Wallbox (WBX) 6-K Management’s Discussion and Analysis of Financial Condition and Results of

Exhibit 99.2

WALLBOX N.V.

Interim Condensed Consolidated statements of financial position as of June 30, 2022 and December 31, 2021

(In Euros)

	Notes	June 30, 2022 (*)			December 31, 2021
Assets
Non-Current Assets
Property, plant and equipment	8		40,028,509			25,273,702
Right-of-use assets	9		25,036,471			18,503,943
Intangible assets	10		44,531,751			37,309,902
Goodwill	10		6,240,371			6,146,302
Non-current financial assets	12		839,836			1,299,319
Tax credit receivables	22		2,414,753			2,588,807
Total Non-Current Assets			119,091,691			91,121,975
Current Assets
Inventories	13		54,472,421			27,489,273
Trade and other financial receivables	12		36,241,040			23,756,836
Other receivables	22		16,147,120			17,467,675
Other current financial assets	12		7,269,236			57,673,658
Other current assets / deferred charges			2,852,075			9,130,320
Advance payments			1,253,184			2,107,551
Cash and cash equivalents	14		119,875,344			113,865,299
Total Current Assets			238,110,420			251,490,612
Total Assets			357,202,111			342,612,587
Equity and Liabilities
Equity
Share capital			44,631,247			44,480,006
Share premium			329,091,537			322,391,277
Accumulated deficit			(252,587,423	)		(243,895,696	)
Other equity components			25,510,766			5,496,261
Foreign currency translation reserve			12,864,945			2,600,609
Total Equity attributable to owners of the Company	15		159,511,072			131,072,457
Liabilities
Non-Current Liabilities
Loans and borrowings	12		23,274,447			17,577,451
Lease liabilities	9 and 12		25,039,157			18,172,444
Put option liabilities	12		—			3,776,438
Provisions			512,619			362,144
Government grants	16		596,491			1,254,783
Deferred tax liabilities	22		26,413			30,477
Total Non-Current Liabilities			49,449,127			41,173,737
Current Liabilities
Loans and borrowings	12		52,523,968			33,768,839
Derivative warrants liabilities	12		26,572,274			83,251,712
Lease liabilities	9 and 12		2,200,439			1,537,312
Put option liabilities	12		1,799,435			—
Trade and other financial payables	12		53,824,568			44,290,524
Other payables	22		8,831,358			5,004,837
Provisions			531,284			540,796
Government grants	16		1,584,007			1,534,856
Contract liabilities			374,579			437,517
Total Current Liabilities			148,241,912			170,366,393
Total Liabilities			197,691,039			211,540,130
Total Equity and Liabilities			357,202,111			342,612,587

(*) Unaudited

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

F-1

WALLBOX N.V.

Interim Condensed Consolidated statements of profit or loss and other comprehensive income for the six months ended June 30, 2022 and 2021

(In Euros)

	Notes		June 30, 2022 (*)			June 30, 2021 (*)
Revenue		17		67,810,927			27,317,916
Changes in inventories and raw materials and consumables used		18		(39,871,268	)		(14,514,593	)
Employee benefits		19		(43,398,550	)		(11,836,642	)
Other operating expenses		18		(41,377,860	)		(11,677,408	)
Amortization and depreciation		8,9,10		(7,999,049	)		(3,282,059	)
Net other income				1,367,503			680,489
Operating Loss				(63,468,297	)		(13,312,297	)
Financial income		20		2,070,035			2,674
Financial expenses		20		(3,437,423	)		(26,069,934	)
Change in fair value of derivative warrant liabilities		20		62,350,757			—
Foreign exchange gains/(losses)		20		(6,082,108	)		258,109
Financial Income/(Loss)				54,901,261			(25,809,151	)
Share of loss of equity-accounted investees		11		(713,816	)		—
Loss before Tax				(9,280,852	)		(39,121,448	)
Income tax credit		22		589,125			715,770
Loss for the Period		21		(8,691,727	)		(38,405,678	)
Earnings per share
Basic and diluted losses per share (euros per share)		21		(0.05	)		(0.41	)
Loss for the Period				(8,691,727	)		(38,405,678	)
Comprehensive income/(loss)
Comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods
Currency translation differences in foreign operations, net of tax				10,264,336			137,652
Changes in the fair value of debt instruments at fair value through other comprehensive income, net of tax				(6,655	)		(196	)
Net comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods				10,257,681			137,456
Other comprehensive income/(loss) for the Period				10,257,681			137,456
Total comprehensive income/(loss) for the Period				1,565,954			(38,268,222	)

(*) Unaudited

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

F-2

WALLBOX N.V.

Interim Condensed Consolidated statements of changes in equity for the six months ended June 30, 2022 and 2021

(In Euros)

			Attributable to owners of the Company
	Notes		Share capital		Share premium		Accumulated deficit			Other equity components			Foreign currency translation reserve		Total equity
Balance at January 1, 2022				44,480,006		322,391,277		(243,895,696	)		5,496,261			2,600,609		131,072,457
Total comprehensive (loss)/income for the period
Loss for the Period								(8,691,727	)							(8,691,727	)
Other comprehensive income/(loss) for the period											(6,655	)		10,264,336		10,257,681
Total comprehensive income for the period				—		—		(8,691,727	)		(6,655	)		10,264,336		1,565,954
Transactions with owners of the Company
Capital increase		15		151,241		6,700,260					(524,723	)				6,326,778
Share based payments		19									20,545,883					20,545,883
Total contributions and distributions				151,241		6,700,260		—			20,021,160			—		26,872,661
Total transactions with owners of the Company				151,241		6,700,260		(8,691,727	)		20,014,505			10,264,336		28,438,615
Balance at June 30, 2022 (*)				44,631,247		329,091,537		(252,587,423	)		25,510,766			12,864,945		159,511,072

(*) Unaudited

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

F-3

WALLBOX N.V.

Interim Condensed Consolidated statements of changes in equity for the six months ended June 30, 2022 and 2021 (continued)

(In Euros)

			Attributable to owners of the Company
	Notes		Share capital		Share premium		Accumulated deficit			Other equity components			Foreign currency translation reserve		Total equity
Balance at January 1, 2021				196,059		28,725,511		(20,118,232	)		3,353,614			76,169		12,233,121
Total comprehensive (loss)/income for the Period
Loss for the Period				—		—		(38,405,678	)		—			—		(38,405,678	)
Comprehensive income/(loss) for the Period				—		—		—			(196	)		137,652		137,456
Total comprehensive income for the Period				—		—		(38,405,678	)		(196	)		137,652		(38,268,222	)
Transactions with owners of the Company
Share based payments		19		—		—		—			723,709			—		723,709
Total contributions and distributions				—		—		—			723,709			—		723,709
Total transactions with owners of the Company				—		—		(38,405,678	)		723,513			137,652		(37,544,513	)
Balance at June 30, 2021 (*)				196,059		28,725,511		(58,523,910	)		4,077,127			213,821		(25,311,392	)

(*) Unaudited

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

F-4

WALLBOX N.V.

Interim Condensed Consolidated statements of cash flows for the six months ended June 30, 2022 and 2021

(In Euros)

	Notes		June 30, 2022 (*)			June 30, 2021 (*)
Cash flows from Operating Activities
Loss for the Year				(8,691,727	)		(38,405,678	)
Adjustments for:
Amortisation and depreciation		8, 9, 10		7,999,049			3,282,059
Expected credit loss for trade and other receivables		12		1,755,788			(68,903	)
Write-off of inventories		13		227,664			—
Others impairments and losses		12 and 18		—			69,227
Change in provisions				140,963			183,120
Government grants		16		(784,924	)		(325,372	)
Results from disposals of property plant and equipment				—			(10,716	)
Financial income		20		(2,070,035	)		(2,674	)
Financial expenses		20		3,437,423			26,069,934
Change in fair value of derivative warrant liabilities		20		(62,350,757	)		—
Exchange differences		20		6,082,108			(258,109	)
Income tax benefit		22		(589,125	)		(715,770	)
Share based payments expense		19		20,545,883			1,036,053
Share of loss of equity accounted associates		11		713,816			—
Changes in
- inventories				(27,210,812	)		(6,259,941	)
- trade and other financial receivables				(13,003,400	)		(10,585,131	)
- other assets				7,891,727			(2,811,006	)
- trade and other financial payables				15,211,188			11,929,177
- contract liabilities				(62,938	)		6,407
Net cash used in operating activities				(50,758,109	)		(16,867,323	)
Cash flows from Investing Activities
Investment on Joint Venture				(713,816	)		—
Loans granted to Joint Venture		12		(140,499	)		(503,127	)
Acquisition of intangible assets		10		(11,675,156	)		(8,168,360	)
Acquisition of property, plant and equipment		8		(18,274,301	)		(3,197,616	)
Acquisition of financial assets at amortized costs				—			(325,809	)
Acquisition of financial assets at fair value through profit or loss		12		(2,559,974	)		(4,007,461	)
Other financial assets, net				—			(360,838	)
Proceeds from sale of property, plant and equipment		8 and 10		—			144,019
Proceeds from sale of financial assets at fair value through profit or loss		12		54,335,686			—
Interest received		20		15,123			2,674
Net cash from (used) investing activities				20,987,063			(16,416,518	)

F-5

WALLBOX N.V.

	Notes		June 30, 2022 (*)			June 30, 2021 (*)
Cash flows from Financing Activities
Proceeds from issuing equity instruments
(Warrants conversion and other)		12		4,667,288			—
Purchase of share-based payments plan				—			(312,372	)
Proceeds from government grants				487,710			124,470
Proceeds from loans and borrowings		12		177,949,550			23,965,099
Proceeds from convertible bonds				—			34,550,000
Proceeds from shareholders loan				(30,006	)		—
Repayments of loans and borrowings		12		(153,564,569	)		(20,071,843	)
Repayment of capitalized interests				(223,281	)		—
Payment of principal portion of lease liabilities		9		(441,386	)		(376,273	)
Payment of interest on lease liabilities		9		(606,793	)		(155,979	)
Interest and bank fees paid		20		(1,181,471	)		(295,379	)
Net cash from financing activities				27,057,042			37,427,723
Net increase/(decrease) in cash and cash equivalents				(2,714,004	)		4,143,882
Cash and cash equivalents at beginning of period				113,865,299			22,338,021
Exchange gains				8,724,049			76,177
Cash and cash equivalents at the end of the period				119,875,344			26,558,080

(*) Unaudited

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

F-6

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

1. Reporting Entity

Wallbox N.V. (the “Company” or “Wallbox”) was incorporated as a Dutch private limited liability company under the name Wallbox B.V. on June 7, 2021, and later converted into a Dutch public limited liability company. Registered in the Commercial Registry of the Netherlands Chamber of Commerce under number 83012559. With headquarter in Amsterdam, the Netherlands, the mailing and business address is Carrer del Foc 68, 08038 Barcelona, Spain.

