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% in Q1 2024, with adjusted EBITDA margin dropping to 5.3% from 8.2%.

• Cost control measures reduced personnel and operational costs by 18.2% sequentially from Q4 2024.

• The company faces short-term headwinds from regulatory and market delays, grid congestion, and softened EU CO2 targets, but remains positive on long-term energy transition trends.

Financial highlights

• Revenue declined 11.2% year-over-year to €103.8 million in Q1 2025.

• Gross margin was 29.8%, down from 32% in Q1 2024.

• Adjusted EBITDA margin was 5.3%, compared to 8.2% in Q1 2024.

• Cash flow was slightly positive at €0.2 million, driven by working capital improvements.

• Personnel and operating costs reduced by 18.2% from Q4 2024.

Outlook and guidance

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

• Medium-term guidance for low double-digit margins by 2027 remains unchanged.