Alfen (ALFEN) H1 2025 earnings summary

Executive summary

• H1 2025 revenue was €211.5 million, down 13.9–14% year-over-year, mainly due to lower sales in energy storage and EV charging.

• Gross margin improved to 29.1% from 22.3% in H1 2024, driven by cost-saving measures and fewer one-off costs.

• Adjusted EBITDA was €13.0 million (6.1–6.2% margin), slightly down from €13.5 million, reflecting effective cost reductions.

• Net loss narrowed to €1.3 million from €11.1 million in H1 2024; adjusted net profit was €1.4 million.

• Michael Colijn appointed as new CEO effective October 1, 2025, ensuring leadership continuity.

Financial highlights

• Q2 2025 revenue was €107.7 million, up 3.8% sequentially but down 16% year-over-year.

• Personnel costs fell 9.8–10% and other OpEx dropped 18.3% year-over-year due to restructuring and cost controls.

• Cash flow from operations was €10.8 million positive, up from €1.6 million in H1 2024.

• Inventories reduced by €9.8 million, mainly in EV charging; working capital decreased to €89.7 million.

• Adjusted EBITDA margin reached 7% in Q2 2025, up from 3% in Q2 2024.

Outlook and guidance

• 2025 revenue guidance reiterated at €430–480 million with adjusted EBITDA margin of 5–8%.

• 2026 revenue ambition revised to 0–5% growth (from 5–10%), with EBITDA margin expected at 5–8%.

• No guidance provided for 2027 and beyond due to market uncertainty.

• CapEx for 2025 to remain below 4% of revenue.