These interim condensed consolidated financial statements comprise the Company and its subsidiaries (together referred to as the “Group”). The Group is primarily involved in development, manufacture, and retail innovative solutions for charging electric vehicles.

Wallbox is the Parent of the Group. The Group subsidiaries as of June 30, 2022 and 2021 are set out in Note 26. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, all voting rights are equal to the proportion of ownership of shares held by the Group. The Group also has investments in a joint venture (see Notes 11 and 23).

Wallbox is listed on the New York Stock Exchange with the ticker WBX.

2. Basis of Preparation

These interim condensed consolidated financial statements of Wallbox N.V. and Subsidiaries for the six-month period ended June 30, 2022 which have been based on the accounting records kept by the Parent Company and its subsidiaries, were prepared by the Finance Department of the Company.

These interim condensed consolidated financial statements were prepared by the Directors of Wallbox in accordance with IAS 34 “Interim financial reporting”, and of all the obligatory accounting principles and rules and measurement bases. Accordingly, they are a fair presentation of the equity and consolidated financial position of the Group as of June 30, 2022, as well as the results of its operations, the consolidated changes in equity and the consolidated cash flows during the interim period ended on that date.

As it has been indicated, this interim consolidated financial information has been prepared in accordance with IAS 34 “Interim financial reporting”, meaning that these interim condensed consolidated financial statements do not include all the information and disclosures that would be required for the complete consolidated financial statements prepared in accordance with the International Financial Reporting Standards, and must be read together with the consolidated financial statements from the financial year ended on December 31, 2021, drawn up in accordance with the existing International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), which were published on May 2, 2022.

Going concern:

The accompanying interim condensed consolidated financial statements have been prepared assuming the Group will continue as a going concern. The going concern basis of presentation assumes that it will continue in operation for at least a period of one year after the date these interim condensed consolidated financial statements are issued and contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

Wallbox has incurred net losses and significant cash outflows from cash used in operating activities over the past years, as it has been investing significantly in the development of its electric vehicle charging products. During the first six months of the year, the Company incurred a consolidated net loss of Euros 8.7 million, negative cash flows from operations amounted to Euros 50.8 million. As of June 30, 2022, the Company had

F-7

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

an accumulated deficit of Euros 252.6 million but a positive total equity balance of Euros 159.5 million. As of June 30, 2022, the Company cash and cash equivalents is Euros 119.9 million.

In assessing the going concern basis of preparation of the interim condensed consolidated financial statements, Wallbox has estimated the expected cash flows for the next 12 months, including the compliance with covenants, exercise of warrants and availability of other financial funding from banks.

Based on these estimations we consider that the expected cash outflows in the next 12 months will be covered. Although the expectation for the next year is to continue reflecting net losses, as the Company will continue investing in product and expansion, the cash level is sufficient for the next 12 months.

We have analyzed the potential impacts of external factors as the Ukraine-Russia conflict, and we consider that it could disrupt our supply of critical components among our manufacturing facilities in Barcelona as well as our production and the sales of EVs. As a result of the war, we stopped selling our products in Ukraine and Russia, and are not able to pursue new deals with customers in those countries. Although such sales were insignificant to our business, if the war were to be extended worldwide, this could cause additional disruptions to our operations. Such disruptions could negatively affect our ability to provide critical components to affiliates or produce finished goods for customers, which could increase our costs, require capital expenditures, and harm our results of operations and financial condition. However, considering that those countries are not significant for our business and that we have managed the supply chain constraints, as the higher prices of the energy could be an opportunity for Wallbox because it could be argued that it has accelerated the need for smarter EV chargers that have intelligent energy management features, we conclude that it will not affect significantly the normal course of the business.

Basis of measurement

These interim condensed consolidated financial statements have been prepared on a historical cost basis, except for the financial assets relating to investments which are measured at fair value through other comprehensive income (FVTOCI), the financial investments related to investment funds with financial institutions which are measured at fair value through profit or loss (FVTPL) and the derivative warrant liabilities and the put option liability associated with the business acquisitions, which are measured at fair value through profit or loss (FVTPL).

Basis of consolidation

The consolidation basis applied in the interim condensed consolidated financial statements is consistent with the consolidated financial statements for the year ended on December 31, 2021 (the “ 2021 consolidated financial statements”), which are detailed in Note 2 “Basis of consolidation” thereto.

These interim condensed consolidated financial statements are presented in euros, which is also the Company’s functional currency. All amounts have been rounded to the nearest unit of Euros, unless otherwise indicated.

Changes in the scope of consolidation

There aren’t any changes in the scope of consolidation since December 31, 2021.

3. Use of Judgements and Estimates

The preparation of these interim condensed consolidated financial statements requires, as established by IAS 34, the Directors of the Group to make certain estimates and judgements that do not differ significantly

F-8

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

from those considered in the preparation of the consolidated financial statements for the year ended on December 31, 2021 set out in Note 3.

During the six-month period ended on June 30, 2022, no significant changes have occurred in the assumptions linked to the judgements and estimates disclosed in the 2021 consolidated financial statements, except for the put option liability valuation, which has been remeasured according to the subsequent events described in Note 25.

During the first six months of the year no impairment indicators were identified that would lead to a decrease in value of non-current assets (including goodwill) as compared to what was reported in the 2021 consolidated financial statements.

Critical judgement and estimates

A summary of the critical aspects that have also involved a greater degree of judgement or complexity, or those in which the assumptions and estimates have an influence on the preparation of these financial statements, is given below:

Key assumptions concerning the future and other relevant data on the estimation of uncertainty at the reporting date, which entail a considerable risk of significant changes in the value of the assets and liabilities in the coming year, are as follows:

• Going concern: Disclosures related to the going concern have been included in Note 2 Basis of preparation.

• Share based payments: The Company’s management measures equity settled share-based payments at fair value at the date of grant and expenses the cost over the vesting period, based upon management’s estimate of equity instruments that will eventually vest, along with a corresponding increase in equity. At each statement of financial position date, management revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reserves. The assumptions considered in the valuation of shared based payments are included in Note 19.

The date at which the fair value of the equity instruments granted is measured for the purposes of IFRS 2 for transactions with employees and others providing similar services is the grant date. Grant date is the date at which the entity and the employee agree to a share-based payment arrangement, being when the entity and the counterparty have a shared understanding of the terms and conditions of the arrangement. At grant date, the entity confers on the counterparty the right to cash, other assets, or equity instruments of the entity, provided the specified vesting conditions, if any, are met. If that agreement is subject to an approval process (for example, by shareholders), grant date is the date when that approval is obtained.

In addition, we have not considered in the valuation the employee rotation rate and, consequently we have considered a 100% of probability of continuation of the employees in the Group because there is no available data on comparable company with a similar plan in place so as to observe the rotation coefficient and the historical rotation coefficient within the company is modified in a significant manner due to the existence of these plans. This fact implies that it is not representative of future behaviour.

F-9

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Additionally, except for the valuation of put options liability mentioned above, there have been no changes in the judgement and estimates related to the impairment of non-current assets (including goodwill), the capitalization of development cost by determination of the useful life of intangible assets, measurement of share-based payment as a result of the new plans or the recognition of the income tax.

4. New IFRS and IFRIC not yet effective

The standards and interpretations effective during this period and those issued but not yet in force are detailed below:

a) Standard and interpretation effective as of January 1, 2022

After an analysis of the standards and interpretations effective during this period, we have concluded that we don’t expect any significant impacts on the current financial statements.

b) Standard and interpretation not yet effective:

• IAS 8 Accounting policies, Changes in Accounting Estimates and Errors—Amendments regarding the definition of accounting estimates (February 2021)

• IAS 12 Income Taxes—Amendments regarding deferred tax on leases and decommissioning obligations (May 2021)

• IAS 1 Presentation of Financial Statements – Amendments regarding the classification of liabilities (January 2020) and Amendment to defer the effective date of the January 2020 amendments (July 2020) and Amendments regarding the disclosure of accounting policies (February 2021)

We do not expect that these standards will have a significant impact on the financial statements.

5. Significant and New Accounting Policies

The accounting policies and valuation standards used when preparing these interim condensed consolidated financial statements are consistent with those used when preparing the consolidated financial statements as at and for the financial year ended on December 31, 2021, and which are detailed therein.

Moreover, during the six-month period ended on June 30, 2022, the Group has continued managing its activities by taking into account the financial risk and capital management policy set out in Note 24 of the consolidated financial statements for the 2021 financial year.

6. Business Combinations

During the first six months of 2022, no new business combinations have occurred. The business combination between Wallbox N.V., Wallbox Chargers and Kensington and our acquisition of Intelligent Solutions AS and Electromaps, S.L. have finalized in 2021 with no changes compared to the amounts shown in the consolidated financial statements as of and for the year ended December 31, 2021.

After June 30, 2022 but before the date of the issuance of this interim condensed consolidated financial statements the following business combinations have occurred:

F-10

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

AR Electronic Solutions, S.L.

On July 29, 2022, Wallbox Chargers, S.L. acquired 100% of shares of AR Electronics Solutions, S.L., incorporated in Spain. The total consideration for this transaction is Euros 10.499.985,23 and consists of a payment in cash of Euros 4,200,000 at the date of acquisition and the issuance of 700,777 Class A shares of Wallbox N.V. whose nominal value is Euros 0.12 per share. In addition, there are three earn-out payments of up to Euros 1,000,000 each, 50% in cash and 50% in Class A shares of Wallbox N.V. to be paid in 2023, 2024 and 2025 respectively, if certain conditions established in the acquisition contract are met.

AR Electronics Solutions, S.L. is the manufacturer of printed circuit boards and Wallbox believes acquiring AR Electronics Solutions, S.L. and these in-house capabilities will further differentiate the Group’s technology, improve its vertical integration and be a key point of differentiation for Wallbox in light of global continued supply chain uncertainties.

