of them really on a global basis. I'm not even able to show some of them because we're not allowed to put their names up there, but they are big players. Bus, very much a big thing for Kempower at the moment, will continue being a big thing. And now ports is kicking in as well, where we're signing some of the contracts lately with APM TERMINALS and so on, where they will go quite heavily on becoming green. And this is requiring mega charging big time. This is really an interesting field for all of us where we're talking huge deployment of energy. Whatever you do, I think it's important to think about what customers want and listening to the customers and hearing the customers. So instead of me doing all the talking here today, I thought it would make sense to bring in one of the customers in public charging to talk about what is key for them and why they are choosing Kempower on their journey. So if we start the video. Good. So Zunder is one of the bigger players operating out of Spain, Portugal and France. And I think you could see some of their -- or they could mention some of their benefits they see with Kempower. But I think there's one thing they're not talking about, which is also essential, and that is to make sure it is easy for customers coming to their site and doing charging. The second one is that things are working when they're coming there. Those are really 2 essential things as well. And I think that's what we're giving them with our software, hardware and also our service. Now talked about the CPO. The fleet operators are also an important thing for us going forward. And who can talk better about fleets than the fleet themselves. So therefore, we have a short video from Tper in Bologna talking about fleet operations and why they choose Kempower. So let's play the next video. I think this is just an important thing to understand. This is a company that is transporting 150 million passengers per year. Their buses are rolling 44 million kilometers. They are depending on making sure that people are moving from A to B. They can't afford being down. And I think here is where Kempower offers additional value in the form of Kempower ChargeEye, where you will actually be sure that the bus is charged in the morning, that the bus is leaving to the customer in the morning and picking the people up on the road. Because if you don't, you're going to pay like EUR 15,000 every time the bus doesn't leave. That can be quite expensive. But with the Kempower ChargeEye software, you are safe, you know that the charging is done. It's okay on all of your buses because some of these bus depots, they can be enormous, to be honest with you. So imagine if the bus doesn't go and using the software from Kempower securing that they are leaving, then there are other additional benefits with Kempower ChargeEye. You can actually reduce your cost of energy as well. You can actually control your cost because you're charging at an optimal time because the prices always vary. So if I'm looking at that into Europe, what is it that we're trying to do? Just concluding that one. Well, I don't think it's rocket science. It's quite simple and safe in some way. We need to make sure we're keeping Nordics. We're not going to drop Nordics. We're going to maintain being the leader here because Nordic is also the frontrunner and we're learning a lot from it. But we need to move to Central and South Europe because that's where there is huge potential at the moment. They are far behind on the deployment of electrical vehicles and fleet is coming as well. So we need to make sure that we are expanding our presence in those areas. And last but not least, we have big customers, and we're also going to have new customers that we need to make sure we're continuing working with. The big customers will help us in Europe, but they will also help us outside of Europe because we shouldn't forget outside of Europe. That's why we're going to talk a little bit about Asia Pacific as well. If you look at Asia Pacific, I think there are 2 things that are important here. If you look at the market growth in Europe, well, this is much bigger potential, huge growth potential, 29% CAGR from EUR 0.5 billion to EUR 1.8 billion. And what I think is really the best here is we are already there and having people operating. Yes, they're small numbers, but they're 7% of our order intake from '25, and it will grow. One of the most important things when you want to enter a new market is actually to be there to have the presence. And we have that. What we need to do here, we need to be selective in some way. It's not just about running everywhere and hoping we're going to be successful. We're actually trying to surgically do this business in a very structured way. But we will also have the opportunities of big customers coming in and starting their electrification journey in Asia as well, where we already do business with them in Europe. That will, of course, give us an opportunity to make an active decision. Do we follow them? Do we actively put people there? Or do we use our partner network that we are building up in Asia because there is no way we can do this on our own. We need the partners. But with partners, our access and reachability is tremendously bigger. And then, of course, we need to make sure we're doing this cost efficient as well, which we always need to do to secure that the distributed system has a good fit and the TCO is in line with what the customer wants. I already talked about that we're there. And yes, we are. We've been in Australia for a while, New Zealand as well. We have established a lot of people there or not a lot of people, we have people in there. We have opened up Malaysia. We're opening India, Singapore and Thailand as well, and you can see some of the references. Of course, we will get more reference there. But all of these markets have a huge potential for us, not always in the same area because if you look at Singapore, it might be the biggest opportunity coming through ports. And we're actually heavily working with the port side from Europe on a global basis. So the ports will also help us to enter some of these areas, which I think is a nice thing here, how things work together in the end, how you tie the whole package, and we're going to be able to expand in the whole of Asia. You look at this picture again with all of these blue-chip big companies. There are a lot of these companies that you had on the first list that are actually also operating in Asia. We haven't accessed this enough. We haven't worked this enough. This is what we need to do. This is what I'm talking about opportunities. It's for us to make sure we become the global player with these players as well. I thought, talking about partners, what I really think is important when it comes to partner business is to figure out this win-win. How do we make them stronger and they make us stronger. And I think with this example here with Charge Hub Group, that's what we're talking about. We have figured out and we have a very effective partner program where you have trust, transparency and they have the reach and opportunity to expand out of Australia, which they've actually done. So now they're also in U.K., which I think is a fascinating thing with this one that we can actually work together and we can expand our business. This is my last slide. Let me conclude this with this one, once again, talking about Asia Pacific. It's a huge market for us. We are a very small player there, but we are there and we have the opportunity to actually, in a very surgical way, make sure that we keep focus, but also finding with the blue-chip manufacturers or companies coming there, opportunities to expand should we want to. And then not to be forgotten, really making sure that we use the partners. If we do this, we will be very, very successful in Asia as well as in Europe. And with that, I want to thank you from me.

Thank you.

Thank you, Mathias, for the presentation. Now let's turn to North America. So let me welcome Monil Malhotra, President of North America and Digital Solutions Leader, to the stage.

