Highlights:
• H1 2026 revenue was €261.5m, a 23.6% increase compared with H1 2025 (€211.5m), in line with the front-loaded phasing expected for 2026. Growth was driven by Energy Storage Systems and Smart Grid Solutions.
• Gross margin was €68.3m (26.1% of revenue), compared with €61.6m (29.1% of revenue) in H1 2025.
• Adjusted EBITDA increased to €16.4m, compared with €13.0m in H1 2025. Adjusted EBITDA as a share of revenue improved to 6.3%, up from 6.1% in H1 2025.
• Next step taken in organisational transformation with the appointment of Business Unit Directors.
• Alfen reiterates its 2026 guidance, with revenue expected to be between €435m and €475m, adjusted EBITDA margin between 4% and 7%, and CAPEX at less than 4% of revenue. As indicated previously, revenue is front-loaded in 2026.
Michael Colijn, CEO of Alfen:
"The first half of 2026 was solid for Alfen, with the positive development seen in the first quarter of the year continuing into the second. Revenue for the year is front-loaded, as per our guidance. Growth has been driven by the strong performance of Energy Storage Systems and Smart Grid Solutions, partly offset by an expected decline in EV Charging.
Our transformation towards a customer-centric organisation, which we announced at our 2025 full-year results, is proceeding according to plan, albeit with significant work still ahead. With the appointment of our three business unit directors, we can now further structure the teams to drive the execution of our new strategy. As we transform Alfen from a hardware company into one that combines hardware, software and services, we reinforce the relevance of our new purpose and strategic positioning as a European expert in electricity infrastructure.
Our innovation agenda is advancing across all three business units with a new generation charger for the residential segment, a sodium-ion partnership to diversify our energy storage offering over the longer term, and a new transformer substation that will significantly improve installation speed and ease for grid operators.
Market demand drivers in the second quarter were largely similar to those of the previous quarter across all three business units. The energy transition continues to gain momentum, underlined by the European Commission's recently published Electrification Action Plan, which sets out to accelerate grid deployment and to raise electricity's share of energy use towards 46% by 2040. The further tightening of supply-side conditions, particularly for specific components, does not materially impact current trading or our 2026 outlook, though we continue to monitor developments closely as this may have longer-term effects.
Our focus during the second half of the year remains on execution. Meanwhile, we continue in full transformation mode: in EV Charging, we are strengthening our competitive position with updates to the charger platform and digital ecosystem; in Energy Storage, we are converting pipeline into orders, as conversion in second quarter was slower than the underlying customer interest, and in Smart Grid Solutions, we are building the foundations for more profitable growth.
Looking ahead, we reiterate our guidance for 2026. As communicated at our full-year results and again in May, revenue is front-loaded this year, which means we expect a softening in results in the second half of the 2026. We are confident that our transformation, accompanied by our growth strategies, will reignite consistent profitable growth from 2027 onwards with year-on-year improvements in both revenue and adjusted EBITDA margin."
Read full press release:
https://alfen.com/en/investor-relations/investor-relations-news/alfen-reports-h1-2026-results-in-line-with-expectations-while-advancing-its-transformation
• H1 2026 revenue was €261.5m, a 23.6% increase compared with H1 2025 (€211.5m), in line with the front-loaded phasing expected for 2026. Growth was driven by Energy Storage Systems and Smart Grid Solutions.
• Gross margin was €68.3m (26.1% of revenue), compared with €61.6m (29.1% of revenue) in H1 2025.
• Adjusted EBITDA increased to €16.4m, compared with €13.0m in H1 2025. Adjusted EBITDA as a share of revenue improved to 6.3%, up from 6.1% in H1 2025.
• Next step taken in organisational transformation with the appointment of Business Unit Directors.
• Alfen reiterates its 2026 guidance, with revenue expected to be between €435m and €475m, adjusted EBITDA margin between 4% and 7%, and CAPEX at less than 4% of revenue. As indicated previously, revenue is front-loaded in 2026.
Michael Colijn, CEO of Alfen:
"The first half of 2026 was solid for Alfen, with the positive development seen in the first quarter of the year continuing into the second. Revenue for the year is front-loaded, as per our guidance. Growth has been driven by the strong performance of Energy Storage Systems and Smart Grid Solutions, partly offset by an expected decline in EV Charging.
Our transformation towards a customer-centric organisation, which we announced at our 2025 full-year results, is proceeding according to plan, albeit with significant work still ahead. With the appointment of our three business unit directors, we can now further structure the teams to drive the execution of our new strategy. As we transform Alfen from a hardware company into one that combines hardware, software and services, we reinforce the relevance of our new purpose and strategic positioning as a European expert in electricity infrastructure.
Our innovation agenda is advancing across all three business units with a new generation charger for the residential segment, a sodium-ion partnership to diversify our energy storage offering over the longer term, and a new transformer substation that will significantly improve installation speed and ease for grid operators.
Market demand drivers in the second quarter were largely similar to those of the previous quarter across all three business units. The energy transition continues to gain momentum, underlined by the European Commission's recently published Electrification Action Plan, which sets out to accelerate grid deployment and to raise electricity's share of energy use towards 46% by 2040. The further tightening of supply-side conditions, particularly for specific components, does not materially impact current trading or our 2026 outlook, though we continue to monitor developments closely as this may have longer-term effects.
Our focus during the second half of the year remains on execution. Meanwhile, we continue in full transformation mode: in EV Charging, we are strengthening our competitive position with updates to the charger platform and digital ecosystem; in Energy Storage, we are converting pipeline into orders, as conversion in second quarter was slower than the underlying customer interest, and in Smart Grid Solutions, we are building the foundations for more profitable growth.
Looking ahead, we reiterate our guidance for 2026. As communicated at our full-year results and again in May, revenue is front-loaded this year, which means we expect a softening in results in the second half of the 2026. We are confident that our transformation, accompanied by our growth strategies, will reignite consistent profitable growth from 2027 onwards with year-on-year improvements in both revenue and adjusted EBITDA margin."
Read full press release:
https://alfen.com/en/investor-relations/investor-relations-news/alfen-reports-h1-2026-results-in-line-with-expectations-while-advancing-its-transformation
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