Hi everyone and welcome to this webcast where we present Kempower's Financial Results for the Fourth Quarter 2025. My name is Paula Savonen. I am the VP of Marketing and Communications and also the host for today's webcast. Today we're actually streaming live from one of our factories in Lahti, Finland. Today we have two presenters. We start with our CEO, Bhasker Kaushal, and continue with our CFO, Jukka Kainulainen. You can ask questions anytime during the presentations by typing the questions in the Q&A box on your screen and we take all the questions in the end. I hope you enjoy the presentations and now over to Bhasker.
Thanks Paula and good afternoon everyone. It's great to be here in Lahti doing our Earnings Call for the Fourth Quarter. Look overall, 2025 was a pivotal year for Kempower. We returned to growth with revenues up double-digit. We strengthened our market position with great customer wins and we advanced our technology leadership in DC fast charging. A good performance in the fourth quarter helped us finish 2025 on a strong note. The main highlight is the record highest quarterly and full-year order intake in company history. In Q4 order intake was EUR 95 million up 40% versus prior year and for the full year it was EUR 303 million up 39% versus prior year. This record order intake shows the growing trust and confidence customers are placing in Kempower.
It also demonstrates the strength of our competitiveness in the DC fast charging market. Now regarding revenues, Q4 revenue growth was flat largely due to comparison period effects and customer order delivery timing. For the full year our revenues grew by 12% versus the prior year. This shows that despite the quarterly fluctuations our growth trajectory remains strong. Regarding operative EBIT in Q4 operative EBIT was negative due to a combination of lower gross margins and temporary fixed cost factors that are associated with just scaling up our business. But for the full year we improved operative EBIT by EUR 14 million versus last year. A significant year-on-year improvement as per our guidance. We generated positive operating cash flow for the third consecutive quarter. By doing so we have strengthened our financial position while continuing to invest in growth for the future.
Another strong quarter for North America. We recorded EUR 21.3 million in order intake and EUR 8.3 million in revenues in Q4, which is up 122% and 24% versus last year. Now these results show our strengthening market share in the North American market. Finally I'll say we're entering 2026 with a robust backlog of EUR 141 million. Now turning to some quick market updates. What we see is that there the underlying demand drivers for DC fast charging infrastructure remain robust despite different market conditions across regions. In Europe we saw very strong growth in BEV registrations and continued expansion of the DC fast charging infrastructure. Passenger car registrations were up 40% versus last year in Q4 and up 30% for the full year 2025.
E-bus and e-truck registrations were up 58% in Q4 and up 56% for the full year. Now new legislation such as the new EU grids package can help fast-track EV infrastructure growth. Meaning shorter lead times from permit to power. It's currently in the proposal phase and we expect that to go through. In North America the market evolved a bit more unevenly. In Q4 new BEV registrations declined 36% in Q4 and 2% for the year. Reflecting shifts in the federal incentives for EVs. However NEVI program rules have been streamlined to help states push the projects forward faster and as a result public fast charging installations grew 39% versus last year. So overall this strong growth in new BEVs and public fast charging installations it shows that there's a clear and sustained shift towards electric mobility.
Now shifting to the priorities that we are focused on and how we are doing on those. In 2025 we defined and drove focus on our four key priorities. First, winning with customers. Second, being a technology leader with differentiated products by innovating. Third, driving operational excellence. Fourth, building a winning team and culture. These are the four priorities that are critical for Kempower to deliver now and to position us for long-term success. Now we've defined very clear initiatives, KPIs, targets for each of these priority areas. We track these through dashboards. We're improving our execution discipline on these, and as we deliver against these targets that we set, we're building credibility internally and also externally. I'm very proud that our team has shown that through strong progress across all four priorities in the fourth quarter.
Next I'd like to share a few examples of the progress we are making. Starting with winning with customers, that's at the heart of our growth strategy. We're gaining share by acquiring new customers and winning with strategic accounts. In Q4 we acquired 19 new customers totaling 71 for the full year. In the U.S. we won business with Blink Charging, a fast-growing nationwide charging network. This win validates our competitiveness in this key market and accelerates our expansion with a partner that is scaling coast to coast. In Europe we secured new business with E.ON, which is one of the continent's largest energy and charging operators. Their scale and strong presence across the key EV markets makes this a high-impact partnership for us. In Asia Pacific we added Ampol, Australia's leading fuel and convenience operator transitioning into EV charging.
