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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Alfen
Alfen (ALFEN) investor relations material
Alfen Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
Q3 revenue was €99.1m, down 4.8% YoY amid anticipated ESS project phasing; 9M revenue rose 14.3% to €360.6m.
Adjusted EBITDA was €4.0m, or 4.0% of revenue, versus €6.9m and 6.7% in Q3 2025; transformation costs and revenue phasing weighed on results.
FY 2026 guidance was reiterated: revenue in the upper half of €435m–€475m, adjusted EBITDA margin in the lower half of 4%–7%, and CAPEX below 4% of revenue.
2027 revenue and adjusted EBITDA margin are expected to improve year over year.
Financial highlights
Gross margin was €30.5m, or 30.8% of revenue, versus €29.9m and 28.7% in Q3 2025; ESS project contingency releases lifted the margin rate.
Operating expenses rose 12.7% YoY to €26.7m; personnel expenses increased to €19.6m from €17.8m, mainly reflecting transformation costs.
EBITDA was €3.9m versus €6.2m in Q3 2025; €0.1m of adjustments brought adjusted EBITDA to €4.0m.
Operating cash flow was positive at €1.2m, versus €8.1m in Q3 2025; net cash remained positive at quarter-end.
Outlook and guidance
FY 2026 revenue is expected in the upper half of €435m–€475m; adjusted EBITDA margin is expected in the lower half of 4%–7%, with CAPEX below 4% of revenue.
SGS revenue is expected to grow across grid-operator products and projects; EV Charging is expected to decline and ESS revenue to grow YoY.
For 2027, revenue and adjusted EBITDA margin are expected to improve YoY; detailed guidance is planned for the early-2027 earnings call.
Management aims for at least cash-flow neutrality in FY 2026; ESS orders and procurement may affect working capital and cash.
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Latest events from Alfen
- Revenue up 24% to €261.5m, driven by Energy Storage and Smart Grid growth; 2026 outlook reaffirmed.ALFEN
H1 2026 - Q1 2026 revenue up 25%, adjusted EBITDA up 50%, led by storage and grid growth.ALFENQ1 2026 TU
- Revenue fell 10.7% to €435.6m, with transformation and margin focus for 2026.ALFENH2 2025
- Revenue declined, margins improved, and 2026 outlook was moderated amid market headwinds.ALFENH1 2025
- Q3 revenue dropped 22% year-over-year, with restructuring and cost-saving actions underway.ALFENQ3 2024 TU
- Revenue up 10% to €245.7m, but margins and profit pressured by one-off costs and higher expenses.ALFENH1 2024
- 2024 revenue outlook cut to €485–520m amid ESS delays, higher costs, and covenant breach talks.ALFENTrading Update
- Revenue and margins declined in Q1 2025, prompting lower guidance and new cost-saving measures.ALFENQ1 2025 TU
- 2024 saw revenue at EUR 487.6m, margin compression, and cost cuts to support a 2025 rebound.ALFENH2 2024
Next Alfen earnings date
Q4 20261 Feb, 2027
Alfen
Next Alfen earnings date
Q4 20261 Feb, 2027
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Frequently asked questions
Alfen N.V. designs, engineers, develops, produces, and sells products, systems, and services related to the electricity grid in the Netherlands and internationally. The company offers energy storage systems; community/district energy solutions; electric car charging units that enable individual home and public charging; industrial power supplies; switchgear for the distribution of electricity in medium-voltage grids; smart grids; ring main units for electricity in high-voltage networks; lightening systems for outdoor areas; technical rooms equipment and installation; and related electrical engineering products. The company was founded in 1937 and is headquartered in Almere, the Netherlands.