With respect to the business combination mentioned above, as of the date of these interim condensed consolidated financial statements, the current available information about the opening balance are in progress and is not available.

Coil, Inc.

On August 4, 2022, Wallbox USA, Inc. acquired 100% of shares of Coil, Inc., incorporated in the United States of America. The total consideration for this transaction is USD 3,589,999 and consists of a payment in cash of USD 1,080,000 at the date of acquisition and the issuance on January 2023 of 272,826 Class A shares of Wallbox N.V. whose nominal value is Euros 0.12 per share. In addition, there is an earn-out payment up to 304,350 Class A Shares of Wallbox N.V. (equivalent to a total value of up to USD 2,800,020) if certain conditions established in the acquisition contract are met.

Coil, Inc. is a provider of electrical installation services for EV charging, battery storage and electrical infrastructure in North America and Wallbox believes acquiring Coil, Inc. will allow the Group to further enhance service offerings to customers in residential and commercial settings and expand into the rapidly growing DC fast charging installation market.

With respect to the business combination mentioned above, as of the date of these interim condensed consolidated financial statements, the current available information about the opening balance are in progress and is not available.

7. Operating Segments

Basis for segmentation

The Group’s business segment information included in this note is presented in accordance with the disclosure requirements set forth in IFRS 8, Operating Segments. Segment reporting is a basic tool used for monitoring and managing the Group’s different activities. Segment reporting is prepared based on the lowest level units, that are aggregated in line with the structure established by Group management to set up higher level units and, finally, the actual business segments.

The Group has consistently aligned the information from this item with the information used internally for the Top Management reports (Group Top Management consists of all Chief Officers acting as decision makers). The Group’s operating segments reflect its organizational and management structures. Group management reviews the Group’s internal reports, using these segments to assess its performance and allocate resources.

F-11

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

The segments are differentiated by geographical areas from which revenue is or will be generated. The financial information for each segment is prepared by aggregating figures from the different geographical areas and business units existing in the Group. This information links both the accounting data from the units included in each segment and that provided by the management reporting systems. In all these cases, the same general principles are applied as those used in the Group.

For management purposes, the Group is organized into business units based on geographical areas and therefore has three reportable business segments. During the first six months of 2022 there have been no changes in the operating segments regarding the information shown in the 2021 consolidated financial statements. The operating business segments as of June 30, 2022 are as follows:

• EMEA: Europe-Middle East Asia

• NORAM: North America

• APAC: Asia-Pacific

Transfer prices between operating segments are on an arm’s-length basis in a manner similar to transactions with third parties.

Information on reportable segments

Information related to each reportable segment is set out below. Segment operating profit (loss) is used to measure performance because management believes that this information is the most relevant in evaluating the results of the respective segments relative to other entities that operate in the same industries.

Reconciliations of information on reportable segments with the amounts reported in the financial statements for the first six months ended June 30, 2022

	June 30, 2022
(In Euros)	EMEA			NORAM			APAC			Total segments			Consolidated adjustments and eliminations			Consolidated
Revenue		66,137,129			7,593,299			194,815			73,925,243			(6,114,316	)		67,810,927
Changes in inventories and raw materials and consumables used		(40,164,085	)		(5,627,245	)		(10,039	)		(45,801,369	)		5,390,101			(39,871,268	)
Employee benefits		(39,792,740	)		(3,426,375	)		(179,435	)		(43,398,550	)		—			(43,398,550	)
Other operating expenses		(33,992,020	)		(7,541,053	)		(40,096	)		(41,573,169	)		195,309			(41,377,860	)
Amortization and depreciation		(7,376,597	)		(621,436	)		(1,016	)		(7,999,049	)		—			(7,999,049	)
Other income		1,359,351			7,465			687			1,367,503			—			1,367,503
Operating Loss		(53,828,962	)		(9,615,345	)		(35,084	)		63,479,391			11,094			(63,468,297	)
Total Assets		383,861,409			150,394,375			78,413			534,334,197			(177,132,086	)		357,202,111
Total Liabilities		219,284,808			37,522,650			41,156			256,848,614			(59,157,575	)		197,691,039

F-12

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Reconciliations of information on reportable segments with the amounts reported in the financial statements for the first six months ended June 30, 2021

	June 30, 2021
(In Euros)	EMEA			NORAM			APAC			Total segments			Consolidated adjustments and eliminations			Consolidated
Revenue		27,719,109			1,505,897			88,900			29,313,906			(1,995,990	)		27,317,916
Changes in inventories and raw materials and consumables used		(15,243,818	)		(1,257,984	)		(8,781	)		(16,510,583	)		1,995,990			(14,514,593	)
Employee benefits		(10,863,697	)		(881,263	)		(91,682	)		(11,836,642	)		—			(11,836,642	)
Other operating expenses		(11,113,882	)		(535,819	)		(27,707	)		(11,677,408	)		—			(11,677,408	)
Amortization and depreciation		(3,200,819	)		(80,796	)		(444	)		(3,282,059	)		—			(3,282,059	)
Other income		444,201			236,026			262			680,489			—			680,489
Operating Loss		(12,258,906	)		(1,013,939	)		(39,452	)		(13,312,297	)		—			(13,312,297	)
Total Assets		132,787,102			2,780,415			51,524			135,619,041			(80,540	)		135,538,501
Total Liabilities		159,812,130			4,215,461			15,537			164,043,128			(3,193,235	)		160,849,893

There have been no significant transactions between segments during the periods ended June 30, 2022 and 2021 except for Inter-segment revenues and changes in inventories and raw materials and consumables used which are eliminated in the column ‘Consolidated adjustments and eliminations’.

Certain financial assets and liabilities are not allocated to those segments as they are also managed on a Group basis. These are mentioned in the adjustments and eliminations column.

External revenue by location of customers

(In Euros)	June 30, 2022		June 30, 2021
Country	Revenue		Revenue
Spain		8,424,679		2,460,908
Netherlands		7,572,981		1,627,869
France		7,004,541		2,018,922
Italy		6,361,705		3,101,828
United States		6,276,997		1,509,341
United Kingdom		5,288,703		2,794,942
Sweden		5,097,527		1,598,307
Germany		4,127,255		4,328,571
Belgium		4,045,526		940,619
Ireland		1,432,717		746,809
Canada		1,307,286		68,856
Australia		1,128,242		276,495
New Zeland		945,420		192,048
Portugal		896,795		375,240
Norway		715,233		2,547,880
Denmark		557,575		292,238
Czech Republic		506,879		47,074

F-13

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

(In Euros)	June 30, 2022		June 30, 2021
Country	Revenue		Revenue
Brazil		500,864		8,339
Israel		459,015		388,388
Thailand		425,378		193,207
Finland		412,512		8,835
Poland		375,408		220,195
Switzerland		129,989		365,635
Other countries		3,817,700		1,205,370
Total		67,810,927		27,317,916

8. Property, Plant and Equipment

A. Reconciliation of carrying amount

(In Euros)	Buildings and leasehold improvements			Fixtures and fittings			Plant and equipment			Assets under construction			Total
Balance at December 31, 2021		12,623,023			2,645,274			9,167,229			838,176			25,273,702
Additions		4,200,206			290,263			3,362,030			8,721,010			16,573,509
Disposal														—
Transfers		639,900			18,276			180,000			(838,176	)		—
Depreciation for the period		(890,142	)		(189,222	)		(893,249	)					(1,972,613	)
Translation differences		—			11,800			—			142,111			153,911
Balance at June 30, 2022		16,572,987			2,776,391			11,816,010			8,863,121			40,028,509
Cost
At December 31, 2021		13,082,928			3,061,197			9,871,301			838,176			26,853,602
At June 30, 2022		17,923,034			3,381,536			13,413,331			8,863,121			43,581,022
Accumulated amortization
At December 31, 2021		(459,905	)		(415,923	)		(704,072	)		—			(1,579,900	)
At June 30, 2022		(1,350,047	)		(605,145	)		(1,597,321	)		—			(3,552,513	)

Additions of property, plant and equipment for the first six months of 2022 for a total amount of Euros 16,573,509 mainly relates to leasehold improvements at the headquarters located in Barcelona and the investment in a new factory in Arlington (Texas—USA).

As of June 30, 2022, the unpaid outstanding invoices related to property, plant and equipment acquisitions amounted to Euros 8,906,729 (Euros 10,512,492 at 31 December 2021).

There are no items in use that were fully depreciated as of June 30, 2022 and 2021.

Other information

The commitment amounts to Euros 6,894,759 (Euros 11,438,281 as of December 31, 2021). These commitments mainly correspond to the work that as of June 30, 2022 are being executed in relation to the investments in the new factory in Arlington and tools and machinery for the Factory plant in Zona Franca.

F-14

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

The Group has no restrictions on the sale of its property, plant and equipment and no pledge exists on these assets, at June 30, 2022 and 2021.