This win broadens our geographic reach and positions us early in what is a fast-emerging region. Second, I'd say our growth is now more global and broad-based beyond the Nordics, which has historically been our strongest market. If you look at in 2025, almost 70% of our sales are now from regions outside the Nordics. This shows our growing global reach and impact. And specifically, we have strong momentum in continental Europe and North America. In 2025, our order intake in Europe outside Nordics is up 58% and it's up 137% in North America. Now in the Nordics, order intake declined 17% year-on-year as the CPO market has slowed a bit. But we're already starting to see a clear transition underway.
Truck and depot charging is now picking up fast, and we expect this segment to drive the next wave of demand in the Nordics just as this region led for passenger cars. In addition to building strong customer relationships around the globe, we're driving electrification in across all key segments. You know this spans from retail sites like Circle K's fully electric forecourt to major public networks like GetCharged in New York. And we're also doing this at scale with some of the largest bus and fleet charging hubs in Europe, including sites such as Australia's largest bus charging hub that has 50+ DC charging points and room to expand further. We're doing this at airports like Amsterdam Schiphol where we have a large hub with 28 DC charging points that keeps critical transport moving in a key location.
Next I'll talk about technology which is the lifeblood of our business. Innovation is rooted in Kempower's DNA. We're constantly striving to lead the industry. During this quarter the Megawatt Charging System moved from validation into scaled real-world use. You can actually see the MCS product right behind me in our showroom here at Lahti. More than 350 successful MCS charging sessions were completed in Q4 across several locations. A few other highlights, and Kempower has now delivered MCS charging units across most Nordic countries. All these charging sites like the one in Circle K with Circle K in Sweden have distributed charging systems using both CCS and MCS. Now this gives flexibility to the operators to use it for trucks or for passenger vehicles. We've also installed the first Mega Satellite unit in France.
With DP World, we have one of the world's largest port-based MCS deployments at the London Gateway Port. Where there's 12 Kempower MCS units that are powering Kalmar electric straddle carriers. So all of these examples demonstrate that you know we're very well positioned to lead in the e-truck and Megawatt Charging technology. Next I'll talk about operational excellence which is the foundation of our business. You know we're embedding cost excellence in everything we do across the end-to-end value chain. Now in the second half of 2025 we launched a comprehensive product cost reduction program. This program is aimed at improving unit cost economics. It's going to help us defend and eventually grow our margins. Our approach is to stay price cost neutral or positive. And it's a broad-based effort that covers the end-to-end value chain. It includes optimizing our supply chain, our assembly operations, and product design.
We saw initial results already and savings starting in Q4 at a small scale. We expect these benefits to ramp up through the course of 2026. Now we pride ourselves on being a green and a sustainable company. I'm pleased to share that Kempower received the EcoVadis Gold Sustainability Rating in Q4. This places us amongst the top 5% of 130,000+ companies that are assessed globally. We also successfully renewed our ISO 27001 certification which confirms and shows our focus on cybersecurity and data protection. Now all of these things and milestones they reflect you know our commitment for responsible growth. Also our position as a trusted partner for our customers. Finally I wanna take a moment to talk about the impact we are delivering.
In 2025 we doubled the electricity delivered through our chargers versus 2024. Now this reflects the growing impact that Kempower is having on the electrification transition across the globe. Next looking ahead as we turn the page into 2026 and our outlook. We're actively monitoring the market and we see that market dynamics are a little bit different across regions. But the long-term electrification trend is clear and sustained. For 2026 we expect to grow revenues between 10%-30% versus 2025. And improve operative EBIT significantly versus the EUR -12.4 million that we ended in 2025. We are very focused on continuing to build Kempower into a very strong platform for sustained profitable growth. You know growth not just in one or two quarters but sustained quarter after quarter year after year.
We'll continue to invest selectively in areas that are aligned to our strategic priorities. Technology sales and services. We strongly believe that these investments are required for our long-term success while we in the near term navigate market variability with discipline. Now to summarize, I wanna highlight three points. First, we're building momentum going into 2026. We return to growth in 2025 and we've delivered record order intake to go into 2026 with a solid backlog. Second, we're strengthening our strategic position. We have a stronger market position in all the key markets through continued customer wins. We're doing this while continuing to invest for the future. Third, we're doing this while being financially disciplined. We significantly improved our operating EBIT in 2025. We're driving cost excellence across everything we do.
