Alfen (ALFEN) H2 2025 earnings summary

Executive summary

• 2025 revenue declined 10.7% to €435.6m, with adjusted EBITDA at €25.5m (5.8% margin), reflecting a challenging market and company-wide transformation focused on customer centricity, product excellence, and digitalisation.

• Significant cost reductions included a 15.2% drop in personnel costs and a 21.1% decrease in other operational expenses.

• Net loss narrowed to €0.2m from €27.0m in 2024; adjusted net profit stable at €3.2m.

• Company-wide transformation launched in Q4 2025, with a restructuring provision of €4.5m planned for 2026.

• 2026 is positioned as a transformational year, with revenue guidance of €435m–€475m and adjusted EBITDA margin of 4–7%.

Financial highlights

• 2025 revenue was €435.6m, down from €487.6m in 2024.

• Adjusted gross margin was €122.5m (28.1% of revenue), nearly flat year-over-year.

• Adjusted EBITDA was €25.5m (5.8% margin), down from €28.5m in 2024.

• Net debt improved to €20.7m from €32.7m in 2024.

• Operating cash flow positive at €32.5m, supported by inventory and working capital reductions.

Outlook and guidance

• 2026 revenue guidance: €435m–€475m; adjusted EBITDA margin: 4–7%; CAPEX below 4% of revenue.

• Transformation to business unit organisation and renewed product focus to drive profitable growth.

• 2027 ambition is to return to consistent profitable growth, leveraging transformed organisation and enhanced digital capabilities.