Alfen (ALFEN) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached €261.5 million, up 24% year-over-year, driven by strong Energy Storage Systems and Smart Grid Solutions, while EV Charging declined.

• Adjusted EBITDA rose to €16.4 million (6.3% margin), up from €13 million (6.1%) in H1 2025.

• Adjusted net profit was €3.6 million, compared to €1.3 million in H1 2025.

• Net loss improved to €0.5 million, reflecting transformation and restructuring costs.

• Leadership changes included new business unit directors, HR director, and CFO succession.

Financial highlights

• Adjusted gross margin was €68.3 million (26.1% of revenue), down from 29.1% due to business mix shift.

• Adjusted personnel expenses increased to €43.6 million, including €3.5 million in restructuring costs.

• Adjusted other operating expenses decreased by 4.3% to €11.5 million.

• Net cash position improved to €6.2 million from net debt of €20.7 million at year-end 2025.

• Operating cash flow was €36.5 million, up from €10.8 million in H1 2025, driven by a €23.1 million working capital reduction.

Outlook and guidance

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

• H2 2026 expected to be softer than H1, with lower top line and adjusted EBITDA.

• Revenue is front-loaded in H1 2026 due to project timing; 2027 expected to see renewed growth and margin improvement as transformation completes.