All right. Good afternoon. Good to be here. I'm going to talk about the North America business, but I'll start with -- Jussi had made fun of my Tesla Model S and my charging characteristics, but I'll tell you this. I joined Kempower about 16 months ago. So it's been almost 1.5 years. And before that, I was with a Fortune 200 global company for almost 20 years. So it was a big decision to make the move. And the biggest decision was, if I joined Kempower, is this company really committed to North America? Is it just going to be a hobby of the day? Or is there a true commitment to grow the North America business in the long term? And during the entire interview and selection process, it was very clear that this was a key strategic initiative for Kempower. And the first sign was just how rigorous the interview process was, by the way. I think there were 9 or 10 sets of interviews. There was personality assessments. There were psychological tests. My wife still jokes. She says, after all that, they still selected you. So anyway, at least I think she jokes. But it was really clear that North America is one of the key focus areas for the company. And today, I can stand up here and say North America is one of the largest, if not the largest growth engine that this company has today. And it has us really excited about the future. As you've heard, we entered the North American market back in 2022. In 2023, the site selection was made and our headquarters for North America, the city was Durham in the state of North Carolina. And this site also houses our manufacturing hub for all of North America. In 2024, we shipped our first products made from this facility to our customers in North America. And in 2025, we saw a rapid expansion, both from an order intake standpoint as well as a revenue standpoint, which greatly accelerated our market share growth in this world area. So super exciting. I joined, like I said, in February of 2025, and I consider myself really lucky because when I joined, we already had a state-of-the-art manufacturing facility in place. We had a best-in-class team of over 100 people already in place, and we were working closely with customers in this world area. So again, talk about being at the right place at the right time. We're really lucky to have been there. Numbers. Since entering the market, 2022 to 2025, our orders have grown north of 150%. And at the same time, our revenue has grown almost 170%, and I'm talking on an annual basis. I don't have to tell you that this means we far outpaced the market growth and picked up market share. So we're very proud of what we've done in these 3 years. But more exciting is the wins that we've had in these 3 years, they are extremely well diversified. From a geographic standpoint, we've got wins from Canada in the north all the way down to Texas in the south. We've grown our installed base on the East Coast all the way from New York down to Florida. And of course, we have a significant installed base in the rapidly growing West Coast from an electrification standpoint. So super excited. From a segment standpoint, we've got significant wins both in the public charging space for passenger vehicles. We've got wins in behind-the-fence fleet charging. And now Mathias talked about the port segment, which is another rapidly growing area, and we've got some strategic wins in North America in the port segment as well. So as excited and as proud as we are of our growth over the past 3 years, our funnel of opportunities that we have has us even more excited about the next 3 years and beyond. When I talk about the next 3 years and beyond the next 5 years, here's a glimpse into what the market is projected to do. So Bhasker shared some of these numbers in his presentation. But if you look at the market, from a BEV registration standpoint, we have an 18% projected annual growth rate for passenger vehicles from 2025 to 2030. Over the same time frame, commercial vehicles are expected to grow at a 50% annual clip. That is pretty significant. I understand that the number of commercial electric vehicles on the road today are fairly limited, but that number is projected to grow exponentially over the next 5 years. So that's pretty exciting. From a euro standpoint, that means a EUR 700 million market in 2025 is projected to reach about EUR 2.5 billion by 2030 with an annual growth rate of 30%. There are a lot of industries that would kill to have a market growth rate of 30%. So even after the reset, even after the adjustments to the market size, the 30% annual growth rate is still pretty aggressive and pretty significant. And by 2030, this market of EUR 2.5 billion gets even more diversified and gets even more spread between the CPO segment, the fleet segment and the port segment. So a lot of good things in play. And I understand I cannot talk about North America without talking at least about some of the funding and incentives in place. And there's a lot of noise about that. But the facts are NEVI funding is being reactivated in North America in the U.S., which means there's another $2 billion of spend that's going to occur over the next few years. Multiple states have state-level funding available for electrification, and this includes -- and this funding is pretty significant. And this list of states includes California, New York, Colorado, Illinois and the list goes on and on. And then we've got the port segment where we have over almost $3 billion of EPA funding that's allocated specifically for electrification. So once again, big market, growing at a pretty nice rate with plenty of tailwinds in place. So all segments looking pretty solid for the next few years. In addition to the funding, in addition to these growth drivers, here are some other facts that really help us understand the full picture and make us feel really optimistic about the future. There is still -- the demand for charging today in North America, especially in the U.S., far exceeds what the current charging infrastructure can supply. So if you look at the ratio of electric vehicles per DC fast charger, that ratio in the U.S. today is pretty high and high is not good. So there's still a lot of room. There's a lot of opportunity for us to meet the electrification needs of the vehicles that are just currently on the road. I'm not even talking about all the electric vehicles, a couple of million that are added to the road every year. These are just the current vehicles that are on the road today that need to be charged. It's a huge potential on that front. Speaking of new cars being added, in 2026, there's over 30 new models of EVs that are projected to be added to the road. Prices of EVs continues to ramp down. The price gap between internal combustion engine cars and EVs, that gap is starting to close. The energy density of batteries continues to increase, which means cars now have a longer range, which in a country like the U.S. is really important. So you've got those tailwinds. And then you've all read about the high production capacity that is already set for the heavy-duty trucks that are set to be released in 2026, and the market is really looking forward to that. So tons of things happening there. And from an environmental standpoint, if you look at the port segment, it's no secret that the ports contribute significantly to greenhouse gas emissions globally, and the same is true in North America. So if we can reduce by electrification, if we can reduce these emissions in the ports, it's going to have a huge impact on the carbon footprint reduction. And this is really important to all port operators, public sector, private sector. And now we've reached a point where mandates and the economics don't necessarily have to be in conflict. The electrification of ports is starting to make economic sense because the total cost of ownership at these ports for electric vehicles, for electric equipment is starting to reduce by the day. So again, if you look at the drivers in place today, plus the gap in the supply versus demand, there's a lot of reason for us to be optimistic in North America. You saw this slide in terms of -- Jussi shared some of this. But from a North America standpoint, we understand for us, okay, you've got the drivers in place. You've got the funding in place, and there's all these tailwinds. But for us to be successful, we have to have sustainable competitive differentiators in place, things that separate us from the pack. We have to meet the most urgent needs of our customers today. In North America, one of the most pressing needs for our customers is making sure that their sites are ready to meet the peak power demand of tomorrow. But meeting the peak demand of tomorrow cannot come at the expense of today's utilization. Sites must have high utilization today so that metrics such as revenue and profitability continue to be favorable. And this is where things like flexibility, scalability, modularity, intelligence become absolutely critical needs for the charging ecosystem. And this is exactly what we bring to the table. With our hardware architecture, with our software, with our intelligence, we can improve utilization of sites by 30%, reduce real estate requirements because of our small hardware footprint, reduce TCO by, again, optimizing the power that's drawn from the grid and the list goes on and on, over 99% uptime. These are all key features and requirements of our customers today. And last but not the least, we manufacture in North America. We have a local supply chain, which ensures once again, that we meet the needs of the market, both from a design as well as a compliance standpoint. Here are a couple of examples that I'll talk about, which show how well the market has accepted these differentiators. These are 2 customers. First one is blink, a major player in the electrification space, operating in multiple countries. They've got over 100,000 chargers in the ground globally. When they were selecting a DC fast charging supplier, they had 3 main criteria: Number one, who can provide the highest uptime across their high-utilization dense urban sites; who can provide the intelligence to reduce the amount of power that they draw from the grid; and who can provide a true scalable and modular architecture that keeps pace with their aggressive site rollout plan. Same concept applied to OnPoint EV Solutions, another major player in the EV space, they're setting up charging infrastructure in the northwestern part of the U.S. And their criteria are very similar, who can provide the maximum reliability in these high utilization sites, who can provide the best-in-class service capabilities so that should something go wrong, there's a fast response provided to these sites based on the needs; and who can once again provide the maximum power throughput from the grid to these vehicles. So we are really proud. We're really humbled that players like these are choosing Kempower after they go through all these criteria. And it really validates all the investment that we've made in technology over the past several years. This didn't happen overnight. There's a lot of work that's gone behind this. And again, it's really pleasing. It's really humbling to see our customers accept this and give us this feedback. I can stand up here all day and tell you how good our technology is, how good our hardware is. But I think it's really important for us, very impactful to hear straight from our customers. So you're going to hear from Josh Turner, CEO of PowerUp America, and they are setting up charging infrastructure throughout the eastern part of the U.S. So let's see what Josh has to say. [Presentation]

And this is another one that you This is EV realty. EV realty is setting up charging infrastructure for trucks through the high density freight corridors across all of California. They just opened up a site that has 76 chargers at this one site, including 2 megawatt chargers. site provides 9 megawatts of power to our customers. One of the biggest sites that you will see globally. Let's see what has to say. [Presentation]

great to hear from our customers. And we understand as we go forward for us to be successful, we must continue to listen to the market, must continue to listen to what our customers have to say because this Let's because this is still a fairly new market that's evolving really rapidly. And listening to customers is what's enabled us to sign over 120 new customers over the last 3 years. It's what's enabled us to grow at 170% annual growth rate from a revenue standpoint. It's what's enabled us to create and maintain our competitive differentiators. And we are so excited for the future because we're going to team up with market leaders in our quest to be stewards of the electrification journey in North America. So again, absolute pleasure to be here, and thank you again. Thanks.

Thank you, Monil. And now we'll open the floor for questions on the presentations so far. So may I ask Bhasker, Jussi, Monil, Mathias to join me on the stage. We'll be taking questions from the audience. So if you have a question, please raise your hand and wait for the microphone to be handed to you. All right. Great. So I see we have a few questions. Maybe we'll start here at the back.

Yes. This is Thomas Gogman from DNB Carnegie. I realize you exclude China as a market, but can you open up a bit what is the price level of these products in China compared to in Europe? And why would they not come to Europe and perhaps the U.S. longer term?

Bhasker, maybe you want to...

Yes. Look, frankly, we don't operate in the China market. So kind of the price and the market intelligence is limited there. But one safely can assume that, yes, the pricing and the costing is a little bit lower. Look, I mean, Chinese players are coming to the European market. There's a whole host of reasons why we are still able to outcompete all the things that we've talked about. There's not one single thing. It's the package. It starts with the technology, having a differentiated technology, you could say, okay, hey, they can be there with the Chinese players. But really working with the customers, understanding the problems, having a full stack product, then solving their needs, the aftermarket. So I think that whole package, cybersecurity, very critical infrastructure, those are things that are really important for our customers today. So we see Chinese players in the market, and we are able to still compete well and win because this is not just a market. This is a maturing market where whatever we are hearing is it's not just focused on cost. It was till a few years back, the cheapest charger, not anymore. It's the TCO. Customers are getting increasingly more sophisticated. The bids that we see are based on total cost of ownership, no longer cost per kilowatt upfront.

Great. More questions?

This is Nikko from SEB. Thank you for the presentations so far. I could continue a bit on what you answered on price per kilowatt. So you discussed about kind of changing the approach to kind of focus on kilowatt hours, not kilowatts and kind of intelligent platform approach. So what does that mean to you from kind of an R&D point of view? Does it require a lot of you? Or does it mean that you just package it differently, price it differently and so on?

Jussi, do you want to start?

Yes. When you analyze the site TCOs, our customer TCOs become very interesting because then you really can calculate where the cost lies during the life cycle. So first is to analyze and then start actions to develop towards it. So yes, so upfront cost, the CapEx and the OpEx, then later, it's like this calculation, it gives us a tool to make the compromises. So R&D is always kind of like how you compromise that where to put the pressure and where to put the development. How much we invest on developing the efficiency or how much we develop the reliability of the product. So the TCO calculations gives us a way forward to do the development and how to make the compromises. This has been the approach from the beginning. So it's not a big change in the direction, but it's like more for the accuracy and precision how we are targeting our development. So it's a good question. Thank you.

