Alfen (ALFEN) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 revenue was €103.8 million, down 11.2% year-over-year, mainly due to declines in EV Charging (-26.9%) and Energy Storage Systems (-8.3%).

• Gross margin fell to 29.8% from 32% year-over-year, reflecting a reduced share of higher-margin EV Charging.

• Adjusted EBITDA margin dropped to 5.3% from 8.2% in Q1 2024, with adjusted EBITDA at €5.5 million.

• Cost control measures reduced personnel and operational costs by 18.2% compared to Q4 2024.

• Energy transition delays, grid congestion, and softened EU CO2 targets continue to impact business lines.

Financial highlights

• Revenue: €103.8 million, down 11.2% year-over-year.

• Gross margin: 29.8% (vs. 32% in Q1 2024).

• Adjusted EBITDA margin: 5.3% (vs. 8.2% in Q1 2024); adjusted EBITDA €5.5 million.

• Cash flow slightly positive at €0.2 million, supported by working capital improvement.

• Inventory at end of March: €117 million, mainly due to additional battery orders.

Outlook and guidance

• Full-year 2025 revenue guidance lowered to €430–480 million (from €445–505 million).

• Adjusted EBITDA margin guidance revised to 5–8% (from high single digits); further cost measures planned.

• CapEx expected to remain below 4% of revenue.

• Revenue expected to be backloaded in 2025, with stronger H2 and Q2.

• Smart grid and EV charging revenue outlooks reduced due to order downscaling and increased competition.