Alfen (ALFEN) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 revenue was EUR 104.1 million, down 2% year-over-year, mainly due to lower EV Charging revenue.

• Gross margin was 28.7% (EUR 29.9 million), down from 32.7% in Q3 2024, impacted by a one-off effect in the prior year.

• Adjusted EBITDA was EUR 6.9 million (6.7% of revenue), nearly flat year-over-year, with cost control measures offsetting margin pressure.

• Personnel costs reduced by 10.9% and operating expenses by about 30% year-over-year.

• Michael Colijn appointed CEO on October 1, 2025, with a focus on energy transition and core markets.

Financial highlights

• Q3 2025 revenue: EUR 104.1 million, a 2% decrease from Q3 2024.

• Gross margin: 28.7% (EUR 29.9 million), down from 32.7% (EUR 34.7 million) in Q3 2024 due to a one-off effect.

• Adjusted EBITDA: EUR 6.9 million (6.7% of revenue), slightly down from EUR 7.2 million (6.8%) in Q3 2024.

• Cash flow from operating activities: EUR 8.1 million in Q3 2025.

Outlook and guidance

• 2025 revenue expected at the lower end of EUR 430–480 million, with adjusted EBITDA margin of 5–8% and CAPEX below 4% of revenue.

• 2026 ambition: 0–5% revenue growth, driven by new product launches and strategic initiatives.

• Cost control remains a priority.

• Positive outlook for battery storage and mid-voltage distribution stations.