Perhaps just building on Jussi. Look, I mean, yes, Jussi walked through the total cost of ownership, it's the CapEx and then OpEx. OpEx further breaks down. You look at energy efficiency and then maintenance and repair-related costs and other operating costs around that. So from your question on how do we tie this to investment, we tie this to our priority areas. From a technology perspective, hardware, software is an area of importance, and that's why we are investing in it. We talked about some of the -- Jukka will talk about some of the averages. I mean, we invest 7.5% of our sales into R&D. It's not just to maintain today, it's also to ensure that we can continue to lead in the future. And then the services piece is important from a repair and maintenance perspective. We invest in that to be able to optimize that part of the equation as well.

Yes. I understand. So I guess that also kind of changes how you approach the sales bit for new clients. I'd like to then ask about the market modeling you have been doing. So I appreciate the scenarios you are showing, base, high, low. Could you kind of describe a bit what the high-low scenarios lean on? What kind of scenarios will happen if this is the case, the high market or the low market? And then is it relying on subsidies or something else? And then maybe a bit comments on what kind of a pricing environment are you expecting?

Yes. Bhasker, maybe you can take that?

Yes. So just to unpack that question. Number one, market scenarios and then second, kind of the pricing. Look, number one, on the market scenarios, as I said, it's not a subsidy-driven market anymore. That's our strong belief. That's what we see. It's an economics-driven market now. Total cost of ownership wins, the EV wins across most use cases. We're seeing that even in commercial vehicles, heavy duty. That's where the electric mile is cheaper than the gas mile. So not a subsidy-driven story anymore. We look at the range. I mean, we've modeled the range. I mean the base case is what we have a high confidence on from a market standpoint. So that would be what we say, hey, the market grows about 17%, 18%, and we're saying above-market growth is our focus. So in our base case, we're saying middle of our range is 20%. That's one way to kind of look at, hey, our range is. And from a pricing standpoint, look, it is a highly competitive market. Pricing pressure is there. But as I said, I think the customers are getting increasingly more sophisticated on the total cost of ownership. So that's coming into the equation. So pricing is becoming more nuanced. It's not just the upfront price of the charger. That is still the case, but it's more nuanced. So yes, I mean, it is a competitive market, and Sanna will talk a little bit about productivity, how we use that as a lever, aftermarket mix as a lever to be able to offset and mitigate some of the erosion that we see on price.

All right. So -- but you are including price erosion there?

Yes, absolutely. I mean that is just the nature of the industry. And I mean, we have been including, I think you covered there in the '23 Capital Markets Day, I think we shared some price erosion numbers and some similar modeling that we have.

That's helpful. Then one last for me and especially focused now on Europe. You talked about that you want to grow with the customers. But if you think about growth in Europe, so does it lean more on kind of growing with the existing customers or kind of getting new ones?

Mathias?

Yes. No, I think it's a base of both. I think we have existing customers. You can see those that we're showing. I think we're going to grow with them. But of course, the job in sales is always to capture new customers, securing that you have a broader base of customers overall. But I think that's what I'm talking about, moving our presence and our focus into some of these areas as well. We will find new customers, but of course, some of the old ones will be there on the journey as well. So it's not about just looking for new. You need to protect what you have and you need to drive for the new ones as well.

And I think we have a question there in the middle.

Mir from Danske Bank. Concerning your market size estimates, how much of that is expected to arise from the aftermarket operations?

Bhasker?

Our growth rates, yes, look, and Jukka will share a bit more around kind of the breakdown of our growth and how we see versus Kempower average. But aftermarket will be above average, above our average. So let's say, if we're at the midpoint of the estimate, we expect aftermarket to be actually amongst the highest in terms of our portfolio in terms of the mix. So highest growth average in aftermarket. And again, it's driven by the installed base. And then as we said, increasingly, we see opportunities with the customers across the 4 ends of those 4 offerings, which is a great segue into Katri's presentation after the break.

And if -- I think we have time for one more question. So maybe here in the front, please.

Pablo, Stifel. Two questions on Kempower ChargeEye. The first one is, do you plan to include maintenance in your Kempower ChargeEye offer? And the second question, how do you plan to compete with other software providers like Virta, Driivz, for example?

I can take that. So as far as whether we include maintenance in software, and you will see this presentation after the break, software is a big piece of our aftermarket positioning. So we've got maintenance, diagnostics, service as well as all the software capabilities all into tiered packages that we put together. So yes, it's part of it. Software helps us do the diagnosis and the maintenance a lot better, cost effective and at much better value for our customers. As far as the competition, right now, we're focused on our hardware that we've got. We've got a huge installed base. We have a very high ceiling in terms of making sure that our software is on all of our hardware and providing the maximum value. So right now, we're focused on our hardware and the software offerings on it.

All right. Thank you. Unfortunately, that's the time we have for Q&A now. We have more Q&A coming later on during the day. So thank you for your questions for now. We'll take a short break, 10 minutes, and let's continue at 3:00 sharp local time. Thank you.

Welcome back, everyone. I hope you had a refreshing break. Now let's continue with our aftermarket operations, which is an increasingly important part of our business. This is a joint presentation by Katri Piirtola, Chief Aftermarket Officer; and Monil Malhotra, President of North America and Digital Solutions Leader. First, let's start with Katri. Katri is the latest addition to our global executive team. But without further ado, let me hand over to Katri for the start.

