Alfen, the Dutch specialist in electrification, reported a 23.6% year-on-year increase in first-half revenue to €261.5 million, driven by growth in energy storage systems and smart grid solutions. The company’s shares fell 5.5% to $12.89 following the presentation of its H1 2026 results on August 19, reflecting investor disappointment over a softer outlook for the second half of the year.
The company’s adjusted EBITDA rose to €16.4 million, with a margin of 6.3%, up from €13.0 million and 6.1% in the same period last year. Net cash improved to €6.2 million, a turnaround from a net debt position of €20.7 million at the end of 2025. Operating cash flow totaled €36.5 million, compared with €10.8 million in H1 2025, while net working capital decreased by €23.1 million to €58.1 million.
Energy Storage Systems revenue surged 87.8% to €98.8 million, though gross margins narrowed to 22.8% from 27.4%. The unit’s backlog stood at €93 million, with €37 million scheduled for 2026 execution. Smart Grid Solutions revenue increased 14.9% to €111.6 million, supported by the delivery of 1,716 substations across the Netherlands and Finland. EV Charging revenue declined 17.4% to €51.1 million, reflecting a broader slowdown in the European electric vehicle market.
Management reiterated its full-year 2026 guidance, expecting revenue between €435 million and €475 million, with an adjusted EBITDA margin of 4% to 7%. Capital expenditure is projected to remain below 4% of revenue. The company also announced a change in its reporting schedule, shifting trading updates to 07:00 CET on earnings call mornings starting with the Q3 2026 update.
Alfen’s shares have declined from a 52-week high of $19.90 to $12.89, though they remain above the low of $8.05.