9. Rights of Use Assets and Lease Liabilities

The considerations regarding the lease terms and the recognition exception are consistent with those disclosed in the consolidated financial statements for the year ended December 31, 2021.

a) Set out below are the carrying amounts of right-of-use assets recognized and the movements during the periods:

(In Euros)	Buildings			Vehicles			Other assets			Total
Balance at December 31, 2021		16,819,214			965,760			718,969			18,503,943
Additions		7,782,585			72,002			—			7,854,587
Depreciation for the period		(1,280,889	)		(182,106	)		(110,602	)		(1,573,597	)
Others		(553,323	)								(553,323	)
Translation differences		803,751			1,110			—			804,861
Balance at June 30, 2022		23,571,338			856,766			608,367			25,036,471

Main additions in the first six months of 2022 corresponds to the facility in Arlington—Texas (USA) with a lease term of 10 years and the office spaces in Norway.

b) Set out below are the carrying amounts of lease liabilities and the movements during the periods:

(In Euros)	Buildings			Vehicles			Other assets			Total
Balance at December 31, 2021		18,114,355			968,871			626,530			19,709,756
Additions to liabilities		8,519,807			72,002			—			8,591,809
Interest on lease liabilities		589,218			12,209			5,365			606,792
Lease payments		(718,191	)		(188,672	)		(141,316	)		(1,048,179	)
Others		(340,001	)								(340,001	)
Translation differences		(279,613	)		(968	)		—			(280,581	)
Balance at June 30, 2022		25,885,575			863,442			490,579			27,239,596

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

(In Euros)	June 30, 2022		December 31, 2021
6 months or less		1,719,133		1,189,290
6 months to 1 year		1,670,889		1,222,578
From 1 to 2 years		3,517,743		2,371,143
From 2 to 5 years		9,537,824		6,713,259
More than 5 years		19,347,654		15,320,036
		35,793,243		26,816,306

Amounts recognized in profit or loss derived from lease liabilities and expenses on short-term and low value leases (IFRS 16 exemption applied) are as follows:

(In Euros)	June 30, 2022		June 30, 2021
Interest on lease liabilities (see note 20)		606,793		155,979
Expenses relating to short-term and low value leases (see note 18)		976,144		263,967

F-15

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

10. Intangible Assets and Goodwill

a) Intangible assets

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

(In Euros)	Software			Patents and customer relationships			Internally Developed Intangibles			Other		Total
Balance at December 31, 2021		4,841,816			831,214			31,515,038			121,834		37,309,902
Additions		913,221			13,337			10,384,027			364,571		11,675,156
Disposal													—
Amortization for the period		(526,551	)		(67,926	)		(3,858,362	)				(4,452,839	)
Translation differences		(438	)		(15	)		(15	)				(468	)
Balance at June 30, 2022		5,228,048			776,610			38,040,688			486,405		44,531,751
Cost
At December 31, 2021		6,020,434			1,004,120			37,646,580			121,834		44,792,968
At June 30, 2022		6,933,217			1,017,442			48,030,592			486,405		56,467,656
Accumulated amortization
At December 31, 2021		(1,178,618	)		(172,906	)		(6,131,542	)		—		(7,483,066	)
At June 30, 2022		(1,705,169	)		(240,832	)		(9,989,904	)		—		(11,935,905	)

During the first six months of 2022, the Group made investments in several development projects, including both, capitalized payroll expenses and acquired development amounting to Euros 10,384,027 (Euros 17,308,836 as of December 31, 2021).

From the total additions of Internally developed intangibles, Euros 8,258,090 (Euros 11,685,528 as of December 31, 2021) corresponds to the capitalization carried out by the Group in relation to the product development process, especially in the DC product under the names of Quasar and Supernova, AC product under the names of Pulsar, Cooper and Commander and MyWallbox software, and including the cost of services rendered or products acquired for each project amounting to Euros 2,125,937 (Euros 5,623,308 as of December 31, 2021).

The total additions of patents, licenses and similar, and computer software amount to Euros 926,558 (Euros 2,536,527 as of December 2021) and are mainly due to the implementation of new applications of software.

The Group has no fully amortized intangible assets in use as of June 30, 2022 and December 31, 2021.

The commitments to acquire intangibles amount to Euros 1,212,468 (1,024,487 euros as of 31 December 2021).

b) Goodwill

The Goodwill breakdown by CGU as of June 30, 2022 and December 31, 2021 is as follows:

(In Euros)	June 30, 2022		December 31, 2021
Nordics		2,783,530		2,689,461
Electromaps / Software		3,456,841		3,456,841
Total		6,240,371		6,146,302

F-16

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

The change in the Goodwill carrying amount corresponds to exchange difference from Nordics business combination.

During the six month period ended June 30, 2022 the business is evolving as expected and no impairment indicators exist that could lead to the existence of impairment in relation to the goodwill or intangible assets of the Group.

11. Equity-Accounted Investees

Joint venture

Wallbox-Fawsn New Energy Vehicle Charging Technology (Suzhou) Co., Ltd. (hereinafter “Wallbox Fawsn”) is a joint venture incorporated on June 15, 2019 over which the Group has joint control and a 50% interest. This company is not quoted on the stock exchange.

Wallbox Fawsn is structured as a separate vehicle and the Group has a residual interest in its net assets. Consequently, the Group has classified its investment in Wallbox Fawsn as a joint venture, pursuant to the agreement for the incorporation of Wallbox Fawsn.

The principal activity of the joint venture in China is the manufacture and sale of charging solutions with a clear focus on the automotive sector. The joint venture has orders signed for production volumes.

Details and movement of equity-accounted investees are as follows:

(In Euros)	Group`s share of loss for the year			Equity- Accounted Investees			Unrecognized share of losses
At June 15, 2019		—			641,051			—
Loss for the Year 2019		(387,565	)		(387,565	)		—
At December 31, 2019					253,486			—
Loss for the Year 2020		(422,216	)		(253,486	)		(168,730	)
At December 31, 2020					—			(168,730	)
Loss for the Year 2021		(652,974	)		—			(652,974	)
At December 31, 2021					—			(821,704	)
Capital increase		—			713,816			—
Loss for the period ended June 30, 2022		(271,727	)		(713,816	)		442,089
At June 30, 2022					—			(379,615	)

12. Financial Assets and Financial Liabilities

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

F-17

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Financial assets

A breakdown of financial assets as of June 30, 2022 and December 31, 2021 is as follows:

A. Current and non-current financial assets

	June 30, 2022				December 31, 2021
(In Euros)	Non-current		Current		Non-current		Current
Customer sales and services		—		34,288,327		—		22,527,376
Other receivables		—		84,905		—		6,922
Loans to employees		—		—		—		2,222
Loans granted to Joint Venture		—		1,330,499		—		685,048
Receivables from Joint Venture		—		537,310		—		535,268
Trade and other financial receivables		—		36,241,040		—		23,756,836
Loans granted to Joint Venture		70,000		—		565,873		—
Guarantee deposit		769,836		—		733,446		—
Non-current financial assets		839,836		—		1,299,319		—
Guarantee deposit				629,606		—		482,113
Financial investments				6,639,630		—		57,191,545
Other current financial assets		—		7,269,236		—		57,673,658
Cash and cash equivalents		—		119,875,344		—		113,865,299
Total		839,836		163,385,620		1,299,319		195,295,793

As of June 30, 2022, the Group has financial investments regarding investment funds in banks. The Group has considered their classification as current assets because expects to collect this amount in the following 12 months.

B. Expected credit loss assessment for corporate customers as of June 30, 2022 and December 31, 2021.

The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables and contract assets. To measure expected credit losses on a collective basis, trade receivables and contract assets are grouped based on similar credit risk and aging. The contract assets have similar risk characteristics to the trade receivables for similar types of contracts.

The impairment of trade receivables is recognized under the “Expected credit loss for trade and other receivables” in the other operating expenses (Note 18). The expected loss allowance recognized as of June 30, 2022 is Euros 763,347 (Euros 653,289 as of December 31, 2021). Additionally has the Company recognized a bad debt provision for Euros 1,645,729.

F-18

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

C. Financial assets by class and category

	June 30, 2022
(In Euros)	Financial assets measured at amortized cost		Financial assets measured at fair value with changes in PL		Financial assets measured at fair value with changes in OCI		Total
Customer sales and services		34,288,327		—		—		34,288,327
Other receivables		84,904		—		—		84,904
Loans to employees		—		—		—		—
Loans granted to Joint Venture		1,330,499						1,330,499
Receivables from Joint Venture		537,310		—		—		537,310
Trade and other financial receivables		36,241,040		—		—		36,241,040
Loans granted to Joint Venture		70,000		—		—		70,000
Guarantee deposit		769,836		—		—		769,836
Non-current financial assets		839,836		—		—		839,836
Guarantee deposit		629,606		—		—		629,606
Financial investments		129,007		6,309,545		201,078		6,639,630
Other current financial assets		758,613		6,309,545		201,078		7,269,236
Cash and cash equivalents		119,875,344				—		119,875,344
		157,714,833		6,309,545		201,078		164,225,456

	December 31, 2021
(In Euros)	Financial assets measured at amortized cost		Financial assets measured at fair value with changes in PL		Financial assets measured at fair value with changes in OCI		Total
Customer sales and services		22,527,376		—		—		22,527,376
Other receivables		6,922		—		—		6,922
Loans to employees		2,222		—		—		2,222
Loans granted to Joint Venture		685,048		—		—		685,048
Receivables from Joint Venture		535,268		—		—		535,268
Trade and other financial receivables		23,756,836		—		—		23,756,836
Loans granted to Joint Venture		565,873				—		565,873
Guarantee deposit		733,446				—		733,446
Non-current financial assets		1,299,319				—		1,299,319
Guarantee deposit		482,113				—		482,113
Financial investments		129,861		56,851,733		209,951		57,191,545
Other current financial assets		611,974		56,851,733		209,951		57,673,658
Cash and cash equivalents		113,865,299				—		113,865,299
		139,533,428		56,851,733		209,951		196,595,112

Financial assets measured at FVOCI correspond to investments in hedge funds whose quotation is considered level 1 for fair value purposes.

As of June 30, 2022, the Group has financial investments (investment funds) which have been valued at FVTPL amounting to Euros 6,309,545 (Euros 56,851,733 as of December 31, 2021). These financial assets are also considered level 1 for fair value purposes.

F-19

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

The rest of the financial assets (both current and non-current) are measured at their amortized cost, which, as a consequence of their short-term nature, does not materially differ from their fair value.

Financial liabilities

A. Loans and borrowings

	June 30, 2022				December 31, 2021
(In Euros)	Non- current		Current		Non- current		Current
Loans and borrowings		23,274,447		52,523,968		17,577,451		33,768,839
Derivative warrant liabilities		—		26,572,274		—		83,251,712
Lease liabilities (see note 9)		25,039,157		2,200,439		18,172,444		1,537,312
Put option liability (Notes 6 and 25)		—		1,799,435		3,776,438		—
Total		48,313,604		83,096,116		39,526,333		118,557,863

Financial liabilities are measured at their amortized cost, which does not differ from their fair value (it is considered that the interest rates applicable to all of them still represent market spreads), except for the derivative warrant liabilities and the put option liability which are measured at FVTPL.

Decrease on Derivative warrant liabilities is mainly due to a decrease of the fair value of public and private warrants based on the valuation prepared by an independent expert. The impact of this decrease has been recognized as “Change in fair value of derivative warrant liabilities” in the interim condensed consolidated statement of profit or loss and other comprehensive income for the six months ended on June 30, 2022 (Note 20).

