Dutch electrification company Alfen reported first-half 2026 revenue of €261.5 million, a 23.6% increase from €211.5 million in the same period of 2025, though shares fell 6.31% to €12.78 as investors weighed a weaker-than-expected outlook.
The company’s adjusted gross margin narrowed to 26.1% from 30.0% a year earlier, while adjusted EBITDA rose to €16.4 million from €13.0 million. Alfen posted a net loss of €0.5 million in H1 2026, an improvement from a €1.3 million loss in H1 2025, with adjusted net profit reaching €3.6 million compared to €1.3 million previously.
Revenue growth was driven by the Energy Storage Systems segment, which surged 87.8% to €98.8 million, while Smart Grid Solutions revenue increased 14.9% to €111.6 million. EV Charging revenue, however, declined 17.4% to €51.1 million, reflecting softer demand in the segment.
Operating cash flow improved to €36.5 million from €10.8 million in H1 2025, and the company’s net cash position turned positive at €6.2 million as of June 30, 2026, compared with a net debt of €20.7 million at year-end 2025. Personnel expenses rose 6.1% to €40.1 million, driven by labor cost indexations.
Management revised its full-year 2026 revenue guidance to a range of €435 million to €475 million, with adjusted EBITDA margin expected between 4% and 7%. Capital expenditure is projected to remain below 4% of revenue. The company also announced a change in its reporting schedule, moving results publication to 07:00 CET on earnings call days starting in Q3 2026, replacing the previous 19:00 CET release.
Alfen highlighted softer second-half demand, particularly in its EV Charging and Smart Grid Solutions segments, as key factors weighing on investor sentiment despite the strong first-half performance.