We enter 2026 with building momentum, clear priorities, and a sharp focus on execution. Kempower is well positioned for the next phase of growth. I really wanna thank our teams and our customers all around the world for their efforts, commitment, and trust. Now with that I will hand it over to Jukka for the financials. Thank you.
Thanks a lot Bhasker. All right, let's go to quarter four 2025 financials. Yeah, when looking at the quarter four and full year financials, of course, clearly the best highlight was our strong sales performance. So like Bhasker highlighted, EUR 95 million of orders quarter four and we reached the great milestone as a company EUR 300 million in orders for the full year so EUR 304 million when rounding up.
That was of course the great achievement and considering us being the growth company and growing orders around 40% it's a of course significant growth rate overall for the company. When looking at the revenue, Q4 revenue was growing 0.2% so basically it was flat excluding the foreign exchange impact the growth was 2%. That was of course driven by really strong competition period being the flat number for the quarter. When looking at the whole year revenue was growing 12% excluding the foreign exchange impact the growth was 40%. We were around midpoint in our revenue guidance with these numbers. Operative EBIT was negative and like Bhasker highlighted it was driven by lower gross margin for the quarter and temporarily higher personnel cost for the Q4.
When looking at the cash flow, it was also positive that we generated positive operating cash flow for the quarter, EUR 3.1 million, and also for the whole year positive cash flow of EUR 3.4 million. So overall strong sales performance for the year, significantly improved profitability. We improved the profitability by EUR 40 million for the year and we generated positive cash flow. All right, let's look a little bit more at order intake in detail, already highlighting the quarter four orders, full year orders reaching the important milestone of EUR 300 million in orders.
It was great to see when looking at the orders for quarter four we were growing almost in all regions in quarter four in orders except the APAC and Middle East and Africa which was down 9% even though they were up whole year 45%. At the same time Nordics which has been dropping in orders 70% for the for the year was up in quarter four by 25%. Adding on top of that we ended up the year with a record high order backlog of EUR 141 million and that is recognized as a revenue during the years 2026 and 2027. Then looking at looking at the revenue just repeating around flat revenue for the quarter 12% growth for the year also we are clearly back on the growth track when looking at our revenue revenue for the year.
And also highlighting different regions, our biggest regions is at the moment Europe outside Nordics, which is more than 50% of our revenue when looking at quarter four numbers. Also North America's share is increasing; it was only 11% in quarter four. And when looking at the sales metrics, both orders and revenue and whole year, we actually grew in all the other regions significantly, both in orders and revenue, except in the Nordics. So that is quite a good sign how broadly in different geographies we have been able to grow during the 2025. And that is of course building a great basis for us to continue executing our strategy also in 2026 and going forward. Then looking a little bit gross margin, gross margin declined in quarter four. It was 45.6% for the quarter.
But when looking at the same time whole year it was 47.6% so it's still quite a healthy level overall. When looking at the quarter four numbers the decrease was driven by the sales price erosion so there is still some price pressure ongoing in certain markets. And then we had some sales mix product mix impacts impacting on the gross margin and some temporary operational inefficiencies also which impacted on the quarter four results. At the same time like we communicated in connection to Quarter Three and what Bhasker also mentioned we have started this unit cost savings program and we target of course the material cost savings during the 2026 and we already saw some results in our numbers in 2025. And that's the way of course how we will defend in our existing healthy gross margin levels.
Then, about our operating cash flow and the profitability, like I highlighted, we generated—for the first time after 2023—positive operating cash flow of EUR 3.4 million, so that is a good result. Definitely, when looking at the operative EBIT, we also improved our operative EBIT significantly. It was a EUR 40 million improvement year-on-year, even though still being negative EUR 12 million for the year. And, specifically for quarter four, when we generated negative operative EBIT of EUR 3.6 million, like I mentioned, was driven by this gross margin decline, but also we accounted a little bit higher bonus accrual of EUR 3.3 million for the quarter in connection to this great sales performance in quarter four and whole year overall.
As a conclusion, when looking at the whole year, we are really back in the growth track, strong sales results, we improved significantly our profitability like we guided to the markets, and we generated positive operating cash flow. So I think this is the good way to end the year 2025. Thank you.
Thank you, Jukka. Thank you, Bhasker. Now we go to the questions and you can still type in your questions if you have some. Let's start with you, Bhasker. What drove the record fourth quarter order intake?
