Alfen N.V.

Revenue in H1 2026 was EUR 261.5 million, up 23.6% year over year from EUR 211.5 million. 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 driven by mix toward Energy Storage. Adjusted EBITDA was EUR 16.4 million versus EUR 13 million in H1 2025, with adjusted EBITDA margin at 6.3% versus 6.1%. In Q2 2026, revenue was EUR 131.7 million, up 22.3% from EUR 107.7 million, and adjusted EBITDA was EUR 8.2 million versus EUR 7.6 million a year earlier. Free cash generation was strong: operating cash flow was EUR 36.5 million, cash and cash equivalents rose from EUR 26.7 million to EUR 51.1 million, and net debt improved from EUR 20.7 million to EUR 6.2 million net cash. Full-year 2026 guidance was reiterated at EUR 435 million to EUR 475 million revenue, 4% to 7% adjusted EBITDA margin, and CapEx below 4% of revenue. Management said H2 will be softer than H1 and softer than H2 last year, which will weigh on adjusted EBITDA in the remainder of the year.

Michael Colijn framed H1 2026 as proof that Alfen is executing well operationally while it transforms the company for its next phase. He emphasized the new business unit leadership structure, continued investment in software and digitalization, and the plan to use 2026 as a transformation year that sets up profitable growth in 2027 and beyond. On EV Charging, he stressed that the new home charger and platform rollout are meant to rebuild competitiveness across home, business, and public segments, while in Storage he highlighted the CATL sodium-ion partnership as a strategic step toward longer-term differentiation.

Bart Meussen highlighted solid financial delivery, including H1 revenue of EUR 261.5 million, adjusted gross margin of EUR 68.3 million, adjusted EBITDA of EUR 16.4 million, and a swing to EUR 6.2 million net cash. He detailed one-off items of EUR 3.5 million restructuring costs, EUR 1.7 million transformation costs, and EUR 0.2 million share-based payments, and said working capital improved by EUR 23.1 million, helping operating cash flow reach EUR 36.5 million. He also noted adjusted personnel expenses rose 6.1% to EUR 40.1 million, partly due to roughly 5% labor agreement indexation, and said personnel costs should be higher in H2 because the new and old organization run in parallel during the transformation.

Analysts pressed management on whether EV Charging needs a major turnaround to restore margins and whether the new home charger would compress gross margin; management said the new charger is built to be competitive and that the full benefit should show in 2027, when all chargers move to the new platform. Questions also focused on H2 earnings pressure from higher personnel costs and weaker top-line leverage; management said cost control remains strict, but H2 will still be softer because of front-loaded revenue and transformation costs. On Smart Grid, analysts asked whether H1 momentum, especially in Finland, is sustainable; management said demand is broad-based across Europe and that the business should remain a “predictable smooth ride,” though it does not expect a near-term boom from regulatory changes.