Thank you, Calle, and good afternoon, everyone. Pleasure to be here in Oslo and actually, especially because of all of you in the room and the ones online. As Calle mentioned, I'm the fresh one in the company, and I actually hope that you all feel very fresh after the break because our topic is so exciting, so good to have some energy for that. How I look at aftermarket is that one could say that it's a little bit like the little brother. But as you know, also in real life, the little brothers, at some point, they grow, they grow stronger, they grow bigger. And that's why it's right now a really exciting time to discuss aftermarket. My plan is to share with you first the current situation, where we are, about some of the trends we see and of course, how we plan to address the situation. And then finally, my colleague, Monil, will share some of the exciting things that are happening in the software space. Great. Let's get started. So starting on the kind of current situation where we are. The first great news is that we have an aftermarket business. And actually, the second thing is that it's been growing greatly in the past years. But at the same time, yes, it's fair to say it's really the little brother. It was -- last year, it was only 5% out of the total company revenue. But then on the other hand, if we look at Q1, it was already 7%. So it is growing. Then on the other hand, we have quite a nice base of service team available. We have our in-house service teams and then we work through our partners. How our model works is that we have the deep technical expertise in-house, are present in over 20 countries, whereas then the scaling arm of the field service that comes through our carefully selected partners, and they are present in over 60 countries. So quite an impressive team ready to do service for Kempower equipment. And thirdly, I would like to highlight in the current situation when thinking of aftermarket, our digital capabilities. Already Jussi mentioned Kempower ChargeEye, but Kempower ChargeEye is an important enabler when it comes to aftermarket, especially because when you think about it, what is really excellent in it is that all our equipment are connected, 100%. It's in-built connectivity that enables the discussion and of course, the data that will help us then to have the insights and help the customers throughout the aftermarket. And of course, we have quite a lot of data already and more coming to learn and use that forward. So I would say that a nice current position to start with. But next, let's have a quick look at some of the trends that impact us. And I would share there that, of course, there are many things impacting the aftermarket. But if we think about a couple. First of all, like Jussi mentioned, earlier, customers were very much after the power, more kilowatts, more power, bigger chargers. But what we really see now is that as the charging levels are already on a good level, it has so much more turned to the outcomes and to the customers having the confidence in the operations, how to ensure that the uptime is there. And this kind of transition is, of course, opening much more the thinking towards aftermarket. Secondly, we have, of course, the growing installed base. Bhasker was talking about it. And this is important for us, of course, as a total for Kempower. But as we also know that normally, the chargers are around 2 to 3 years in warranty. So it again is working as the installed base grows. Also, we will see growingly the base for aftermarket growing in conjunction as the electric transition continues. And thirdly, if we look at aftermarket in our industry, the focus has been -- given the newness of the industry, the focus has been more on hardware for good reasons. But now as the industry matures, also, it becomes more and more evident the impact of aftermarket. When we do look at similar industries, we know that the aftermarket plays a sizable role when thinking about the whole lifetime spend of equipment and the whole lifetime of it. And what is, of course, kind of what changes the logic is that hardware is onetime, whereas aftermarket is recurring and often also of higher margin. So I think these kinds of premises make it an exciting moment for aftermarket and an exciting situation to look at. So now you must be already thinking that, hey, how are we then at Kempower, how do we want to address aftermarket? It's very simple. We want to ensure that every step of the life cycle, we are there to best support the customers. That's how we want to approach it. We have here kind of put a simple illustration. In blue, you see what are the steps that the customers are taking throughout their life cycle of operations. And in orange, there are the aspects of how we, as Kempower, want to bring the customer-centric approach and support our customers throughout the different steps of the lifetime. Let me share a couple of examples. When we think about aftermarket for us, it does not start when the equipment is in operations. No. It actually starts well before that, already in product development. Like Jussi was sharing about the modular approaches, how we are thinking already since product development, how to make the equipment easy to install, how to make them easy to service. And we are thinking this throughout the lifetime and really taking that thinking throughout the time. Of course, when it comes then to the times of commissioning, again, there we want to be there to make it easy to commission and get started on the operations, either at site or then remotely. And of course, then when it comes to the time of operations, either during warranty or then, of course, after warranty, our approach is that we can really bring with our data a lot of insights to the customer so that they can operate in the best possible way their equipment. And based on the data insights that we have, make the right decisions. But also, as you know, with our charging equipment, the uptime is over 99%. And that's the way how we want to keep it. So it is very important that we can really secure the confidence in the operations. Then, of course, at some point of lifetime, like we also heard in one of the videos from the customers, they realized that they wanted to expand the power at their site. And that's when we have the modernization opportunities and upgrade opportunities, and we are again ready to support and deliver the best solutions for our customers. And of course, even great equipment will, at some point, have end of life. And again, we want to be the partner to support customers to make that support and the right help also in the end of life and then to get, of course, to the next thing. But what is critical in all of our thinking really is the data, the connectivity, the in-built connectivity and what that enables and how we see that with that, we can help the customers throughout the different stages in the aftermarket to make a great experience. Let's then next have a look quickly on what are the tactical offering elements that we today have and how we are supporting aftermarket. So we have basically 4 items. We have the spare parts, we have the service contracts, we have the modernizations and then software. Let me share a bit of each. Spare parts, of course, it's very, very clear. We want -- our focus is to ensure that whenever there is something where spare parts are needed, that we can really assure to get them quickly to customers to ensure, again, the uptime. We want to keep that high uptime because that's critical for our customers. Most of our -- majority of our modules have proprietary IP. Of course, that's where the intelligence is. But we also want to offer the one-stop shop to the customers and have, of course, the tier-1 parts, but also offer refurbished, have the sustainability opportunities there to help the customers. Secondly, our service contracts. There, it's really important that we are able to use the data insights to support the customers so that they are able to have high performance. If we look at today, given the in-built connectivity, there is a lot that can be done remotely, making it very efficient for the customers. Actually, almost all of the cases can be diagnosed remotely. And whereas then, of course, a very small part which will then actually need on-site field repair. But in a way, I think it's important to see that how we want to develop forward on the service agreements and take that based again on the data and support that. Thirdly, I quickly mentioned already modernization as an approach. Depending on the customer needs, depending on what the data proposes, we can do different opportunities, power expansions, retrofit with payment terminals, with the idea that there is no need to scrap the whole equipment, but we can modernize parts of it and extend the lifetime of the equipment for the benefit of customers. And lastly, our software, which has been already mentioned a couple of times, Kempower ChargeEye. That's, of course, an excellent base that we have there, where we have 3 cloud-based solutions, Energy Cloud, Operations Cloud and Service Cloud, which are there to optimize the fleet cost and the operations efficiency. And again, that is something that we can -- where we can really use the data and the insights for the best use cases of the customers. And of course, all of these are aftermarket side of the offering, so changing the mindset towards more of the recurring revenues. This is, of course, now the theory. So why don't we now next share a couple of practical examples from customers because that maybe gives you insight into how these aftermarket solutions are coming to life. Let's start with a case example on modernization. So in this case, we have our CPO customer powerdot, which is a large CPO operating in the Southern European countries. Basically, what happened was that our data was showing that some of the plugs were, in a way, underperforming. So they were below average in operations. Actually, the reason was that these plugs had the old plug standard CHAdeMO. So what was done was that it was upgraded to the new standard CCS2. By doing that, it was not only great news for our customer, the CPO, that they were getting more revenue per plug, but also their customers noticed it as to the customer satisfaction: fewer queues, quicker charging times. And this way, it's a real win-win case. And even more, it's a sustainable case as well. No need to scrap the whole equipment, just modernize the parts that are needed. The second case is about the service contracts. In this case, we have a major global retail customer that we are working with. They have such a situation that, yes, they provide customer charging as a service. But they also have -- they are very far with their own fleet electrification. So their fleet is electrified. Now as you know, retail customers, it's about minutes. The fleet needs to be there on time when needed. So it's not like it can come 1 hour later. It's critical that the equipment are fully charged. What we are doing with this customer is that we are providing them both their fleet operations service as well as the customer service. And this way, we are guaranteeing them a certain service level. Of course, for them, it's easy. They know it's a one-stop shop where they are getting the support. And when you do think about it, who is better to service the Kempower equipment than us. So these were a couple of examples to give you a little bit of flavor as to what is happening on the aftermarket side. And next, I would like to give the word to Monil, who will shed light on what's happening in software. Thank you.

All right. Thank you, Katri. Good afternoon again. Let's talk a little bit about our software capabilities and how our software perfectly fits in the value creation journey across the entire life cycle. I have to start by saying, don't get me wrong, we love our hardware. We really do. The modularity, the scalability, the flexibility, as Katri said, the serviceability. These are all differentiators for us in the marketplace. But we truly believe that our software on top of our hardware is what's going to cement our long-term sustainable differentiators. So it's extremely critical for us, really important for us. In case you haven't heard, our software is called Kempower ChargeEye. And this is the central system that monitors all aspects of the charging ecosystem. So all the way from the user interface and the user experience to the grid variables, site variables, fleet management and the list goes on and on. And this is all made possible by a very solid dedicated team of 50-plus software engineers that we have in the organization. And we have a 3-tiered software solutions offering for our customers, which I'll talk about in a minute. What Kempower ChargeEye does, based on our current installed base, is store about 120 terabytes of data on an annual basis. What all that means, I'm not really sure. But here's what I do know, what that data does. It means this software processes all the data that it has so that our customers don't have to process that data. So Kempower ChargeEye provides actionable information to the right people at the right time so that the right decisions can be made, extremely critical. Those days in this market space are gone of just a hardware-only business or a hardware-only offering. Software is a must. And I'm not talking just generic software loaded on hardware. With our 3-tiered software approach, we feel we have now segmented the software market in the EV charging space. So this is a space above the hardware. And this tiered offering approach allows us to create and deliver customized tailor-made solutions for our customers across all segments. So if I dive a little deeper into these segments, if you look at Tier 1, which is the basic offering, Kempower ChargeEye Basic offers our customers diagnostic and monitoring capabilities. It provides information about performance of a site or a vehicle. Again, really critical to monitor variables such as uptime, etc. If you look at Tier 2, now we kick it up a notch. The advanced version performs advanced analytics. I've always debated why you need the word advanced in front of analytics, but that's the way it is in the industry. But the advanced analytics provides operational intelligence to our customers. And what that means is our customers can now look at site patterns: what are the utilization patterns, what kind of vehicles come into a site, what types of batteries come in, which allows our customers to make their operations even more efficient. In addition, it provides reports on compliance. So if there are certain compliance requirements that have to be met to maximize incentives or grants or funds, the software ensures that there are documented reports that show the compliance with those requirements. And then you've got the Kempower ChargeEye Pro, which now gets into specific vehicle scheduling requirements. So in the fleet segment, Mathias referred to this, in the fleet segment, extremely critical to ensure 100% on-time vehicle readiness so that there are no costs incurred because of delays. Kempower ChargeEye Pro also performs energy optimization or power optimization. And once again, this optimization is based on a number of variables. What are the energy rates, what's the time of charge, what's the dwell time of a vehicle, what are the power requirements of a vehicle? All these variables are taken into account so our customers can optimize their operations once again. So again, a very solid set of solutions that works across all segments and all types of customers. And again, in keeping with the theme, I'll give you a couple of examples of customers where Kempower ChargeEye is in action. This is a customer in the U.K., a CPO that charges thousands of vehicles, and they use -- they have over 1,000 plugs connected with Kempower ChargeEye. And they use the monitoring and diagnostic features of Kempower ChargeEye Basic. What that's done for them is ensure that their sites operate at over 99% uptime. It's also ensured that their maintenance costs have been significantly reduced by reducing the number of trips to the site by over 50%. So think about all the trips to site, all the maintenance costs, all gone because of all these advanced diagnostics and monitoring. Tremendous, tremendous value add for our customers. Here's another example of a customer using Kempower ChargeEye Pro. Over 300 plugs connected via Kempower ChargeEye. In this particular case, the customer has used Kempower ChargeEye Pro. They've already got the monitoring and the diagnostic dashboards, but now they make sure that all of the vehicles are ready when they need to be so that there are no penalties, there are no opportunity costs. There are no costs related to delays because a vehicle wasn't ready at the right time. The power optimization feature of Kempower ChargeEye Pro for this customer, what did that do for them? They shifted a bunch of charging of vehicles during peak hours to off-peak hours. In euros, that means they saved to the tune of EUR 1 million on an annual basis just in energy cost. So once again, a tremendous example of how the software leads to TCO reduction for our customers, both, again, across segments and across various tiers of offering. And I'll just wrap up by saying, again, listening to everything on the service side, the time for a digitally enabled aftermarket portfolio has arrived. And this is what is going to provide value generation through the entire life cycle. At Kempower, we're ready to scale. And we, again, very passionately believe that our data-centric and software-centric approach is going to continue to differentiate us into the future. Thank you so much, and I'll hand it back to Calle.