Yeah, thank you, Paula. Look, yeah, our fourth quarter order intake of EUR 95 million. First of all, we had a target of EUR 300 million order intake for the full year. And the team achieved it. You know, we beat that and we achieved EUR 303 million courtesy of the EUR 95 million order intake in Q4. So, you know, great achievement by the team and really proud of their efforts. What drove it? You know, first look, we see customer confidence and there's customers that are investing. It's supported by the BEV new registration growth especially in Europe that you see that. And, you know, up 30% for the full year, up 40% for Q4. So I think that translates into continued investments.
Second, I'd say, you know, our strategy of new customer acquisitions. We acquired, you know, 19 new customers, 71 for the full year. So that's really helping us continue our growth. And then third, you look at our growth. I mean, we, Jukka and I, talked about how much more broad-based our growth is. And we are growing across the world, you know, especially in regions outside the Nordics. So you look at our growth in Europe outside Nordics was very strong, also in North America. So those are the things that really fueled the order intake growth and helped us get over the line of that EUR 300 million target.
Thank you, Bhasker. Then there is a question about the growth guidance. So what is Kempower's 2026 growth guidance based on?
Yeah, another great question. Look, I'd say three things. One is, obviously, market conditions. Second is the backlog that we are entering the market with. And third, you know, what we see in terms of the pipeline and our, you know, continued share gains. So, you know, starting with the market. Look, a bit of a balanced outlook of the market. There are some real positives, you know, the BEV growth in Europe, you know, the continued public fast charging installation numbers that we shared. That gives us confidence. There are some watch items as well, you know. North America, you look at the pullback a little bit in the BEV adoption rates. So that's a watch item. I think we expect that to bounce back. But also Nordics, I think that's a watch item, you know, for us.
We did show strong growth in Q4 in order intake in the Nordics, but that's still, you know, that market has led in the BEV adoption of passenger cars. We're just pausing to see how that evolves. But we see that the truck market will evolve the earliest in Nordics. So on the balance, you know, we're cautiously optimistic about the market, but you know, the top end of our ranges is absolutely, you know, something that we can achieve, you know, should market conditions hold. And then backlog, yeah, I mean, we're entering with roughly EUR 140 million in backlog. About two thirds of that is for this year delivery.
you know we're starting to see customers commit to more longer term orders as well so that's good but from a part of that backlog is for 2027. And then I think the third is yeah we've got a very strong pipeline and you know we expect to be able to convert that continue on our new customer acquisition spree you know we're growing across segments, so that gives us the confidence that you know and by the way yeah the growth in ports the growth in other segments such as trucks those are the things that have informed our guidance you know the 10%-30% and yeah.
Thank you, Bhasker. Then over to the gross margin, Jukka. How is the gross margin evolving, and what are the main factors?
Yeah, of course, you know, 45.6% for the quarter four and around 47% for the whole year, so whole year still a quite unhealthy level. But we have taken quite a lot of actions now to improve the level and defend the existing healthy level what we have. So, like we mentioned, this cost savings program, unit cost saving program, so we focus quite a lot on that the defend the healthy level overall. So factors impacting what, like we have communicated earlier, so there is the existing price pressure ongoing in the certain markets especially in Europe. That's impacting and there's some work to do also internally. We had some production inefficiencies impacting on the margin and on top of that some geographical mix product mix also impacted in quarter four.
So there's lots of ways to improve it as well but luckily you know we are in a good position with that at the moment.
Thank you, Jukka. Then, about the profitability, what are the main causes of declining profitability and how are we addressing them?
Yeah, good question. When looking whole year we actually improved our EBIT by EUR 40 million. So it's a significant improvement but maybe the question was more relating to quarter four. Yeah, it was down by EUR 3.6 million so like we communicated the gross margin drop impacted negatively on our EBIT. And also we you know accounted higher bonus across remember the great sales performance which is of course benefiting us a great way in 2026 especially. So those were the drivers.
Thank you, Jukka. The next question is about the BEV registrations in Europe. The BEV new registrations grew 30% in Europe. So does this signal growing CPO investment activity? What would you say?
Yeah, look, overall we do see growing investment activity. If you look at the data around DC fast charging installations or the number of charge points, they grew 9% for the full year in 2025. And that's good, that recovery is there after a tough 2024. So we see that, but when you compare that to the BEV adoption rates, BEV adoption rates as you pointed out were 30% up 30% versus prior year. So there's a bit of a gap there. And there's many factors. So you know we see that. Look, CPOs, the utilization levels are improving for the especially for the larger, you know, at-scale CPOs. That helps their business model become more self-funding. You know, where funding is needed to scale up, we see CPOs being able to raise funds.