Loans and borrowings

Bank Loans

As of June 30, 2022, the Group had credit lines and other financing products of Euros 58,020 thousand (Euros 21,370 thousand as of December 31, 2021), of which a total of Euros 49,307 thousand have been drawn down (Euros 5,078 thousand as of December 31, 2021).

Interest expenses from banks loans amounted to Euros 1,245,474 as of June 30, 2022 (Euros 289,259 as of June 30, 2021) (See Note 20).

The group has loans which imply the compliance of certain conditions. On December 31, 2021, the Group received a waiver from Banco Santander to comply with the covenants for financial year 2021 as included in the loan agreement signed on April 21, 2021. As such, management believes that the covenant loan can be presented as non-current liabilities in the consolidated statement of financial position, except for the repayment obligation of the following 12 months.

Details of the maturities, by year, of the principals and interest of the loans and borrowings (to be paid during the life of this loans and borrowings) as of June 30 are as follows:

(In Euros)	June 30, 2022			December 31, 2021
1 July 2022 - 30 June 2023		53,714,480	2022		34,826,436
1 July 2023 - 30 June 2024		4,910,147	2023		3,220,015
1 July 2024 - 30 June 2025		6,554,466	2024		5,499,469
1 July 2025 - 30 June 2026		5,731,491	2025		4,170,302
1 July 2026 - 30 June 2027		5,324,873	2026		3,870,419
More than five years		3,505,278	More than five years		3,570,630
		79,740,736			55,157,271

(*) Including the interest expenses to be paid in the future.

F-20

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Details of the Loan and borrowings as of June 30, 2022 and December 31, 2021 are as follows:

(in Euros)					June 30, 2022
Company	Currency		Effective interest rate		Less than 1 year		1 to 3 years		Over 3 years		Total
Non-Current Liabilities
Fixed rate loan		EUR		1.55% - 3.90%		1,526,631		4,627,483		3,304,549		9,458,663
Floating rate loan		EUR		Euribor + 1.35% - 4%		50,720,221		1,019,584		—		51,739,805
Covenant Loan		EUR		1.85%		153,314		490,408		323,633		967,355
Covenant Loan		EUR		7.70%		—		8,318,072		4,081,250		12,399,322
						52,400,166		14,455,547		7,709,432		74,565,145
Current Liabilities
Fixed rate loan		EUR		0%		123,801		146,438		963,031		1,233,270
						52,523,967		14,601,985		8,672,463		75,798,415

(in Euros)					December 31, 2021
Company	Currency		Effective interest rate		Less than 1 year		1 to 3 years		Over 3 years		Total
Bank Loans
Fixed rate loan		EUR		1.55% - 3.85%		13,739,369		1,584,438		485,363		15,809,170
Floating rate loan		EUR		Euribor + 1.35% - 4%		19,514,084		781,712		—		20,295,796
Covenant Loan		EUR		1.85%		88,603		316,608		574,700		979,911
Covenant Loan		EUR		7.70%		360,471		4,171,231		8,825,079		13,356,781
						33,702,527		6,853,989		9,885,142		50,441,658
Borrowings
Fixed rate loan		EUR		0%		66,313		97,624		740,696		904,633
						33,768,840		6,951,613		10,625,838		51,346,291

Borrowings

As of June 30, 2022, loans and borrowings with shareholders amount to Euros 11,900 (Euros 41,906 as of December 31, 2021), and a loan from a Government entity (CDTI) totals Euros 1,109,467 (Euros 862,726 as of December 31, 2021).

F-21

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Derivative warrants liabilities

Derivative warrants liabilities correspond to Public and Private Warrants issued by Kensington, which have been assumed by Wallbox. Movement in the derivative warrant liabilities for first six month of year 2022 and for the year ended December 31, 2021 is summarized as follows:

	Public Warrant						Private Warrant						Total
	Number of warrants			Euros			Number of warrants			Euros			Number of warrants			Euros
At December 31, 2021		5,705,972			24,886,138			8,933,333			58,365,574			14,639,305			83,251,712
Public Warrants exercised on 11 January 2022		(141,808	)		(471,609	)		(50,000	)		(275,670	)		(191,808	)		(747,279	)
Public Warrants exercised on 1 February 2022		(304,635	)		(933,384	)		—			—			(304,635	)		(933,384	)
Public Warrants exercised on 23 March 2022		(22	)		(73	)		—			—			(22	)		(73	)
Change in fair value of derivative warrant liabilities		—			(15,689,507	)		—			(46,661,252	)		—			(62,350,759	)
Exchange differences		—			2,090,259			—			5,261,798			—			7,352,057
At June 30, 2022		5,259,507			9,881,824			8,883,333			16,690,450			14,142,840			26,572,274

For the exercise of the public warrants, the Group has collected in cash an amount of Euros 4,667,288 during the period ended June 30, 2022.

Public Warrants entitle the holder to convert each warrant into one Class A ordinary share of Wallbox of Euros 0.12 par value at an exercise price of USD11.50.

Private Warrants, on a cash-less basis, entitle their holder to convert the warrants into a number of Wallbox Class A ordinary share of Euros 0.12 par value equal to the product of the number of warrants to convert multiplied by the quotient obtained by dividing the excess of ‘Sponsor’s Fair Market Value’ over the exercise price of USD11.50 between the Sponsor’s Fair Market Value’.

The Sponsor Fair Market Value is the average last reported sale price of the ordinary shares for the ten (10) trading days ending on the third trading day prior to the date on which notice of exercise of the Private Warrant.

Until warrant holders acquire the ordinary shares upon exercise of such warrants, they will have no voting or economic rights. The warrants will expire on October 1, 2026, five years after the Transaction, or earlier upon redemption or liquidation in accordance with their terms.

As there are no elements in the warrant agreements that give Wallbox the possibility to prevent the warrant owners to convert their warrants within 12 months Wallbox has classified the derivative warrant liabilities as current liability.

The financial liability for the derivative warrants is accounted for at fair value through profit or loss. The Public and Private Warrants are listed and have been measured at fair value using the quoted price (Level 1). As of June 30, 2022, the fair value of the public and private warrants was USD 1.95. Consequently, for the first six month of year 2022, the Group has recognized an income of Euros 62,350,757 in profit or loss, which has been presented as a change in the fair value of derivative warrant liabilities under net finance expenses.

F-22

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

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

(In Euros)	Loans and borrowings			Derivative warrant liabilities			Lease liabilities			Total
Balance at January 1, 2022		51,346,290			83,251,712			19,709,756			154,307,758
Proceeds from loans		177,949,550			—			—			177,949,550
Principal paid on lease liabilities		—			—			(441,386	)		(441,386	)
Interest paid on lease liabilities		—			—			(606,793	)		(606,793	)
Repayments of loans		(153,564,569	)		—			—			(153,564,569	)
Interest and bank fees paid		(1,181,471	)		—			—			(1,181,471	)
Interest paid on convertible bonds		(223,281	)		—			—			(223,281	)
Other payments		(30,006	)		—			—			(30,006	)
Total changes from financing cash flows		22,950,223			—			(1,048,179	)		21,902,044
The effect of changes in foreign exchange rates		—			7,352,057			(280,581	)		7,071,476
Public Warrants exercised		—			(1,680,738	)		—			(1,680,738	)
Change in fair value of derivative warrant liabilities		—			(62,350,757	)		—			(62,350,757	)
New leases		—			—			8,251,807			8,251,807
Governmental loan to receive		246,741			—						246,741
Interest and bank fees expenses		1,255,161			—			606,793			1,861,954
Total liability-related other changes		1,501,902			(64,031,495	)		8,858,600			(53,670,993	)
Balance at June 30, 2022		75,798,415			26,572,274			27,239,596			129,610,285

Trade and other financial payables

Details of trade and other financial payables as of June 30, 2022 and December 31, 2021 are as follows:

(In Euros)	June 30, 2022		December 31, 2021
Suppliers		46,071,491		40,573,427
Various payables		3,584,382		351,000
Personnel (salaries payable)		4,123,231		3,255,208
Customer advances		45,464		110,889
Total		53,824,568		44,290,524

Trade and other payables are unsecured and are paid in less than 12 months upon recognition. The carrying amounts of trade and other payables are considered equal to their fair values, due to their short-term nature.

F-23

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

13. Inventories

Details of inventories as of June 30, 2022 and as of December 31, 2021 are as follows:

(In Euros)	June 30, 2022		December 31, 2021
Raw materials		24,023,441		5,225,600
Work in progress		14,762,806		11,998,927
Finished goods		15,686,174		10,264,746
Total		54,472,421		27,489,273

The Group has insurance policies in place to cover all inventories, with specific global insurances coverage for each of the Group’s warehouses.

There were no commitments for the purchase of inventories as of June 30, 2022 and December 30, 2021. Advance payments for the acquisition of inventories as of June 30, 2022 are Euros 1,253,183 (Euros 2,107,551 as of December 31, 2021).

Based on current information, the group has booked an inventory provision of Euros 538,867 at June 30, 2022 to cover the impact of slow-moving and accrual obsolescence inventories (Euros 311,203 at December 31, 2021). (see Note 18).

The group has increased the stock level during the first six months of 2022 mainly due to the purchases of raw materials needed to achieve the business plan.

14. Cash and Cash Equivalents

Detail of Cash and cash equivalents are as follows:

(In Euros)	June 30, 2022		December 31, 2021
Cash		2,757		2,678
Bank and other credit institutions		11,636,349		2,926,469
Bank and other credit institutions, foreign currency		108,044,344		110,876,659
Other cash equivalents		191,894		59,493
Total		119,875,344		113,865,299

The current accounts earn interest at the market rates applicable, and this interest is not significant.