Thank you, Monil. Thank you, Katri, as well. And now we'll turn to operational excellence with Sanna Otava, Chief Operating Officer. So Sanna, please, the floor is yours.

Hello, you all, and thanks, Calle. Great to be here. So my topic is operational excellence, and that's pretty natural because I think I'm the lucky one since I have been part of the Kempower story from the very beginning. So for the past over 6 years, I've been building the operations, leading the operations. So my plan today is that first, we recap where we are today, what is our manufacturing footprint, what is our operation model. And after that, I will deep dive into how our operational excellence is our competitive advantage. What are the key elements in that. But let's start. So where we are today, our manufacturing footprint. We started from Finland. So the main factories in Finland, European factories. We are capable of producing all the products for all the markets, and we are near R&D, so capable to introduce new products fast enough to the markets. And like Monil told, in North America, the factory is scaling fast. So the same technology, the same processes used in Finland, we are using in North America, and of course, products targeting the local markets and scaling. Then the Asia Pacific. We do not have our own factories in Asia. However, there is an increasing amount of activities in that area. We are sourcing components for the rest of the factories. And also, we are screening potential partners on how in the future, who is doing the contract manufacturing so that we keep that open opportunity that we are producing locally for local markets, screening that at the moment. So that's our footprint at the moment. And then thinking about the model. The model is what we are doing in-house, what we are outsourcing. From the very beginning, we created our operation model so that we are capable to scale and we are flexible. And why flexible? Because like Jussi told, we have very strong own IP, own product design from the hardware and electronics point of view as well. So therefore, you need to think from the operation point of view, manufacturing point of view, how fast, how capable you are at introducing the new features, new products to the market. And that's why what we do in-house, we are focusing on final assembly. So we are doing so that based on the customer orders, we are configuring our products, doing the assembly, testing and shipments. That's our focus. And the rest of the manufacturing chain, those early phases are outsourced to our supply chain. So we are scaling through the supply chain. For example, the supply chain is producing, based on our design, the metal parts, plastic parts and also electronics. So assembling those printed circuit boards based on our design, but we are not focusing on that kind of production methods. We are outsourcing that. And the combination of this, what we are keeping in-house, what we are outsourcing, results in that asset-light model that we are referring to here today a lot. So this is our existing setup. Then the topic. Operational excellence, our competitive advantage. We have 4 focus areas where we want to be the best in class. Next, I will deep dive into each and every one of these 4 areas. The first one is delivery excellence. The second one is productivity, huge importance nowadays. The third one is quality. Quality includes sustainability, cybersecurity as the full umbrella. And then the fourth one is how we are capable to scale. But let's start from the first one, delivery excellence. So delivery excellence, it's hugely important from the operation point of view that we understand what our customers are requesting from us. And now thinking of our customers, they are building a charging infrastructure. So they are running projects, building projects. So we are delivering products, and we don't want to impact negatively. If we have delays, of course, there's negative impact to customers' building projects. So that's why on-time delivery is the main KPI we are measuring, the main metric because when we tell, when we receive the customer order, then we will tell this will be the ship-by date. This will be the date we will do the shipment of the products. And that promise we want to keep, and that we are measuring. We have been very successful with that metric, and we will be in the future as well. One base element why we have succeeded with that on-time delivery, thinking the history, there was the COVID virus situation, some problems in global logistics and so on. But how we manage even if we have faced quite many times a lack of materials, components or whatsoever, we have this, like I told earlier, that we have European factories, then we have North American factories, and we use exactly the same processes, technology and products. So we have this kind of regional manufacturing redundancy in place. So if something happens in one factory, we are capable to transfer the customer orders to another factory. And that's helping a lot in this kind of environment when the market is totally new, technology is new and all the politics that is happening. So that's the key from the customer point of view. Another topic which is important when we think of our customers and operations is the flexibility. And that's again coming from that new technology, new markets, new product features. Customers want that we can optimize enough and provide short lead times so that they can really decide what they need. So providing short lead times and being capable to even pilot with the customers. From the operational point of view, it's not only mass production. We need to be capable to deliver products, produce products even for the piloting so that the good cooperation with the R&D and customers is possible. So that's the flexibility from the operational point of view. Then the second element is cost excellence and productivity. If you won't remember anything else from my presentation, please remember this because I see that it's hugely important that how good you can run your productivity is how good you can keep your market position today and also in the future. There was a very good question earlier about price pressure. It's related to that. But how to do it? How we keep our productivity so that we are improving, improving, improving and that we can really say that there's cost excellence in place. The starting point is R&D because when you do the design, then you create the costs. So that's why it's as important as it is to innovate new features, new products, as it is important to innovate costs. So design to cost, understand that when you are designing, for example, a new layout, for example, how can you do it so that you are using fewer components because when you are finding a solution using fewer components, there's less cost, less unit cost. And then when you are using fewer components, you are not compromising the quality because fewer components mean also that there's less potential failures. And there's one additional advantage. If you are capable to design a solution using fewer components, then you are also using fewer materials and actually from the sustainability point of view, fewer emissions. So there's a lot of advantage if you really are capable to do the cost innovations as well. So starting from the design, then you create the costs. And then when the design is ready, then sourcing, procurement, sourcing, purchasing. One key element, how you can achieve those targets that we have set is the should-cost method. I want to highlight the should-cost method because it's hugely important that you know when you take your product structure, all the components, you need to know what is the correct price level for each and every component. So should costing is analyzing what is the correct market price for each and every component or each and every production tenancy when you are doing outsourcing for the design. So understanding and when you have that knowledge, then you are much more capable to go into negotiations with the suppliers. And when you are adding new suppliers, you really know that you are not paying over price. So that's why I'm highlighting should costing. And nowadays, should costing is much easier, thanks to those AI tools that we are using. So a very practical way to run the costs. And then the last one, not the least one, those 2 first phases are mainly related to materials. But of course, when we think product costs, there are labor costs as well. So own operations, you need to optimize that as well. And on operations, how to do it. It's always that constant improvement, how you optimize your methods, operation methods, those labor works and all the material flows. And here as well, traditionally, we have used adding automation, adding digital tooling. But nowadays, it's very common to use more and more AI agents. So having an AI agent network so that either those agents are taking care of certain tasks on behalf of manual work or agents are analyzing, proposing better proposals for decisions so that decisions on a daily basis, which happen a lot when you run the operations, those decisions are faster and more precise. So either analyzing or doing the tasks. That's on a daily basis from the operational point of view. And all this together, these 3 elements where we are focusing in order to increase productivity, reduce the product costs. Our targets here, of course, vary year-to-year. But we are giving here so that you get the ballpark that average annualized reduction, productivity improvement, is 7%. And this year, like Bhasker mentioned earlier, we are targeting more than EUR 10 million savings. And how do you use this? Jukka will explain this a little bit more carefully. But of course, that price pressure, how we protect our margin, that's one tool against that. So cost excellence and productivity. But then there was the third one. The third one was quality. It was quality and sustainability. First quality, then sustainability. So quality, now thinking of our model that most of the manufacturing value is coming from the supply chain because if we take that manufacturing process, we do final assembly in-house, but most of the work is done by our suppliers. Understanding that it's important that we understand quality, not only controlling in-house quality, but also from the very beginning from our suppliers, we control the full chain. So even when we are selecting the supplier, and when the selected supplier is producing, we control the quality. So starting from the suppliers all around our own manufacturing, final testing and then shipments to the customers. How to do it is that we are providing one data backbone. So we have a system so that we are providing a testing platform to our suppliers when they are producing critical components like electronics. We are providing the testing platform so that we are capable to trace and follow online what they are doing, all the testing, all the manufacturing methods our suppliers are doing, we are capable to follow as well in our own in-house manufacturing. We use the same platform. So there's very good traceability and reporting capabilities through that system. Then the sustainability. Overall, if we think Kempower's sustainability strategy, it's so that we want to create value to our customers because their customers, they have the same sustainable journey that we are having. So we are focusing on those assignments and task areas where we can impact mostly so that we can support our customers. Here, I have highlighted from the operational point of view, the main elements, starting from that environmental aspect, how to reduce emissions. Of course, Scope 2 own emissions, we want to reduce, but as well Scope 3. Scope 3, we all know, that's the full value chain, not only our own operations, the full value chain, especially supply chain. And I think we all know that there is no one silver bullet on how to reduce the emissions in the whole value chain. Instead, we trust that when we analyze and identify each and every year 3 to 5 critical projects, and then we run those projects. So action oriented. We analyze, we identify, we select actions each year and by running those projects, we know that step by step, we are capable to reduce even the Scope 3 emissions. That's our idea and strategy. Another I want to highlight here related to environmental actions is refurbishment. So giving the second lifetime for the components and modules. And the volumes are so that in our factories, we are refurbishing components and modules. We started that last year, and we are gradually increasing the volumes so that we can impact positively environmentally. Then social and governance, both those topics are again about how we can be transparent enough to our customers because we are one supplier when we think from a customer point of view. Customers need to know that their value chain and supply chain is responsible enough. So that's why, of course, our main topic there is safety, in-house safety, safety in our supply chain, also how responsible our own supply chain is. The human rights due diligence, all those legislations coming. So we need to know what the conditions are in our supply chain. So we are putting the focus there. Then the governance, of course, it's not only processes and company, it's so that our products meet the full compliance requirements. And we are used to using third-party validation, having certification for the products, validating our processes, having certifications for the processes, cybersecurity here as well. And then, of course, reporting according to current regulation and standards. So being as transparent as we can be so that our customers can trust us and it's easier for them to get all the data they need to report forward. So that's sustainability from the operational point of view. Then the fourth one, that the basis for everything, was scalability. And I think this is something we are very good at because if you think of our history, as a start-up scaling, it was just our mindset, our culture because in those early years, we needed to scale from that zero revenue level up to that EUR 300 million revenue level in less than 3 years. That was our history. So that's why I somewhat say that it's our mindset or our culture that we need to scale. But let's check what is our situation today. When we think scaling from the operational point of view, we are meaning the capacity. And when you are saying production capacity, typically, it's a combination of your assets, meaning what facilities, what production lines you have, and then plus what is your workforce, what available workforce, a combination of those 2 elements. That's the capacity. Thinking of the first one, the asset, so facility, production lines. Where we are, like I showed, our manufacturing footprint in Europe and in North America, plus our supply chain. At the moment, we are so that asset-wise, we are capable to triple the capacity without major investments. That's the key takeaway. Using our existing footprint, increasing the productivity, optimizing the existing assets, we are capable to triple the capacity so we can reach our financial targets. That's what I'm saying. But then, of course, the workforce because you don't want to keep too much workforce if not needed. So therefore, we need to optimize that whenever there is demand, there's the correct amount of workforce. And how to do it so that fast enough when there's demand, when you need to scale, then you can do it. There are 2 elements I want to highlight here why we can say that we can double our capacity from the workforce point of view within 12 weeks. There are 2 main elements. First, because part of our labor is coming from the rental partners. So we use rental workforce. So what kind of contracts and partners you are using has a huge impact. And the second one is how good you keep the training. When new employees are onboarding, how fast you can train them. What is your training method, how can you make sure that in a short time period the new employee can produce products with the highest quality. So the training method is the second topic here. So the key takeaway, existing footprint, no major investment asset-wise and balancing the workforce. That's our scalability. In conclusion, our operational excellence is Kempower's competitive advantage and why. Because we focus. We focus on 3 key elements. We need to understand what customers want, that delivery excellence, keeping those promises. That's the first. Then driving that cost excellence and productivity while scaling, but still keeping very good focus, cost discipline and increasing productivity. And then the last, like I mentioned quite many times, scalability. We need to be capable to scale even further. Thank you. That was my topic today.

