olivLaw · European equity research
Kempower Oyj KEMPOWR.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Kempower Oyj, a Finnish supplier of direct current fast-charging solutions for electric vehicles, regained growth in 2025, with revenue of 251.3 million EUR and growth of 12%. Record annual order intake of 304 million EUR suggests demand in Europe and North America remains strong, and the company aims to stay among the top three European manufacturers.
At the close of 05 Nov 2026, Kempower Oyj (KEMPOWR.HE) stock was 6.00 EUR (−7.05% on the day), with market capitalisation 337.7 m EUR, beta 1.08, 52-week range 6.00–17.21 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 13.1
- oversold (≤ 30)
- Bollinger (20, 2)
- 6.80 – 9.43
- below the lower band · %B -0.30 · band width 32.5%
- SMA 50 / 200
- 9.08 / 12.01
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.57 / -0.41
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −32.3% | +0.4% | −32.7 pp | — |
| 3 months | −41.6% | −3.3% | −38.3 pp | — |
| 6 months | −54.1% | +4.0% | −58.1 pp | — |
| Year to date | −60.7% | +8.1% | −68.8 pp | — |
| 1 year | −59.8% | +10.7% | −70.5 pp | −1.2% |
| 3 years | −83.6% | +50.1% | −133.7 pp | +6.8% |
| 5 years | unavailable | +43.6% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 283.6 m | 223.7 m | 251.3 m |
| Revenue YoY | unavailable | −21.1% | +12.3% |
| Net income | 33.7 m | -23.2 m | -12.4 m |
| Net income YoY | unavailable | −168.8% | unavailable |
| Diluted EPS | 0.61 | -0.42 | -0.22 |
| Diluted EPS YoY | unavailable | −168.9% | unavailable |
| net % | 11.9% | -10.4% | -4.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.9 m EUR
- Financial debt
- 180.0 k EUR
- Net debt
- -3.7 m EUR
- Equity
- 101.9 m EUR
- Total assets
- 246.8 m EUR
- Debt / equity
- 0.00x
- Current ratio
- 1.47x
- ROE
- -11.6%
- ROA
- -5.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 283.6 m | 223.7 m | 251.3 m | esef· 24 Mar 2026verified |
| Operating income | 40.6 m | -28.8 m | -14.3 m | esef· 24 Mar 2026verified |
| Interest expense | 2.1 m | 4.2 m | 5.0 m | esef· 24 Mar 2026verified |
| Pre-tax income | 43.0 m | -28.2 m | -15.0 m | esef· 24 Mar 2026verified |
| Income tax | 9.3 m | -5.0 m | -2.6 m | esef· 24 Mar 2026verified |
| Net income | 33.7 m | -23.2 m | -12.4 m | esef· 24 Mar 2026verified |
| Diluted EPS | 0.61 | -0.42 | -0.22 | esef· 24 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 27.4 m | 16.2 m | 3.9 m | esef· 24 Mar 2026verified |
| Inventories | 51.6 m | 57.5 m | 58.5 m | esef· 24 Mar 2026verified |
| Current assets | 193.5 m | 163.4 m | 179.4 m | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 13.7 m | 26.0 m | 23.6 m | esef· 24 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.8 m | 4.2 m | 7.7 m | esef· 24 Mar 2026verified |
| Total assets | 237.7 m | 230.8 m | 246.8 m | esef· 24 Mar 2026verified |
| Long-term debt | — | 2.7 m | 180.0 k | esef· 24 Mar 2026verified |
| Current liabilities | 80.4 m | 87.8 m | 122.3 m | esef· 24 Mar 2026verified |
| Total liabilities | 104.8 m | 119.0 m | 144.9 m | esef· 24 Mar 2026verified |
| Equity | 132.9 m | 111.8 m | 101.9 m | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 55.3 m | 55.3 m | 56.3 m | esef· 24 Mar 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 337.7 m EUR
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -12.2% | 8 (vs peers) | 31% |
| Net margin · Quality | -4.9% | 15 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.9x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.5x | 56 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet22/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality11/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Kempower Oyj (KEMPOWR.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 251.3 m EUR in 2025; YoY growth 12.3%; net margin -4.9%; ROE -11.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -12.2%
- Net margin: -4.9%
- Interest coverage: -2.9x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| KEMPOWR.HEKempower Oyj | 337.7 m | — | -11.6% | -4.9% | +12.3% | −59% / −79% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for KEMPOWR.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Kempower Oyj, a Finnish supplier of direct current fast-charging solutions for electric vehicles, regained growth in 2025, with revenue of 251.3 million EUR and growth of 12% 1. Record annual order intake of 304 million EUR suggests demand in Europe and North America remains strong, and the company aims to stay among the top three European manufacturers.
SWOT
Strengths
- Stated position among the top three European DC fast-charging manufacturers, with a modular architecture that customers value.
- High equipment uptime and software for monitoring and management integrated into the offer.
- Production and local support in Finland and the USA, with regional supply chains.
Weaknesses
- Dependence on a few markets and on public policy could affect revenue stability.
- Quarterly results have fluctuated, and the company acknowledges that gross margins must be defended through cost reduction.
