• Q1 2025 revenue was €103.8m, compared to €116.8m in Q1 2024, mainly as a result of revenue decline in EV Charging (-26.9%) and Energy Storage Systems (-8.3%).
• Gross margin was €31.0m (29.8% of revenue) compared to €37.4m (32.0% of revenue) in Q1 2024, driven largely by a reduction in the share of EV Charging in the revenue mix.
• Adjusted EBITDA was €5.5m (5.3% of revenue) compared to €9.6m in Q1 2024 (8.2% of revenue).
• Cost control measures taken in H2 2024 reduced personnel and other operational costs by 18.2% compared to Q4 2024.
• Energy transition delays continue to impact our business lines: our Smart Grid Solutions private customers are being impacted by grid congestion and our grid operator customers face labour shortages and regulatory constraints, while the softening of European CO2 targets for automotive OEMs is delaying the acceleration of EV adoption and, consequently, EV charging demand in our segments.
• Energy Storage Systems (ESS) performance is in line with 2025 revenue expectations and Alfen won its largest Energy Storage deal to date with Return Energy in April 2025, contributing to 2026 revenue: the 100MW/200MWh system will be connected to the Dutch transmission grid (TenneT).
• Alfen expects revenue to be at the lower end of the current full-year revenue guidance range of €445m-505m and is readjusting the range to €430m-480m. As a consequence, Alfen will take further cost measures and revises its adjusted EBITDA margin guidance from high single digits to a range of 5-8%.
ALMERE, THE NETHERLANDS - Alfen N.V. (AEX: ALFEN), a specialist in energy solutions for the future, today publishes its trading update for Q1 2025.
Marco Roeleveld, CEO of Alfen, said:
"Our first-quarter results demonstrate that market conditions remain challenging, especially in EV Charging and Smart Grid Solutions. Dutch grid operators face installation and regulatory capacity constraints due to labour shortages and ongoing nitrogen-related permitting issues. We support our grid operator customers in their appeal to the Dutch government to resolve the bottlenecks faced in accelerating the resolution of grid congestion. In EV Charging, we are experiencing increased competition in the home segment, but we have strengthened our position with the launch of two new V2G-ready chargers in Q4. We do see that the cost control measures implemented in the second half of 2024 are taking effect, with an 18.2% reduction in personnel and other operating costs compared to Q4 2024. We monitor our spending closely and will implement further cost measures to ensure costs stay in line with revenue developments.
It is clear that global macroeconomic uncertainty is increasing as a result of US trade policy, and we are monitoring the situation closely. However, the impact on our upstream and downstream supply chain has been minimal as we do not export to the US and primarily source from outside of the US. We will continue to assess the situation as it develops further.
Overall, we remain confident about the sector's long-term fundamental growth prospects and Alfen's market position to reap the opportunities. Even though the acceleration of grid reinforcement in the Netherlands is slower than anticipated, grid reinforcement will continue to drive demand in the long term. In the meantime, Alfen's Energy Storage Systems provide an immediate solution for our customers affected by grid congestion. This is especially relevant as TenneT, the Dutch TSO, has announced its intention to create 9 GW of capacity on the transmission grid outside of peak demand periods with time-bound contracts. Finally, despite the softening of CO2 targets for automotive OEMs in March 2025, the irreversibility of the shift towards electric vehicles is reaffirmed by the European Commission's continued commitment to the 2035 zero-emissions target for new cars."
Read full press release:
https://alfen.com/de-de/investor-relations/investor-relations-news/alfen-reports-103-8m-revenue-for-q1-amidst-ongoing-energy-transition-delays
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