Alfen N.V. Q2 2026 Earnings Recap

Shares declined 4.3% following Alfen’s 2026 half-year results, as investors were disappointed by margin compression and continued weakness in the EV charging segment despite solid revenue growth and reiterated guidance.

Key Takeaways

• Revenue increased 23.6% to EUR 261.5 million, driven by energy storage systems and smart grid solutions.
• Adjusted gross margin declined to 26.1% of revenue from 29.1% last year, primarily due to a mix shift toward lower-margin energy storage systems.
• Adjusted EBITDA rose to EUR 16.4 million with a slight margin improvement to 6.3%, but margins remain under pressure.
• Smart Grid Solutions revenue grew 14.9% to EUR 111.6 million with a stable gross margin of 22.9%, supported by strong project activity and increased Finnish operations.
• EV charging revenue fell 17% to EUR 51.1 million reflecting portfolio renewal challenges and competitive pressures, with gross margin declining to 39.9%.