Half Year 2026 Alfen NV Earnings Call Transcript
Key Points
- Revenue increased 23.6% to EUR261.5 million in H1 2026, driven by strong growth in Energy Storage Systems and Smart Grid Solutions.
- Adjusted EBITDA improved to EUR16.4 million from EUR13 million in H1 2025, with margin slightly up to 6.3%.
- Energy Storage Systems revenue surged 88% to EUR98.8 million, with strong momentum in mobile storage and major project milestones.
- Smart Grid Solutions revenue grew 14.9% to EUR111.6 million, with improved gross margin of 22.9% and strong performance in Finland.
- Balance sheet strengthened significantly, moving from net debt of EUR20.7 million to net cash of EUR6.2 million, with operating cash flow of EUR36.5 million.
- Partnership with CATL for sodium-ion battery storage positions Alfen as a frontrunner in European market for future technology.
- Appointed dedicated business unit directors, completing leadership structure to drive transformation and growth.
- EV Charging revenue declined 17% to EUR51.1 million, with gross margin down to 39.9% from 44.1% due to competitive pressure and portfolio renewal.
- Group adjusted gross margin decreased to 26.1% from 29.1% due to mix shift towards lower-margin Energy Storage Systems.
- Second half of 2026 expected to be softer than first half, with lower top line and adjusted EBITDA impacted by front-loaded revenue and higher personnel costs.
- Personnel expenses expected to increase in H2 due to transformation costs, with old and new organization running in parallel, impacting profitability.
- Energy Storage backlog of EUR93 million is lumpy, with only EUR37 million scheduled for 2026 delivery, creating uncertainty for H2 revenue.
- EV Charging competitive pressure in Home Charging segment will persist throughout 2026 until new charger launch, with no revenue growth expected this year.
- Net loss of EUR0.5 million in H1 2026, though improved from EUR1.3 million loss in prior year, still indicates ongoing profitability challenges.
Hello. Welcome to the Alfen 2026 half-year results conference call hosted by Michael Colijn, CEO; and Bart Meussen, Interim CFO. (Operator Instructions)
And I would now like to hand the call over to Michael Colijn. Mr. Colijn, please go ahead.
Thank you, Elba. Good morning, everybody, and welcome to Alfen's 2026 half-year earnings call. Thank you all for taking the time to join us. I'm Michael Colijn, CEO of Alfen, and I'm delighted to be leading this trading update with you today. Before we start, let me introduce Bart Meussen, who joined us as Interim CFO on July 1, and is with us on this call for the first time.
With his appointment, continuity of the finance function and financial leadership is safeguarded. Bart joined at a demanding moment and has made a strong start. He has been closely involved in preparing the results we are presenting today. As such, he will take you through our financial performance and join me during Q&A. It has been a pleasure
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