Thank you, Sanna. And with that, let's move to the financials. So let me welcome CFO, Jukka Kainulainen to the stage. Jukka, please.

Thanks a lot, Calle, and nice to be here. Nice to see actually so many investors and analysts present and of course, all the retail investors and others online as well. And I have to just agree with what Mathias was saying, what Bhasker was saying, being here in Oslo in Norway, really forerunner of electrification. When you look on the streets, the amount of battery electric vehicles, the amount of chargers, what you see here, it's so impressive. All the new technologies, you can see battery swapping stations when you go a little bit further away from the downtown. So really great to be here. About my presentation, basically 3 sections. First one, how did we get here from the historical track as a company, a little bit looking at the history. Second section, what is our revenue plan, how do we make the targets happen, of course, our profitability plan, how do we make our operative EBIT targets happen. And then, of course, at the end, our financial targets. But let's go to the first slide from 0 to a leading industry player. Look at the track in less than 10 years. We basically didn't exist in 2019. And what happened? We grew the revenue from EUR 300,000 close to EUR 300 million. It's quite a unique performance even in the European wide, whatever company you look at. In the same timeframe, we have been able to keep a healthy gross margin. And what is driving that? Jussi's presentation, we have the forerunner technology point of view. Of course, it's visible in gross margins and also our overall business model, what we have created, is contributing to those numbers. Then our liquidity development, which includes the cash and our debt facilities. We did the IPO in '21, around EUR 100 million IPO. And even though there has been quite a lot of headwinds in this industry, like there is in any new industry always, we have been able actually to increase our liquidity, which makes us a really strong company wherever you look in this field in Europe and North America. So this enables us also in the future to continue growing, taking the market and excelling in this industry. The next slide, this is the peer group analysis. Manufacturing companies, DC charging manufacturing companies, CPOs, Europe, North America. Y-axis, revenue over the years, X-axis, profitability development over the years. When you look at Kempower, we are there in the northeast. We have been one of the most successful companies when you look at the revenue growth and profitability development over the years. So this is really important to remember because this is also creating a really strong foundation for Kempower for the future as well. Next one, a little bit continuing what Bhasker was highlighting also, how do we create value to shareholders in our new strategy period. As being a growth company, of course, we continue growing the top line, our revenue growth. We grow quicker than the market, which we have basically been doing all the time. Second thing, our aftermarket, what Katri was highlighting and Monil as well, our services and software, really critical area in the future. And not only for bringing better margins for the company, but also bringing a more predictable business model, more recurring revenue, less volatility overall for Kempower and investors as well. And that is a great bridge to the operating profit expansion. We already have, like Sanna was highlighting, quite a good amount of capacity. We have quite a good amount of people. We have operational leverage in the company to grow the top line without massive investments. And then when the aftermarket brings nice improvement in the profitability, and we continue doing the productivity, what Sanna was highlighting, this brings us to the operating EBIT target. And then, of course, at the end, we need to continue investing, which is mainly OpEx-driven investments. We are quite selective in investments. It will be technology, our go-to-market and, of course, the services as well, as I will highlight. So this is the way we generate value to our shareholders. Next one, regarding our revenue plan and how we grow our revenue quicker than the market overall. So looking at different areas. First of all, we have really great opportunities like Mathias was highlighting and Monil as well in all the areas where Kempower is operating. But where we target to grow highest, of course, is the aftermarket side, services and software, also North America and Asia because, in absolute terms, those are still smaller markets in relation to Europe. But in Europe, we will continue growing as well in the future. So all these areas, we will be growing quicker than the market. And that's the way we will reach the revenue compound annual growth rate between 15% up to 25%. Then one important thing just to highlight to you. We have several customer groups like we are highlighting in Mathias' presentations, Monil’s presentations. But looking at the charge point operators customer group. These customers have been raising in the last 2 years, EUR 10 billion of private funding in North America and Europe. So this is now private funding. We were talking about public funding earlier in the presentation by Bhasker. And why this is relevant? This is relevant because that is creating the funding runway for those charging point operators over the next 2 to 5 years, which they can use and they will use on investing in the charging infrastructure, both in Europe and North America. And a few examples there. Many of you know a big CPO company in Germany, raising EUR 600 million last year, a big CPO company in France, raising EUR 300 million, a big CPO in Nordics, raising more than EUR 100 million, a big CPO in U.K., raising more than EUR 100 million and a big CPO in California had a massive ticket as well. And some of those are actually our customers. But really relevant for that customer group for continuing the investments, which is supporting, of course, our demand plan as well. Then the next one, what's our opportunity in services and aftermarket. Like Katri was highlighting, we already have quite a sizable amount of revenue coming from the aftermarket. It was 5% of the total revenue in 2025. So EUR 12 million altogether. In quarter 1, we already grew it to 7% altogether from the total revenue. And it's, of course, still quite a lot of spare parts driven. We get some nice revenue from Kempower ChargeEye side as well. But we have really nice opportunities there like Katri was highlighting, looking at the spare parts, continuing growth, service contracts, modernization and, of course, the Kempower ChargeEye side overall. So this is really a big opportunity for Kempower as a company. Next one, our profitability target. How do we make the 10% to 15% operating EBIT target happen? Around 2/3 of that impact comes from our operational leverage. Like we already have been highlighting, we have enough scale and capacity to grow the business further, even though we believe also that this sales price erosion will continue, but that will bring anyway most of the improvement. Then adding on top of that, our impact coming from the aftermarket, services and software, productivity savings, this 7% annualized savings, what we also bring to the table this year. And then, of course, like I was highlighting, we also are going to use OpEx for the new investments. So these are the elements to make our operating EBIT target happen. One highlight, continuing what Sanna was saying already about our productivity improvement. Last year, we started the program in our company, having up to 10 people involved to target this EUR 10 million annualized savings in our direct costs overall. And why did we start it? Price pressure, which is ongoing in the market already since last year, we had to, of course, take action on that. So this unit cost savings program, like Sanna was highlighting, focusing on these areas, 2 to 3: procurement savings, cost analysis and, of course, the design selection, what we do in our offering altogether. But not that you get too excited about this EUR 10 million what we highlight here. What's the outcome of that savings program and productivity improvement. We will defend our gross margin level. That's really critical for you to remember. But that's really critical defensive game anyway also in the coming years as well. Then the next one about our capital allocation in the new strategic period. Like Sanna was highlighting, we actually are quite asset-light as a business. We are using around 3% of our revenue to CapEx. And now when we have facilities, we have done the investments, we can actually -- we expect that ratio even to come down over the years. So there are 3 areas where we are going to invest, and these are actually mainly the OpEx investments. So first one, fully linked to Jussi's presentation. We are forerunner in the technology in satellite charging systems and will be also in the future, but it means that we will continue investing in R&D as well. Last year, EUR 19 million when rounding up, 7.5% of revenue as a technology company, and we will continue keeping it on a high level. Then the second thing cannot be highlighted more. This is how you see the development in our aftermarket revenue, like I was mentioning around 5% last year, quite a nice actual development over the years from 1.6% in '22. This is the place we will continue investing definitely to bring in these nice margins, nice shareholder value as well at the end of the day. And the third thing, our go-to-market investments. And what does it mean? You see the bar there how our salespeople, our sales team has been developing during the years from '22, around 30 people to more than 80 people in 2025. And the important thing is there how it's split between different geographies. '22, it was mainly in the Nordics when looking at the whole team. And like Mathias and Monil were presenting today, now we have North America, we have Europe, we have all the key countries in Europe represented as well in order to service the customers and in order to find the new clients as well. So these are the investment areas we need in order to make the financial targets happen. And then, of course, at the end, the off-the-shelf financial targets, top line growth, revenue growth between 15% up to 25% compound annual growth rate by 2030. Operating EBIT target between 10% to 15% by the year 2030. And in dividend side, we continue the growth company dividend policy, no dividends in the short term because we allocate all the capital to the company's growth. And then another thing, you see there the different market scenarios. If market growth doesn't happen as we expect, we can always manage and control our OpEx investments and our OpEx plan, like Bhasker has mentioned. And that's the way we bring the operative EBIT target on the table. But overall, top line-wise, we grow quicker than the market. We are a growth company. We continue to be a growth company, but we also will be a profitable company, like we have been actually in the past. We have -- like in '23, we did 13% operating EBIT. But in the new strategy period, we target the 10% to 15% operating EBIT. Thank you. And now I hand over to Calle.

