Alfen N.V.

Reported H1 2026 revenue was EUR 261.5 million, up 23.6% from EUR 211.5 million in H1 2025. H1 adjusted gross margin was EUR 68.3 million, or 26.1% of revenue, versus EUR 63.4 million, or 30.1%, in H1 2025; the lower margin rate was attributed to mix shifting toward energy storage. H1 adjusted EBITDA was EUR 16.4 million versus EUR 13 million in H1 2025, and adjusted EBITDA margin improved to 6.3% from 6.1%. On the quarter, Q2 revenue was EUR 131.7 million, up 22.3% from EUR 107.7 million, with adjusted gross margin of EUR 34.2 million (26% of revenue) and adjusted EBITDA of EUR 8.2 million versus EUR 7.6 million a year ago. Net cash was EUR 6.2 million at June 30, 2026, versus net debt of EUR 20.7 million at year-end 2025, and cash and cash equivalents rose to EUR 51.1 million from EUR 26.7 million. Full-year 2026 guidance was reiterated: revenue of EUR 435 million to EUR 475 million, adjusted EBITDA margin of 4% to 7%, and capex below 4% of revenue. Management said H2 will be softer than H1 and likely lower than both H2 last year and H1 this year, which should pressure second-half EBITDA.

Michael Colijn framed 2026 as a transformation year focused on building a more predictable, more capable organization. He emphasized that the new business-unit leadership structure is now complete, digitalization in EV charging is underway, and the company is positioning itself to benefit from long-term electrification and grid investment trends. His tone was constructive and confident, but he was candid that H2 will be softer and that regulatory changes in grid markets will take time to flow through to volumes.

Bart Meussen highlighted the financial inflection from working capital discipline and project timing. He cited adjusted personnel expenses of EUR 40.1 million in H1, up 6.1% mainly due to about 5% labor agreement indexation, and adjusted other operating expenses of EUR 11.5 million, down 4.3% from H1 2025 due to cost control. He also pointed to EUR 5.4 million of special items in H1, working capital down EUR 23.1 million, operating cash flow of EUR 36.5 million, inventory down EUR 19.7 million, and the move to a EUR 6.2 million net cash position. He said personnel costs will be higher in H2 because the old and new organizations overlap during the transformation, but that the effects should fade over 2027.

Analysts focused on whether EV charging can return to growth and margins, how much the H2 personnel-cost increase will be, and whether Smart Grid momentum can be sustained. Management said the new home charger and unified software platform should support the EV charging business, with the full impact expected in 2027 and the platform rolled out across all chargers in 2027. On smart grids, management said H2 should be a ‘predictable smooth ride’ and not a volume boom this year, while acknowledging Finland’s strong contribution and saying regulatory improvements in the Netherlands are positive but not yet translating into concrete near-term volume acceleration. On restructuring, Bart said this is not an FTE-reduction program designed to create a quantified savings case, but rather a reallocation of capabilities, so no specific annual savings target was given.