I mean great examples of Osprey and Electra having raised, you know, substantial funding. So you know there's still funding available in the market for CPOs to expand, so that's a really good positive sign. And look, on the watch item I would say you know when you look at the permitting to power time you know that is a constraint. That is a bit of a bottleneck. It is a long time, but the good news is the EU is coming up with a new grids package which streamlines that process and reduces that time from permitting to power. So we hope that that will help accelerate which is holding back some of the CPO rollouts of the installation. So as that comes online you know I think that's going to help accelerate.
Overall, we're positive and bullish that yeah there is continued investment but there are offsetting factors as well.
Thank you. Good morning, Paul. We have a question from Paul de Froment, actually two questions. The first one is about the component costs. Do you see any decline of component costs that could improve Kempower's gross margin?
Yeah.
What would you say?
Yeah, of course, that's part of our cost savings program, so we definitely have a high focus on that in our program and team and day-to-day negotiation. So, definitely, that's something with what we foresee impacting positively in our gross margins in 2026.
Thank you. And then Paul is also asking about the U.S. and Canada demand. So how do you see U.S. and Canada demand in 2026?
Yeah, yeah, hi Paul, thanks for the question. Yeah, it looks a little bit like gazing into the crystal ball there. But if you look at the US, the subsidies that were available, the incentives that were available, were pulled back at the end of Q3. So we did see an impact of that in Q4 with lower BEV registrations and sales. So that is a bit of a watch item, you know, how that progresses next year. But I mean, we see that automakers are already offsetting that with price reductions. There's a lot more number of models that are available, so more affordable EVs that are available. So again, we're cautiously optimistic on the US market.
I think Canada could actually accelerate if you look at some of the announcements more recently with Canada opening up for EV investments and more affordable vehicles including from China. You know so I think you know there is more bullishness there in Canada and we could see an acceleration of BEV adoption in Canada here in the near term.
Thanks, Bhasker. And then we have hi, Nikko. We have a couple of questions.
By the way, sorry I missed that. For North America, I think, sorry, I might interrupt you.
Yeah, go ahead.
You know, for us what is very important for North America and for the U.S. in particular we were a late entrant into that market. And for us it's a share gain story. We whatever the market is doing in terms of you know growth we will outpace that growth by a fair bit because you know we started operations in North America in late 2023. So for us I mean you look at our order intake in North America very strong up 137%. We expect you know strong continued growth there in that market because of our share gain story. So I just wanted to mention that.
Yeah.
That's our outlook, and that, you know, we feel bullish about the North American market, a little bit disconnected to what the market might do by itself.
Yeah, very valuable insight. Thank you, Bhasker. Then Nikko Ruokangas has also sent a couple of very good questions. The next one is about order backlog. So your order intake improved clearly in Q4 and the backlog is up almost 50%. Why are you not expecting stronger sales growth in 2026?
Yeah, okay, so revenue growth between 10% up to 30%, of course, you know, midpoint being the 20%. So that's debatable that what is what is strong growth what is what is not. But good to remember that we like we have always communicated our order backlog is quite short. And this order backlog is even split between the years 2026 and 2027. So I mean it's that's a that's good to remember when looking at our backlog overall. Of course, you know, it's a good situation now to start the year customer acquisition where we have been really successful overall. We have been make a breakthrough in North America as well which is really great. But then at the same time how we see Europe it's not yet the bull market. It's getting better overall.
Our existing customers continue start to now invest step by step, which is great, but there's still some room for improvement in the market conditions overall. Then, considering overall, it's a new industry, volatile industry also. Based on all these facts, we came out with the guidance we submitted this morning.
Thank you, Jukka. Nikko has also a question about the Nordics. We talked about the Nordics compared to Europe. Nicko's question is that you said in the report that activity in Nordics remains moderate. On the other hand, your orders in Nordics increased 25% year-over-year in Q4. Does the comment on the market mean that the order growth in Nordics should not be extrapolated?
Yeah, hi Nikko, thanks for the question. Look, I think yeah, Q4 did give us confidence that the market, you know, recovery may be there. Look, the truck charging, you know, that gives us confidence in the Nordics market. But, you know, when we look at some of the BEV to charger ratios, no, Nordics seems pretty healthy. So, I think, you know, it's a watch item, you know, as they say, I think in Britain, one swan doesn't make a summer. You know, we have to look at, you know, a few more data points of how that evolves and the next few months will be critical. So, we'll keep an eye out on the Nordics market.