Thank you, Jukka. Now we'll open up the floor for final questions. So I would like to ask Jukka, Katri, Monil, Sanna and also Bhasker to join me on the stage so that we can start with the Q&A. So please join me here.

All right. And if you want to ask, please raise your hand and wait for the microphone. So we have a first question there at the back.

It's Patrick Cambor from Nordea. Perhaps going to the outlook by 2030, could you perhaps quantify how important the ports subsegment will be?

Bhasker, do you want to take this?

Yes. Look, when we look at ports, it is one of the fastest-growing segments. I would say, amongst the subsegments, it's one of the smaller ones, but fastest growing. And I'll tell you, we went out to California. You have to go to a port to really believe it. You immediately smell the emissions. And ports are driven by mandates. You look at California, you look at other places and at some of the port terminal operators really driving it actively. It's also not just emissions-driven now, it's TCO-driven. And you can see that the ports are electrifying across that end-to-end value chain. Everything from when the ship comes into the transporter to then the UTRs, the utility trucks that are in there. So we are very excited. I mean, we just announced a deal so that we can share that with APM TERMINALS. We do a lot of work with DP WORLD. So these are 2 of the largest port operators. You saw some of the other logos as well. So we are very excited, I mean, about ports. And fundamentally, the team has been doing a great job for years actually in that segment. So one of the fastest-growing segments, growing off of a small base, but I would say into a EUR 1 billion-plus opportunity over the next few years.

All right. And then perhaps going to margins. You seem to be assuming about 7% annual cost savings, and that seems to be quite close to the annual depreciation of charger prices. So will productivity gains actually support margins? And if so, how much?

Yes, I can take it. Like I've tried to highlight, we want to defend the gross margin levels and gross margin is something we forecast and target. We target this operative EBIT between 10% to 15%. The 7% is, of course, what we aim this year and going further. But that's the way we defend the existing level. It doesn't mean that we couldn't even some years reach higher levels as well. But don't take it as an upside. It's just a way to defend the existing levels.

All right. And then just a final one on the aftermarket side. So what kind of margin levels are you currently doing on the aftermarket side? And what are you kind of penciling in for the coming years? Maybe to start off, we only disclose the margins on group level, so we can't really comment on the margins. But perhaps any commentary around the services versus equipment?

Yes. I can comment slightly on that. But as said, unfortunately, we don't disclose those numbers. But I think, of course, as we look and as I mentioned earlier, we do see the benefits of the aftermarket bringing the recurring revenue as well as what we see from many other industries. So it is often the higher margin with aftermarket than with hardware.

I'd say in line with industry benchmarks.

Any further questions? Yes, there in the middle, please.

This is Thomas Gogman from DNB Carnegie again. In the aftermarket business, can you just highlight the key kind of spares and wears? I guess the AC drive should be like a big item with kind of limited lifetime, for instance, but others as well.

Yes, I can start and Monil is close to it. I'd say a couple of the examples that actually Katri shared. So spares is, yes, recurring things that could break with wear and tear and use. And yes, drives could be one, but typically, that's got a little longer life. I would say one of the things that we get excited about is modernizations, for example, as well. Those are very -- as you think about newer technologies that are coming in that can improve the life cycle, especially improve the life of the equipment as well as the efficiency of the equipment and the usability of the equipment, there's tons of modernization opportunities that come up. And then contracts as well. But Monil, do you want to share some?

From a specific part standpoint, what we see customers really wanting to store in terms of spares are dynamic modules, your power modules, cables. You'll come into specific smaller items like filters in the cabinet, etc. Those are typical spare parts, the top 4 that we start to see. But then as you go to modernization, now you're starting to delve into software and some of the parts, but those are the 4 most widely used spare parts that we see.

So your model is scalable and modular and you have warranty periods, remind me how long it is. What happens to the warranties if the customer goes out shopping off-the-shelf AC drives or how protected is the model long term to just buy a pirate part in a small part basically?

Sanna actually pointed out, I would say that, look, we have -- we own our own IP. And for example, the AC to DC converters that we have, the conversion -- those power modules, those are IP-protected. I mean we have also dynamic control modules. So Sanna, I don't know if you want to comment. But yes, those are all IP-protected, and that protects us against -- and the fact that we also do our refurbishment, that also helps us. For the customers that are at different price levels, different warranty expectations, etc., we are able to cater to those customers across their needs depending on their appetite at that point in time on the price and where in the life cycle that particular product is.

And how long is the warranty?

Yes. So we have standard 2 years, but in some cases, some customers, it might be longer, but the standard is 2.

And talking about these warranties, it's been like a big burden to the earnings. So what has been the reason to this? Is it some certain component that has failed? And you have just guided that the warranty costs will decline significantly starting from next year. Why should we believe this?

Jukka, do you want to start?

So first of all, we all the time come out with new product versions, new revisions, which have even better performance than the earlier ones. And if you remember '24, we actually launched the new product portfolio, which had a lot better performance metrics. And this was the really key milestone when looking from the warranty cost point of view. But even on top of that, we all the time come out with the new product revisions. So that's why this cost, what we have in the P&L, it will be there in the short period of time, but it's really an opportunity in the midterm and long term. And actually, when looking at quarter 1 numbers, we already reduced the level from last year, even though the installed base has been increasing.

But has the issue been that the chargers have not worked or not worked at the kind of promised performance levels, uptime levels? What has been the issue?

Maybe, Bhasker.

Yes. Looking outside-in, I'd say I came in and looked at some of the numbers. And look, I would say when you look at this particular product and the use case, it's still a relatively young industry. I came from an industry with truck and trailer refrigeration units that existed for 60-plus years where the products had been perfected, components had been perfected, all issues. You look at this industry where there's the product interacting with the vehicle, interacting with the grid, interacting with the environment. So there's still a lot of work across all these variables improving. So I would say that from a warranty perspective, accounting for all of those variables, how do you then keep improving the product design, working very closely with your customers in different use cases at different levels of product intensity, by the way, ports and fleets and in a CPO environment being used differently. But I see a very good trajectory of improvement. And perhaps, Sanna, you can comment on, yes, I mean, you've been around for...

Yes, just to add that there is no one single root cause, but like Bhasker said, young, new market, new technology. So different root causes, but I think it's what we pointed out already, you need to identify correctly so that you prevent that in the future. But new technology, I think that's the common topic.

Then finally, how large could service or aftermarket share of sales be by 2030? Just roughly, are you talking about 10% or 25% of sales, it was 5% last year.

