Alfen (ALFEN) Q3 2026 earnings summary

Executive summary

• Q3 revenue was €99.1m, down 4.8% YoY amid anticipated ESS project phasing; 9M revenue rose 14.3% to €360.6m.

• Adjusted EBITDA was €4.0m, or 4.0% of revenue, versus €6.9m and 6.7% in Q3 2025; transformation costs and revenue phasing weighed on results.

• FY 2026 guidance was reiterated: revenue in the upper half of €435m–€475m, adjusted EBITDA margin in the lower half of 4%–7%, and CAPEX below 4% of revenue.

• 2027 revenue and adjusted EBITDA margin are expected to improve year over year.

Financial highlights

• Gross margin was €30.5m, or 30.8% of revenue, versus €29.9m and 28.7% in Q3 2025; ESS project contingency releases lifted the margin rate.

• Operating expenses rose 12.7% YoY to €26.7m; personnel expenses increased to €19.6m from €17.8m, mainly reflecting transformation costs.

• EBITDA was €3.9m versus €6.2m in Q3 2025; €0.1m of adjustments brought adjusted EBITDA to €4.0m.

• Operating cash flow was positive at €1.2m, versus €8.1m in Q3 2025; net cash remained positive at quarter-end.

Outlook and guidance

• FY 2026 revenue is expected in the upper half of €435m–€475m; adjusted EBITDA margin is expected in the lower half of 4%–7%, with CAPEX below 4% of revenue.

• SGS revenue is expected to grow across grid-operator products and projects; EV Charging is expected to decline and ESS revenue to grow YoY.

• For 2027, revenue and adjusted EBITDA margin are expected to improve YoY; detailed guidance is planned for the early-2027 earnings call.

• Management aims for at least cash-flow neutrality in FY 2026; ESS orders and procurement may affect working capital and cash.