- No dividend is planned in the short term, which limits appeal for income-focused investors.
Opportunities
- New European grid rules could shorten permit-to-power lead times.
- Demand for megawatt charging in heavy transport and ports could grow.
- Expansion in Southern and Central Europe and in North America could add market share.
Threats
- Competitive pressure from Chinese manufacturers could reduce prices and margins.
- Policy changes in North America could slow EV adoption.
- Competitors' cost cuts could weaken the company's price position.
Risks
- Policy uncertainty in North Americahigh
Changes to federal EV incentives could reduce charging demand in the region.
- Gross margin pressurehigh
Competition and the need to cut costs could affect margins if the programme does not deliver results.
- Customer concentrationmedium
Dependence on a few charge point operators and large fleets could amplify the effect of delayed orders.
- Quarterly result volatilitymedium
Quarterly results have varied, and timing of large deliveries can shift revenue between quarters.
- Dependence on regional conditionslow
Differences between markets from Europe to North America could make performance uneven across regions.
Investment thesis
What would need to be true (bull case)
- Record order intake in 2025 shows customer confidence in the company's products and could support sales in coming years.
- Demand for fast charging in Europe is rising, and new regulation could speed up deliveries and installations.
- A position in megawatt systems for heavy transport and ports could open segments with high margins and growth potential.
What would break the thesis
- Rising competition from Chinese manufacturers could force price and margin declines in key markets.
- The North American market depends on public policies that have changed, and delays could hit revenue.
- No dividend is planned in the short term, and results could stay volatile if the cost programme underdelivers.
What to watch
- Development of gross margin after the cost-reduction programme2026
- Conversion of record order intake into revenue2026
- North American demand after policy changes2026
- Progress toward the 10-15% profitability targetnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Kempower designs and manufactures direct current fast-charging solutions for electric vehicles of all types 1. The portfolio includes distributed charging systems with power units and satellite dispensers, standalone and station chargers, megawatt charging systems for trucks and buses, and the ChargEye management software 1. The company also provides services, training, maintenance and consultation, and its main customers are charge point operators, retail chains, fleet operators and original equipment manufacturers 1. Production and R&D are located in Lahti (Finland) and Durham (North Carolina, USA) 1.
The primary markets are Europe and North America, and Kempower states its solutions were used on all continents and in more than 50 countries 1. The company targets carbon neutrality by 2035 and has set climate targets aligned with the Paris Agreement and SBTi criteria, without having applied for SBTi approval 1. At the end of 2025 it had 825 employees, 588 of them in Finland and 100 in the US 1.
In 2025 the company launched a product cost-reduction programme to defend gross margins, and management expects material results already in 2026 1. No dividend is planned in the short term, and the stated financial target is profitability of 10-15% 1.
Segments
Public charging
The main focus covers all charging away from home or base of operations, where Kempower concentrates its development 1. The company also aims to increase its share in Southern Europe and to enhance its offer in Central Europe 1.
Market context
Demand for DC fast-charging infrastructure remains robust despite regional differences 1. In Europe, battery-electric vehicle registrations grew 30% over the full year 2025, and the new EU grids package could speed up infrastructure development 1. In North America the market was more uneven, but US public fast-charging installations grew 39% versus last year 1.
Growth depends on public policy and on total cost of ownership, which remains the main driver of EV adoption 1. Management describes its outlook as cautiously optimistic given varying market conditions across regions 1.
Trends
- Growing demand for fast charging in Europetailwind
Battery-electric vehicle registrations rose strongly in Europe, and new regulation could accelerate infrastructure build-out 1. This supports demand for Kempower's equipment in its core market 1.
- Uneven North American marketmixed
New battery-electric vehicle registrations fell in North America, reflecting shifts in federal EV incentives, although public charging installations grew 1. Policy uncertainty could slow demand in this region 1.
- Fleet and heavy-transport electrificationtailwind
Commercial fleets and electric trucks could generate demand for megawatt charging systems as operators electrify 1. Heavy transport was an early adopter of this technology, and port logistics is following the same trend 1.
- Rising competition from Chinese manufacturersheadwind
Chinese manufacturers are increasing their presence and new players are entering the market, which could pressure prices and margins 1. The company responds with integrated hardware, software and services offerings 1.
Competitive position
The fast-charging market is evolving as Chinese manufacturers expand, new players enter and established companies strengthen their offerings 1. Kempower aims to differentiate through complete solutions combining hardware, software, connectivity and advanced services 1.
The company's stated advantage is its modular architecture, which lets customers scale charging infrastructure as needs grow 1. Competitive pressure could still affect margins, which is why the cost-reduction programme is central 1.
- Chinese charging equipment manufacturers
The source notes growing presence of Chinese manufacturers in fast charging without naming individual companies.
- New market entrants
The source points to new players entering the fast-charging sector without identifying them.
- Established sector companies
The source says incumbents are strengthening their offerings, without naming them.
- Charge point operators building in-house capability
Charge point operators are key customers, but their own capacity could influence purchasing decisions, per the source context.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Kempower Oyj · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.