Bank and other credit institutions, foreign currency:

(In Euros)	June 30, 2022		December 31, 2021
USD		104,910,938		108,294,585
GBP		645,073		1,500,124
NOK		613,387		406,168
SEK		1,403,566		360,299
DKK		471,380		245,849
CNY		—		69,634
Total		108,044,344		110,876,659

F-24

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

15. Capital and Reserves

Share capital

As of June 30, 2022 issued share capital is as follows:

(In Euros)	Total Shares		Share Capital
Class A shares of euro 0.12 nominal value each		139,419,121		16,730,295
Class B shares of euro 1.20 nominal value each		23,250,793		27,900,952
Total		162,669,914		44,631,247

During the first six months of 2022 there have been the following share-capital and share premium movements:

(In Euros)	Shares		Price per		Share Capital		Share Premium
At December 31, 2021		161,409,576				44,480,006		322,391,277
January 11, 2022 Kensington Warrant conversion (Class A Shares)		156,699		0.12		18,804		2,205,336
February 1, 2022 Kensington Warrant conversion (Class A Shares)		304,635		0.12		36,556		4,032,336
March 23, 2022 Kensington Warrant conversion (Class A Shares)		22		0.12		3		14,015
April 21, 2022 Stock option plan execution (MSOP/ESOP) (Class A Shares)		100		0.12		12		11,597
April 29, 2022 Stock option plan execution (MSOP/ESOP) (Class A Shares)		17,108		0.12		2,053
May 13, 2022 Stock option plan execution (MSOP/ESOP) (Class A Shares)		183,832		0.12		22,060
May 20, 2022 Stock option plan execution (MSOP/ESOP) (Class A Shares)		113,977		0.12		13,677		233,953
May 27, 2022 Stock option plan execution (MSOP/ESOP) (Class A Shares)		103,789		0.12		12,455
June 3, 2022 Stock option plan execution (MSOP/ESOP) (Class A Shares)		167,278		0.12		20,073
June 10, 2022 Stock option plan execution (MSOP/ESOP) (Class A Shares)		104,096		0.12		12,492		203,023
June 17, 2022 Stock option plan execution (MSOP/ESOP) (Class A Shares)		108,802		0.12		13,056
At June 30, 2022		162,669,914				44,631,247		329,091,537

Nature and purpose of reserves

Consolidated accumulated deficit

As of June 30, 2022, consolidated accumulated deficit amounts to Euros 252,587,423 (Euros 243,895,696 as of December 31, 2021).

F-25

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Translation reserve

The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations, as well as the effective portion of any foreign currency differences arising from hedges of a net investment in a foreign operation. This legal reserve is not freely distributable. This reserve amounts to Euros 12,864,945 as of June 30, 2022 (Euros 2,600,609 as of December 31, 2021).

Other equity components:

Share-based payments

The share-based payments reserve is used to recognize the value of equity-settled share-based payments provided to employees, including key management personnel, as part of their remuneration. This reserve amounts to Euros 25,504,417 as of June 30, 2022 (Euros 5,483,285 as of December 31, 2021). Refer to Note 19 for further details of these plans.

Measurement adjustments to financial assets through OCI

Investments in hedge funds referred to in Note 12 are measured at fair value at year end. The change in their valuation is recognized as other equity components through other comprehensive income amounting to Euros 6,655.

16. Government Grants

Details of Government grants as of June 30, 2022 and December 31, 2021 are as follows:

		June 30, 2022				December 31, 2021
Grants	Goverment Entity	Non-current Liability		Current liability		Non-current Liability		Current liability
Flexener	Centro para el Desarrollo Tecnológico Industrial. E.P.E. (CDTI)		97,494		202,389		180,711		183,342
Movilidad 2030	Centro para el Desarrollo Tecnológico Industrial. E.P.E. (CDTI)		206,366		554,165		245,605		786,358
Zeus Ptas	Centro para el Desarrollo Tecnológico Industrial. E.P.E. (CDTI)		186,272		441,405		284,621		530,409
Magnetor	Centro para el Desarrollo Tecnológico Industrial. E.P.E. (CDTI)		4,778		17,808		0		34,747
Minichargers	Centro para el Desarrollo Tecnológico Industrial. E.P.E. (CDTI)		14,540		54,195		0		0
Coldpost	Agencia para la Competitividad de la Empresa de la Generalitat de Catalunya (ACCIÓ)		10,269		27,893		0		0
Cupons Industria	Agencia para la Competitividad de la Empresa de la Generalitat de Catalunya (ACCIÓ)		1,993		7,431		0		0
Alt Impac	Agencia para la Competitividad de la Empresa de la Generalitat de Catalunya (ACCIÓ)		74,779		278,721		543,846		0
Total			596,491		1,584,007		1,254,783		1,534,856

F-26

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Government grants include the grants assigned to the Group by the “Centro para el Desarrollo Tecnológico Industrial, E.P.E. (CDTI)” and “Agencia para la Competitividad de la Empresa de la Generalitat de Cataluña (ACCIÓ)” for an amount of Euros 1,779,412 and Euros 401,086, respectively, to develop new technologies and promote smart mobility solutions. The impact in the interim condensed consolidated statement of profit or loss and other comprehensive income (recognized in the “Net Other income” (for the first six months of 2022 amounts to Euros 784,924 (Euros 325,372 for the period ended June 30, 2021), as a result of the established conditions agreed with the aforementioned entities. As of June 30, 2022 Euros 3,568,255 are pending to be received from government entities (Euros 3,633,441 as of December 31, 2021).

17. Revenue from Contracts with Customers

Disaggregation of revenue from contracts with customers

Below revenue is shown following product lines and geographical segments:

(Euros)	June 30, 2022		June 30, 2021
Lines:
Sales of goods		65,745,738		26,342,367
Sales of services		2,065,189		975,549
Total		67,810,927		27,317,916
Geographical markets:
EMEA		60,207,028		25,723,119
NORAM		7,593,299		1,505,897
APAC		10,600		88,900
Total		67,810,927		27,317,916

There is no customer exceeding 10% of the total revenues for the six month period ended June 30, 2022 and 2021.

Sales services includes mainly installations services, software services and others.

18. Expenses

A. Changes in inventories and raw materials and consumables used

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

(In Euros)	June 30, 2022		June 30, 2021
Consumption of finished goods, raw materials and other		38,462,414		13,781,397
Scrap stock, slow moving & obsolete accrual		227,664		—
Work carried out by other companies		1,181,190		733,196
Total		39,871,268		14,514,593

Changes to inventory are recorded in consumption of finished goods, raw materials and other consumables.

F-27

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

B. Operating expenses

Operating expenses are mainly as follows:

(Euros)	June 30, 2022		June 30, 2021
Marketing expenses		15,080,214		2,606,336
External temporary workers		2,865,413		1,879,525
Professional services		4,441,881		1,655,625
Office expense		3,336,365		827,694
Delivery		3,703,825		1,106,432
Custom duty, tax, penalties		303,928		317,326
Utilities and similar expenses		1,782,999		528,182
Fees		1,049,316		482,022
Insurance premium		1,820,460		472,068
Short-term and low value leases (see note 9)		976,144		263,967
Bank Services		311,329		210,054
Travel expenses		1,702,088		191,892
Repairs		105,109		84,664
Others impairments and losses (see note 12)		1,645,729		69,227
Expected credit loss for trade and other receivables (see note 12)		110,059		(68,903	)
Other		2,143,001		1,051,297
Total		41,377,860		11,677,408

Marketing expenses has increased in the period ended June 30, 2022 against the same period of 2021 mainly due to the new marketing campaigns launched in 2022.

19. Employee Benefits

Details of employee benefits for the first six months ended on June 30, 2022 and 2021 are as follows:

(Euros)	June 30, 2022		June 30, 2021
Wages and salaries		17,466,491		8,126,827
Share-based payment plans expenses		20,545,883		1,036,053
Social Security		5,386,176		2,673,762
Total		43,398,550		11,836,642

The notable rise in personnel expenses compared to the same period of 2021 is mainly explained because of the significant growth of the Wallbox Group, which required the hiring of extra personnel. Furthermore, this increase is also explained by the new share-based payment plan for employees, founders, and management as described below, and the accelerated vesting of management stock options plan for certain managers. The Group has not entered into any defined contribution or defined benefit plans for which pensions costs are incurred.

F-28

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Share-based payment plans expenses

Details of share options of each plan are as follows:

Number of warrants	ESOP			MSOP			Founders		RSU Employees			RSU Management		Total
At December 31, 2021		1,584,192			7,253,823			—		—			—		8,838,015
Granted		—			—			1,033,609		1,260,311			1,500,000		3,793,920
Exercised		(145,238	)		(653,744	)		—		—			—		(798,982	)
Cancelled		—			(16,905	)		—		(26,955	)		—		(43,860	)
At June 30, 2022		1,438,954			6,583,174			1,033,609		1,233,356			1,500,000		11,789,093

Details of the personnel expense recognized for share-based payment transactions are as follows:

(Euros)	June 30, 2022		June 30, 2021
Management stock option plan		9,093,938		1,036,053
Founders stock option plan		8,194,684		—
RSU Employees		2,224,330		—
RSU Management		1,032,931		—
Total		20,545,883		1,036,053

All plans will be settled by options on the shares of Wallbox which will entitle beneficiaries to receive Company shares.

Management Stock Option Plan

As described in the Consolidated Financial Statements as of December 31, 2021, the shareholders agreed to implement a share-based payment plan to strengthen management’s link with Wallbox and to stimulate their motivation.

The Company records this share-based payments plan based on the estimated fair value of the award at the grant date and is recognized as an expense in the consolidated statements of profit or loss over the requisite service period. The estimated fair value of the award is based on the estimated market price of the Parent’s stock on the date of grant, in practice the share price of Wallbox NV at grant date is used during this reporting period.

Employees Stock Option Plan

As described in Consolidated Financial Statements as of December 31, 2021, the shareholders agreed to offer all employees of Wallbox (the “Beneficiaries” or, individually, the “Beneficiary”) the possibility of participating in a share-based payment plan over shares (the “Options”) which gave all Beneficiaries the opportunity to acquire a certain number of ordinary shares (the “Shares”) of the Company.

The Employee Stock Option Plan vesting period finished at the end of 2020 and all the options granted will be available to be executed when one of the liquidity events defined in this Plan takes place.

The Company records this share-based payments plan based on the estimated fair value of the award at the grant date and is recognized as an expense in the consolidated statements of profit or loss over the requisite service period. The estimated fair value of the award is based on the estimated market price of the Parent’s stock on the date of grant, in practice the share price of Wallbox NV at grant date is used during this reporting period.

F-29

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Founders Stock Option Plan

At a meeting held on June 30, 2021, the shareholders agreed to implement a share- based payment plan (Legacy Stock Option Program) to strengthen the bond of the founders of Wallbox in order to align the interests of the founders with the creation of additional value for the Company with a strike price at a valuation equal to or even higher than current market value and allow the founders to benefit from more liquid Options which are fully vested and transferable from their date of concession.

