Alfen (ALFEN) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 revenue rose 25% year-over-year to €129.7 million, driven by strong growth in Energy Storage Systems and Smart Grid Solutions, while EV Charging declined as expected.

• Adjusted EBITDA increased 49.7% to €8.2 million (6.3% margin), reflecting operational leverage and cost control.

• Transformation to a business unit-led structure was completed in May 2026, enhancing customer centricity and strategic execution.

• Full-year 2026 guidance reiterated, with revenue expected between €435–475 million and adjusted EBITDA margin of 4–7%.

Financial highlights

• Adjusted gross margin was €34.0 million (26.2% of revenue), up from €31 million (29.8%) year-over-year, but margin percentage declined due to business mix shift.

• OPEX rose 2% to €27.2 million, mainly from higher personnel expenses, but as a percentage of revenue fell to 21.0% from 25.8% year-over-year.

• Adjusted EBITDA margin improved to 6.3% from 5.3% in Q1 2025.

• Cash flow from operating activities was €6.3 million; cash position improved by €1.9 million.

• Restructuring provision of €4.5 million to be booked from Q2 2026 as transformation progresses.

Outlook and guidance

• 2026 revenue guidance reiterated at €435–475 million, with adjusted EBITDA margin of 4–7% and CAPEX below 4% of revenue.

• Energy Storage Systems revenue is front-loaded in H1 2026; Q2 expected in line with Q1.

• Smart Grid Solutions revenue expected to increase for both grid operator products and projects.

• EV Charging revenue assumed to decline in 2026 as the portfolio is upgraded.

• Transformation in 2026 is expected to lay the foundation for profitable growth in 2027 and beyond.