I can take it. So no official targets for that, but I think continuing the development from last year, 5% of revenue, 7% already in quarter 1. So closer to double-digit percentage of the revenue. That's the journey that would be a good first milestone over there. But like you said, we don't have any official financial targets for that.

This is Nikko from SEB again. I'd like to continue on Tom's question on aftermarket. And as you just said about kind of some guidelines or what you are thinking about how much aftermarket is out of sales in the future. But how would you thematically open how that will be divided between aftermarket and services and spare parts and so on? And then if you think about your broader services, aftermarket offering, are you focusing on more new equipment sold or also the existing fleet?

Bhasker, do you want to start?

Yes. Look, I think we see such rich opportunities across each element of those 4 areas that Katri walked through. So I think it's hard to kind of predict a mix at this point. This is, again, not a fully mature industry. If I were to ask that question from the previous industry, I could get it to you to a decimal point. But I think it's going to really depend on a lot of the technology evolution as well. So I would say I wouldn't peg a number, but there are tremendous opportunities across, especially when you look at service contracts. Customers increasingly, we went out to the U.S., there's customers saying, we want to focus on our core operation, that is to deliver energy. You manage the rest, everything in between. And we want to be able to also predictably manage our costs. So you give us a price ticket and then we manage that. So I think we see a lot of that, and we're building out the capabilities already to be able to cater to that. Katri shared modernization as an example. Monil shared the software potential. So we see tremendous opportunities across all of those. And look, I mean, we said the installed base is going to grow 2.5x plus. That's kind of the very conservative estimate. So you could reasonably expect multiples of that in terms of growth rate on aftermarket.

Yes. And are you now kind of targeting to go to your current existing fleet to sell more aftermarket service business? Or are you kind of focusing on new equipment out there?

Yes. I think it's, of course, natural because when thinking about the installed base and how also more and more equipment are coming out of warranty. So in that way, it's natural, of course, that there will be in numbers more of the opportunities to offer different aftermarket services. So I think in that sense, thinking about the service. And also when we -- what I was sharing also earlier about the data. So I think we have a lot that we can offer on the insights, but it's also an area where we will most certainly, if looking towards the future, find new ways to use it even better for the customers.

All right. Great. Then one last from me regarding the profitability target. So are you kind of planning that to come basically linearly hand-in-hand with sales scale? Or are you kind of planning for already clearly positive earnings in the first years of the strategic period?

Jukka, do you want to start?

Great question about even the short-term guidance, this year's guidance, improving significantly the profitability. That is where we stick to. And like you see on the long term, of course, 10% to 15%. So it's quite an improvement, quite well aligned with what we have been doing also in the history in the best years. So unfortunately, I cannot comment next year's profitability. You need to wait a little bit less than 1 year when we come out with the '27 guidance. But nothing in this industry happens linearly, but we continue improving year by year. We continue growing revenue year by year. We continue improving the profitability by...

Sustained profitable growth. That's going to be the mantra for us.

All right. Any further questions? Maybe just a reminder, you are allowed to ask questions from all the speakers and all the presentations. So you don't just have to stick to the ones on the stage. But yes, please go ahead.

Mika from Danske. Concerning the spare part sales, during the life cycle of the charger, how many times, for example, do you need to change the power modules or cables on average, some kind of rule of thumb if the chargers are used properly?

Perhaps I take that. I'd say, look, 5 years in, I mean, the life cycle is 10 to 15, so we need to be able to see that. But I mean, we design for life is pretty long. I would say at this point, it's still a very young installed base. Across the industry, I wouldn't even say for ourselves. So I think those are some of the numbers that are still being worked through still with the early generations. That's always natural. With the early generations, you see more failure. I mean we have much more mature products. So it's much more stable at this point. But with 5 years in, say, 1/3 of perhaps the life cycle, it's still very, very early to kind of put very hard numbers to that.

And maybe to add there, I think the good news is also, of course, the data insights. So in a way that if it's kind of a busy place where it's constantly in use versus if it's a bit more remote location. So again, it's not kind of only elapsed time, but it's really on the usage time. And again, we can kind of help on these insights then to customers as well.

And maybe if I can continue on top of that. It's good to remember the industry, how quickly it's evolving because in Nordics, we already see quite a lot of the 50-kilowatt chargers from plus 5 years ago implemented at different sites. It's operational, I guess, in theory, but those are the ones that are actually interesting replacement opportunities. So it's just the industry is developing so quickly, so that's important to note.

We see Mika, aftermarket as a good balanced mix, not one particular thing that will overarchingly drive. So I think that would be the approach.

All right. Any further questions? One here in front.

Melanie Brooks from here and also from PM. Two questions actually. So one is that I see it's obviously a different industry, but a few parallels with another company in my portfolio, and that's Vestas. So we have some issues with warranty provisions there that are well known. So there's a little bit about that when launching new products all the time, you end up having a lot of warranties. And then the other one with the aftermarket segment. So kind of Vestas has notoriously spoken about higher-margin services business and the data that they gather and have yet not really been able to monetize well. And so I see a little bit of that here. There's a really strong narrative, and it's kind of intuitive that you're going to be able to grow this area with a larger installed base. But I think it's important to kind of maintain credibility in that to be able to give more granular breakdowns of the amount of revenue coming from the different segments and the margins that you're getting from those areas and the development there. So if you can do that moving forward, I think it would be really, really good for investors to understand. So it's maybe more of a comment than a question. And then the second one, so I've looked and I really -- I'm concerned with sustainability and circularity. So it's great. I've seen 99% of the hardware can be recycled and you're talking about -- you've been talking about refurbishment. But I wonder who's actually responsible for kind of end-of-life management of the hardware. If you have a product that lasts 10 to 15 years, you're still very early in that journey, and there could be a lot of really valuable components there as well. So do you have any kind of formal take-back mechanisms? And are there any kind of evolutions, especially with European legislation for extended producer responsibility that you'll need to think about and plan for?

Maybe Sanna, you want to...

Yes. At the moment, we have very simple take-back services. But actually, I think that's one in Katri's road map, how to improve because we have a huge opportunity there as well. So yes, doing it already now, but we see that it can be a more and more wider package in the future because I truly believe that when we think about the factory and the production volumes, when we think about the future, there's more and more refurbishment and not original production, but refurbishment because that's a very high trend at the moment.

All right. Thank you. Any more questions at this time? If not, then that ends the Q&A session for now. And now we'll move to the closing words by Bhasker, so the rest of us may return to our seats while I hand over to Bhasker for one final time.

Well, thank you, Calle. Thank you to all the presenters. I'd say in closing, first of all, we really appreciate you all visiting and traveling here and joining us. Hopefully, I'll go where I started, that we would like you to leave with the conviction that, hey, look, this EV charging build-out, the infrastructure build-out, is one of the largest infrastructure build-outs of our generation. So it is such an exciting and an important opportunity. So if you think about what Kempower 2.0 is about and why it's exciting and credible, these 4 things. Number one, we are mission-driven, accelerating the electric mobility transition. We're committed to that. You see a glimpse of that here in Oslo, you'll see that tomorrow when we go out to the sites. Our vision is to be a top 3 global leader in DC fast charging, trusted by customers, built to compound. Trusted by customers, you heard numerous examples today of how we are developing deep relationships and partnerships with our customers. As they scale, we scale. And built to compound, this is about compounding results, right? And then what drives this? We're in an attractive fast-growing market. We looked at the different scenarios, low, medium, high. In the base scenario, the midpoint, this EUR 4.5 billion market grows to EUR 10 billion plus. How many industrial tech segments are growing at this clip. So it's a great market to be in. It has reset from previous expectations, but still a great market where the BEVs even after resetting are expected to triple in terms of the number of BEV sales. In this market, we're a global leader. We have the distributed architecture that we bet on early. We're doubling down on that. And we're continuing to lead that with the strongest combination of hardware, software, services. It's all about the full stack for us, right? And then, as we are expanding to full life cycle solutions, I appreciated all the questions and a lot of the interest. We feel very excited about this. And again, the full mix of the opportunity across the 4 levers. And really, that evolution has started already, and it's going to pick up steam and pace over the course of the next few years. And then sustained profitable growth. So our revenue target, 15% to 25%, again, not hedging. This is a conditional architecture tied to the different market scenarios. And then in terms of the profitability, it's about sustained profitable growth. Not about a heroic quarter, not about a heroic year, it's sustained profitable growth. That's going to be our focus. There are so many things at play here. This is still a bit of a land grab opportunity. So we focus on the top line and we focus on the bottom line, and there are so many levers that we are managing in between: the margins, the reinvestment levels, warranties, mix between different product lines. But that's what we target and we commit to, the 10% to 15% EBIT margin by 2030. So in conclusion, that was our strategy and our new financial targets. We are super excited. And again, thank you all for joining and wish you -- for the ones that are returning, wish you all safe travels back. And for the ones that are staying, we look forward to further engaging with you. Thank you all, and thanks to everyone who joined on the webcast. Appreciate it. Take care. Thank you.