The maximum number of Shares that underlie all of the Options included in this Plan is, at the Effective Date, equivalent to 4.289 shares (1,033,609 shares after applying the Exchange Ratio). Options under this Plan are granted over Class A ordinary shares of the Company.

The Board of Directors of the Company has delivered a personal notice to each Beneficiary, with an invitation to participate in the Plan, which contain, among others, the number of Options granted to each Beneficiary; and, where appropriate, the individual conditions governing the participation of the Beneficiary in the Plan. For the purposes of this Plan, the date of concession is that date indicated in the Invitation Notice. The invitation novice has been issued on April 6, 2022.

In accordance with the terms and conditions of the Plan, these options will be available to be exercised in exchange for Wallbox shares of Euro 0.12 par value (previously Euros 0.50), the exercise price of the options is equivalent to Euros 1.93 per share after applying the Exchange Ratio of 240.990795184659 (previously Euros 466,24 per share).

Compliance with each and every one of the following conditions is an essential requisite for a Beneficiary to exercise the Options:

i. The Beneficiary will have a lock-up period proportionally on a monthly basis and they can exercise when they are released from lock-up;

ii. That the Company has not initiated a Temporary Suspension of exercise; and

iii. That any other particular conditions included in the Beneficiary’s Invitation Notice have been fulfilled.

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

RSU for Employees

At a meeting held on April 6, 2022, the compensation committee approved to implement an Incentive Award Plan pursuant to which Awards of Restricted Stock Units (RSU) were granted to employees. Each RSU granted represents a right to receive one listed share of Wallbox NV at the end of each vesting period.

RSU will vest according to the below schedule:

• 33% will vest on the 1^st Anniversary Date as from the Date of Grant,

• 33% will vest on the 2^nd Anniversary Date as from the Date of Grant.

• 34% will vest on the 3^rd Anniversary Date as from the Date of Grant.

The Company records this share-based payments plan based on the estimated fair value of the award at the grant date and is recognized as an expense in the consolidated statements of profit or loss over the requisite service period. The estimated fair value of the award is based on the estimated market price of the Parent’s stock on the date of grant.

F-30

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

RSU for Management

On April 6, 2022 the Group has granted an Incentive Award Plan pursuant to which Awards of Restricted Stock Units (RSU) were granted to management. Each RSU granted represents a right to receive one listed share of Wallbox NV at the end of each vesting period.

RSU will vest according to the following conditions:

• Time vest: 33% will vest as follows:

• 50% of this 33% will vest on the 1^st Anniversary Date as from the Date of Grant,

• 50% of this 33% will vest on the 2^nd Anniversary Date as from the Date of Grant.

• Performance based: 66% will vest if the employee meets the following performance conditions:

• Stretch 1: 50% of this 66% will vest as follows:

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

• Accelerator event: If the Company announces results for Fourth Quarter and Full Year 2024 reporting (i) revenue of at least 1B Euro and (ii) the Company’s auditor confirms that the cash flows corresponding to 2024 is positive and (iii) if from December 1, 2024, at any time, the closing stock price (the last price at which the Company stock trades during the regular trading session) equals or exceeds $25 per share for any 20 trading days within any 30 trading days period.

• Stretch 2: 50% of this 66% will vest as follows:

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

The Group has valuated each option considering each tranche/portion of RSU plan:

• Time vest plan: 11.94 USD. This fair value has been determined discounting the forward price of Wallbox NV stock at each vesting date. The price in this tranche has been based on the spot price at grant date.

• Stretch 1: 0.085 USD and Stretch 2: 0.055 USD. The valuation of these fair values has been based on Wallbox’s price developments according to the Black-Scholes model. Prices for each averaging window are obtained via Monte Carlo simulation.

F-31

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

20. Net Financial Income/(Loss)

Details of Financial income and costs are as follows:

(Euros)	Notes		June 30, 2022		June 30, 2021
Financial income
Fair value adjustment of the put option				2,002,315		—
Valuation of financial instruments				52,597		—
Other finance income				15,123		2,674
Total Financial income				2,070,035		2,674
Fair Value adjustment of the Warrants		12		62,350,757		—
Financial expenses
Interest on bank loans		12		1,245,474		289,259
Interest on leases		9		606,793		155,979
Interest on convertible bonds				—		1,528,099
Valuation of financial instruments		12		1,550,157		—
Valuation of convertible bonds				—		24,011,910
Accretion of discount on put option liabilities				25,312		84,687
Other finance costs				9,687		—
Total Financial expenses				3,437,423		26,069,934

Details of Foreign exchange gains (losses) are as follows:

(Euros)	June 30, 2022			June 30, 2021
Exchange differences - Gains		344,721			258,109
Exchange differences - Losses		(6,426,829	)		—
Total		(6,082,108	)		258,109

21. Earnings Per Share

Basic earnings per share are calculated by dividing the profit/(loss) for the year attributable to equity holders of the Parent by the weighted average number of ordinary shares outstanding during the year, excluding treasury shares.

As the Group has losses in both periods, potential ordinary shares are not dilutive (losses per share would be less and antidilution would exist), Hence, these shares are not considered in the calculation of losses per diluted share.

Details of the calculation of basic and diluted earnings/loss per share are as follows:

(Euros)	June 30, 2022			June 30, 2021
Loss for the year attributable to holders of ordinary equity instruments of the Parent		(8,691,727	)		(38,405,678	)
Dilutive effects on earnings per share		—			—
Total loss attributable to ordinary equity holders of the Parent for basic and diluted earnings per share		(8,691,727	)		(38,405,678	)

F-32

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

Number of shares	June 30, 2022		June 30, 2021
Weighted average number of ordinary shares for basic and diluted earnings per share		161,977,288		94,496,829

(Euros)	June 30, 2022			June 30, 2021
Basic and diluted losses per share		(0.05	)		(0.41	)

Weighted average number of ordinary shares for basic and diluted earnings per share at June 30, 2021 is based on the amount of share after the application of the conversion factor to the shares at June 30, 2021. And that due to the conversion the shares are multiplied with a factor of 240.990795184659. See note 6 of the consolidated financial statements of December 31, 2021.

22. Tax credit and other receivables/Other payables

A. Tax credit and other receivables/Other payables

(Euros)	June 30, 2022		December 31, 2021
VAT receivable		12,575,746		13,834,234
Social Security receivable		3,119
Grant receivables		3,568,255		3,633,441
Tax credit receivable		2,414,753		2,588,807
Total tax credit and other receivables		18,561,873		20,056,482
(Euros)	June 30, 2022		December 31, 2021
VAT payable		3,677,407		3,076,947
Social Security payable		1,107,711		774,170
Personal Income Tax payable		4,046,240		1,153,720
Deferred tax liability		26,413		30,477
Total other payables		8,857,771		5,035,314

B. Amounts recognized in profit or loss

(Euros)	June 30, 2022			June 30, 2021
Loss before Tax		(9,280,852	)		(39,121,448	)
Tax income (at 25%)		2,320,213			9,780,362
Unrecognized deferred tax assets on tax losses		(2,320,213	)		(9,780,362	)
Deductions and credits generated		(548,652	)		(719,174	)
Other adjustments		(40,473	)		3,404
Income tax expense/(income)		(589,125	)		(715,770	)

F-33

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

At June 30, 2022 and December 31, 2021 details of the tax losses to be offset are as follows:

(Euros)	June 30, 2022		December 31, 2021
2015		46,561		46,561
2016		438,883		438,883
2017		55,736		55,736
2018		1,579,014		1,579,014
2019		3,318,114		3,318,114
2020		12,311,938		12,311,938
2021		68,906,955		68,906,955
		86,657,201		86,657,201

Tax losses may be offset indefinitely in the future.

The existence of unused tax losses is strong evidence that future taxable profit may not be available to the Group. Having considered all evidence available, management determined that there was no sufficient positive evidence outweighing existing negative evidence to support that it is probable that future taxable profits will be available against which to offset the tax losses. Accordingly, no deferred tax asset is recognized in the financial statements.

23. Group Information

23.1 Related parties

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

	June 30, 2022
(Euros)	Shareholders		Joint Venture		Total
Income
Revenue		12,822		—		12,822
Statement of financial position
Loans granted to Joint Venture (see note 12)		—		1,400,499		1,400,499
Receivables from Joint Venture (see note 12)		—		537,310		537,310
	December 31, 2021
(Euros)	Shareholders		Joint Venture		Total
Statement of financial position
Non-current Loans granted to Joint Venture (see note 12)		—		565,873		565,873
Current Loans granted to Joint Venture (see note 12)		—		685,048		685,048
Receivables from Joint Venture (see note 12)		—		535,268		535,268
	June 30, 2021
(Euros)	Shareholders		Joint Venture		Total
Income
Revenue		—		—		—

F-34

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

23.2 Directors and Senior Management

Details of the remuneration accrued by the members of the Company’s senior management are as follows:

(Euros)	June 30, 2022		June 30, 2021
Wages and salaries		1,575,044		973,170
Share-based payment plan expenses		16,129,551		662,242
Total		17,704,595		1,635,412

Remuneration received for executive functions corresponds to those individuals who exercise senior management functions in the Company, including the directors, details of which are included in the amount shown in the table above.

As of June 30, 2022 and 2021 the Company has no pension or life insurance obligations with members of senior management.

As of June 30, 2022 and 2021 no advances or loans have been granted to members of senior management, nor has the Company extended any guarantees on their behalf. The table above includes as “Wages and salaries” an amount to Euros 206,397 and as “Share-based payment plan expenses” an amount to Euros 2,394,624 related to termination benefits.

24. Financial Risk Management

Risk management policies are established by management, having been approved by the Company’s directors. Based on these policies, the Finance department has established a number of procedures and controls to identify, measure and manage risks deriving from the activity involving financial instruments. These policies, inter alia, prohibit the Group from speculating with derivatives.

Any activity involving financial instruments exposes the Group to credit risk, market risk and liquidity risk.

a) Credit risk

Credit risk arises from possible losses deriving from failure to comply with contractual obligations on the part of the counterparties of the Group, i.e., the possibility of not recovering financial assets at the amount recognized and within the established term.