But yeah, Q4 gave us confidence and you know we're looking forward to how you know Q1 is shaping up. And you know again we see very strong activity especially on the truck charging side. So you know we'll see after Q1.
Thank you, Bhasker. So let's stay in Europe. The next question is also about Europe and this is about the EV models, different car models entering the markets. The question is from Matti Joukkimo. How do you see upcoming smaller and cheaper EVs entering European market in H2? Are customers already accounting this in their orders? How would you approach it?
Yeah, I can start. Yeah, so overall, of course, there will be every year more and more affordable EVs in Europe, which is great because it hasn't been affordable in the past. So that enables the whole population to start using the EVs, so that is great. And that is, of course, overall speeding up our industry and e-mobility. So that's, of course, only the positive thing. But that's something what's seen and what is expected also on our side.
Thank you, Jukka. Thanks. Then there is a question about the sales and actually we go back a little bit to the years 2024 2025. So in 2024 and 2025 the first quarter has been the smallest quarter in terms of sales. Should we expect similar seasonality in 2026?
It's actually a great question. What I can say that now we didn't guide Quarter One separately, but yeah there is this cyclical seasonality in our business between different quarters. So that's the fact. So that's something I can rely on that without guiding anything on Quarter One.
Thank you, Jukka. Thanks. Another question about the profitability. You mentioned temporary operational inefficiencies pressuring your profitability. Could you open and quantify those?
Yeah, you or me?
Go go for it.
Yeah, so this relates to normal sales and operational planning. So, of course, in our current business model, we don't have stable deliveries inside the quarter. Might be one month when you have a high peak in deliveries, then the following month when those are down. So we just continue improving that, you know, how we plan the resources and our materials, et cetera, so that it matches better to demand. So it was question that's actually the topic we are addressing and improving. And yeah, it had some impact on the quarter four numbers in the margin. So don't wanna quantify the exact number, but it had a, let's say, material impact.
Yeah, more generally, just to build on what Jukka said and to the previous question as well, when you look at the seasonality between the quarters and even within the quarter, kind of the loading, ideally you wanna level load as much as possible across quarters and within quarter. We don't see that demand yet. I mean, I think that's tied to demand, just inherent demand from the customers. We try to align to our customer order timing, right? I mean, we are starting to see, at least historically, what I learned was, you know, customers were doing pre-buys and, you know, because of component shortages. We're starting to see customers align deliveries much closer to when it is actually going to be installed.
So I think because of that you know we try to align our deliveries and then when we do that you know it doesn't allow us to fully level load. But with more broad-based demand I think quarter to quarter seasonality should be lesser I think going forward into the future than it has been. But that's something for us to keep working you know both what we can control from a forecasting standpoint.
There is also a question about the order backlog from 2025 to be scheduled to 2026. So what is the reason for even one-third of the order backlog from 2025 to be scheduled post 2026? Have the delivery of or client preference times increased recently?
Yeah, yeah, well, look, I mean, we are starting to see when customers are committing, you know, to the order. They have an outlay of their expenditure and their installation. Some of these installation timelines are based on, you know, getting permitting, you know, various kinds of permitting through the electricity providers and the utilities to the cities to grant land grants, et cetera. So, you know, that timing is really what drives the outlay. So what's great is that the customers are, you know, trusting us and putting the confidence that they are placing longer-term orders as well, which is great for our outlook as well.
Yeah, I mean, that's certainly a shift from what we saw, I guess, in the previous years, which was much more of a shorter cycle business.
We have time for one more question, and now we go to North America. This is about the order intake. Your sales have been lagging order intake in North America. Could you open that? Why are the delivery times long in North America? How do you see this?
I mean, similar answer, but yeah.
Yeah, yeah, yeah, okay. I I can start, but yeah, well, when looking North America, when looking 2025, it was let's say more positive market environment overall to us. And that's usually what's what's also happening that the you know you get orders a little bit earlier before the before the delivery time. And that's normal in the main growth market when looking the book-to-bill with smaller than two so indicating the quite strong growth on that market. So so that's what would be my answer on that.
Yeah. Thank you Jukka and thank you Bhasker. And thank you for all the questions. And we'll be back soon for for example announcing the date for the Capital Markets Day later in the spring in in May June. Before we go we wanna show you a very very new video.
This is actually the first time we show this. Two weeks ago we organized MCS Live Days in Sweden where we showcased MCS charging to our customers together with our partners. So check it out. Thank you and bye-bye.