Dutch electrification specialist Alfen N.V. posted a 23.6% year-over-year revenue increase to €261.5 million in the first half of 2026, driven by growth in smart grid solutions and energy storage systems. The company’s H1 2026 revenue rose from €211.5 million in the same period a year earlier, while adjusted EBITDA improved to €16.4 million from €13.0 million. However, shares fell 6.3% in after-hours trading to $12.78 following the release, as margins in key segments softened.
The company’s energy storage systems business saw revenue surge 88% to €98.8 million, supported by a backlog of €93 million at the end of June. Gross margin for the segment declined to 22.8% from 28.5% in H1 2025, partly due to one-off items in the prior year. Smart grid solutions revenue increased 14.9% to €111.6 million, with gross margin improving to 22.9% from 22.4%. In contrast, EV charging revenue declined 17% to €51.1 million, with adjusted gross margin contracting to 39.9% from 44.1%.
Alfen’s balance sheet strengthened, with cash and cash equivalents rising to €51.1 million from €26.7 million at year-end 2025, and the company transitioning to a net cash position of €6.2 million, up from a net debt of €20.7 million. The interim CFO, Bart Meussen, highlighted the improvement, noting the shift from net debt to net cash within six months.
Full-year 2026 guidance was reiterated, with revenue expected between €435 million and €475 million and adjusted EBITDA margin projected at 4% to 7%. Capital expenditure is forecast to remain below 4% of revenue. The company also noted strategic initiatives to address challenges in its EV charging segment, where operational volume fell 12.3% to 53,700 charge points.
Alfen’s stock, trading well below its 52-week high of $19.90, has faced pressure amid broader market concerns over margin sustainability in energy transition-related businesses. The company’s partnership with CATL for sodium-ion battery storage projects, expected to begin pilot deployments in H2 2027, was also discussed during the earnings call.
