Alfen N.V. Q1 2026 Earnings Recap

Alfen’s Q1 results were well-received with the stock rallying 14.7%, driven primarily by better-than-expected revenue growth in Energy Storage and Smart Grids, as well as margin improvements, despite a notable decline in EV Charging revenue.

Key Takeaways

• Total revenue increased 25% YoY to EUR 129.7 million, mainly fueled by Energy Storage and Smart Grid project expansion.
• Adjusted gross margin improved in absolute terms (EUR 34 million vs EUR 31 million), though margin percentage declined due to a business mix shift toward Energy Storage Systems.
• Smart Grid Solutions revenue grew 2.7% to EUR 55.8 million, supported by increased production of substations (833 units), with gross margin expanding to 25.2% from 23.9%.
• EV Charging revenue declined 19% to EUR 23.3 million, reflecting product portfolio renewal, with unit deliveries falling 12% to approximately 25,000 charge points; margin held steady at 39.9%.
• Alfen reiterated its 2026 guidance and emphasized progress on transformation initiatives, including customer-centric restructuring and enhanced digital platforms for EV charging.