The maximum credit risk exposure is as follows:

	June 30, 2022				December 31, 2021
(In Euros)	Non-current		Current		Non-current		Current
Customer sales and services		—		34,288,327		—		22,527,376
Other receivables		—		84,904		—		6,922
Loans to employees		—		—		—		2,222
Loans granted to Joint Venture		—		1,330,499		—		685,048
Receivables from Joint Venture		—		537,310		—		535,268
Trade and other financial receivables		—		36,241,040		—		23,756,836
Loans granted to Joint Venture		70,000				565,873		—
Non-current financial assets		70,000		—		565,873		—
Financial investments				6,639,630		—		57,191,545
Other current financial assets		—		6,639,630		—		57,191,545
Cash and cash equivalents				119,875,344		—		113,865,299
Total		70,000		162,756,014		565,873		194,813,680

F-35

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

The Sales and Finance departments establish credit limits for each customer based on information received from an entity specializing in Group solvency analysis.

b) Market risk

Market risk arises from possible losses deriving from fluctuations in the fair value or in future cash flows of financial instruments because of changes in market prices. Market risk includes interest rate, currency and other price risks.

Interest rate risk

Interest rate risk arises from possible losses due to changes in the fair value or the future cash flows of a financial instrument because of fluctuations in market interest rates.

(In Euros)	Currency		June 30, 2022		December 31, 2021
Fixed rate Loan		EUR		24,058,610		31,050,494
Fixed rate Loan		NOK		—		—
Fixed rate Loan		USD		—		—
Floating rate loan		EUR		51,739,805		20,295,796
				75,798,415		51,346,290

A 100 basis points change in interest rates would mean an increased (decreased) in profit or loss as of June 30, 2022 by Euros 982,311 (Euros 690,586 as of December 31, 2021). This calculation assumes that the change occurred on the date of the report applied to the risk exposures existing on that date. This analysis assumes that all other variables are held constant and considers the effect of interest rates.

	June 30, 2022					December 31, 2021
	Profit or loss					Profit or loss
(In Euros)	100 bp increase		100 bp decrease			100 bp increase			100 bp decrease
Floating rate loan		982,311		(982,311	)		(690,586	)		(690,586	)

Currency risk

Currency risk is the risk of possible losses due to changes in the fair value of and future cash flows from financial instruments as a result of exchange rate fluctuations.

Receivables and payables are the only items included within the Group’s assets and liabilities that are denominated in a currency other than the functional currency.

The following table shows the sensitivity of a reasonably possible strengthening or weakening of the euro in each of the foreign currencies as of June 30, 2022 and June 2021 of monetary assets and liabilities. This analysis assumes that all other variables, particularly interest rates, remain constant and ignores any impact from anticipated sales and purchases. The Group’s exposure to foreign currency exchange for all other currencies is not significant.

	June 2022					December 2021
	Profit or loss					Profit or loss
(In Euros)	Strengthening			Weakening		Strengthening			Weakening
USD (10% movement)		(9,298,955	)		11,365,389		(8,819,351	)		10,779,207
GBP (10% movement)		(187,657	)		229,359		(240,989	)		294,542
SEK (10% movement)		(263,960	)		322,618		(66,364	)		81,112

F-36

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

c) Liquidity risk

Liquidity risk arises where the Group might not hold, or have access to, sufficient liquid funds at an appropriate cost to settle its payment obligations at any given time.

Details of working capital are as follows:

(In Euros)	June 30, 2022		December 31, 2021
Current assets		238,110,420		251,490,612
Current liabilities		148,241,912		170,366,393
		89,868,508		81,124,219

Details of the maturities, by year, of the principals of the loans and borrowings as of June 30, 2022 are as follows:

	June 30, 2022
(In Euros)	Capital		Interest		Total
1 July 2022 - 30 June 2023		52,523,968		1,190,512		53,714,480
1 July 2023 - 30 June 2024		3,831,580		1,078,567		4,910,147
1 July 2024 - 30 June 2025		5,736,563		817,903		6,554,466
1 July 2025 - 30 June 2026		5,188,521		542,970		5,731,491
1 July 2026 - 30 June 2027		5,052,833		272,040		5,324,873
More than five years		3,464,949		40,329		3,505,278
		75,798,415		3,942,321		79,740,736
	December 31, 2021
(In Euros)	Capital		Interest		Total
2022		33,768,839		1,057,597		34,826,436
2023		2,253,069		966,946		3,220,015
2024		4,698,544		800,925		5,499,469
2025		3,619,043		551,259		4,170,302
2026		3,542,975		327,444		3,870,419
More than five years		3,463,820		106,810		3,570,630
		51,346,290		3,810,981		55,157,271

d) Capital management

For the purpose of the Group’s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Group’s capital management is to maximize the shareholder value. The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of its financial requirements to attend its business plans. To maintain or adjust the capital structure, the Group may issue new shares or issue/repay debt financial instruments. The Group monitors capital management to ensure that it meets its financial needs to achieve its business objectives while maintaining its solvency.

No changes were made in the objectives, policies, or processes for managing capital with regard to the information disclosed in the 2021 consolidated financial statements.

F-37

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

25. Events after the Reporting Period

No additional significant events after the reporting period have occurred, except as described below:

On July 27, 2022, Wallbox Chargers, S.L. has acquired the remaining 49% of share capital of Electromaps, S.L. going on to own 100% of its share capital as of that date. The price of the transaction has been set at 1,799,435 euros, consequently, seen agreement on the revised settlement amount has been reached before June 30, 2022 the Group has updated the value of the put option, impacting the profit or loss for the period as a financial income amounting to Euros 2,002,315 (Note 20). The payment of the consideration is made through a cash payment of Euros 150,000 on July 29, 2022 and Euros 150,000 on August 30, 2022. The remaining amount has been paid through the issuance of 163,861 Class A shares of Wallbox N.V. whose nominal value is Euros 0.12 per share.

On July 29, 2022, Wallbox Chargers, S.L. acquired 100% of shares of AR Electronics Solutions, S.L. for a total consideration of Euros 10,499,985.23. This consideration consists of a payment made in cash of Euros 4,200,000 at the date of acquisition and the issuance of 700,777 class A shares of Wallbox N.V. whose nominal value is Euros 0.12 per share. In addition, there are three earn-out payments of a maximum of Euros 1,000,000 each, 50% in cash and 50% in Class A shares of Wallbox N.V. to be paid in 2023, 2024 and 2025 respectively, if certain conditions established in the acquisition contract are met.

On August 4, 2022, Wallbox USA, Inc. acquired 100% of shares of Coil, Inc. for a total consideration of USD 3,589,999. This consideration consists of a payment made in cash of USD 1,080,000 at the date of acquisition and the issuance on January 2023 of 272,826 Class A shares of Wallbox N.V. whose nominal value is Euros 0.12 per share. In addition, there is a earn-out payment of up to 304,350 Class A Shares of Wallbox N.V. (equivalent to a total value of up to USD 2,800,020) if certain conditions established in the acquisition contract are met.

On July 1, 2022, certain employees converted 40,930 options, as part of their stock option plan, into 40,930 Class A ordinary shares of Euros 0.12 of par value, meaning an increase of share capital of Euros 4,912.

On September 5, 2022, an employee converted 1000 options, as part of his stock option plan, into 1000 Class A ordinary shares of Euros 0.12 of par value, meaning an increase of share capital of Euros 120. In addition, on September 6, 2022, certain employees converted 60.576 options, as part of their stock option plan, into 60.576 Class A ordinary shares of Euros 0.12 of par value, meaning an increase of share capital of Euros 7,269.

F-38

WALLBOX N.V.

Notes to the interim condensed consolidated financial statements

26. Detail of Wallbox Group subsidiaries

	Registered office	Activity	Company holding investment	% Equity interest		Consolidation method
Company name				June 30, 2022	December 31, 2021
Wallbox Chargers, S.L.U.	Paseo de la Castellana, 95. Planta 28, 28046, Madrid, Spain	Retail innovative solutions for charging Electric Vehicles	Wallbox NV	100%	100%*	Fully consolidated
Kensington Capital Acquisition Corp II	1400 Old Country Road, Suite 301, Westbury, NY 11590	Special purpose acquisition company	Wallbox NV	100%	100%*	Fully consolidated
Wallbox Energy, S.L.U.	Calle Anabel Segura 7, H1, 28108, Alcobendas, Madrid, Spain	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.	100%	100%-	Fully consolidated
Wallbox UK Limited	378-380 Deansgate, Manchester, United Kingdom M3 4LY	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.	100%	100%-	Fully consolidated
Wallbox France	Avenue des Champs Elysées 102, 75008, Paris, France	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.	100%	100%-	Fully consolidated
WBC Wallbox Chargers GmbH	Kurt-Blaum-Platz 8, 63450, Hanau, Germany	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.	100%	100%-	Fully consolidated
Wallbox Italy, S.r.l.	Piazza Tre Torri 2, 20145 CAP, Milano, Italy	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.	100%	100%-	Fully consolidated
Wallbox Netherlands B.V.	Kingsfordw eg 151,1042 GR Amsterdam, The Netherlands	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.	100%	100%-	Fully consolidated
Wallbox USA Inc.	800 W. El Camino Real Suite 180, Mountain View CA 94040, United States	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.	100%	100%-	Fully consolidated
Wallbox Shanghai Ldt.	Unit 05-129 Level 5, No. 482, 488, 492, 518 Xinjiang Road, Jingan District, Shanghai Municipality, China	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.	100%	100%-	Fully consolidated
Wallbox Norway AS (Intelligent Solution AS )	Professor Olav Hanssens vei 7A, 4021 Stavanger, Norway	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.	100%	100%-	Fully consolidated
Wallbox Denmark ApS	Rådhuspladsen 16, 1550 København, Denmark	Retail innovative solutions for charging Electric Vehicles	Wallbox Norway AS	100%	100%-	Fully consolidated
Wallbox Sweden AB (Intelligent Solution Sweden AB )	Kistagången 12, 164 40 Kista, Sweden	Retail innovative solutions for charging Electric Vehicles	Wallbox Norway AS	100%	100%-	Fully consolidated
Wallbox Oy	PL 747, 00101 Helsinki, Finland	Retail innovative solutions for charging Electric Vehicles	Wallbox Norway AS	100%	100%-	Fully consolidated
Electromaps, S.L.	Calle Foc 68, 08038, Barcelona, Spain	Retail innovative solutions for charging Electric Vehicles	Wall Box Chargers, S.L.U.	51%	51%-	Fully consolidated

(*) direct ownership

(-) indirect ownership

F-39