Slide 1: Alfen 2025 Q3 trading update
Alfen 2025 Q3 trading update Webcast 5 November 2025 1
Slide 2: Disclaimer
Disclaimer This communication may include forward-looking financial position, liquidity, prospects, growth or rates for any future orders and projects. These statements. All statements other than statements of strategies. Forward-looking statements reflect the estimates and assumptions may change as
Slide 3: Michael Colijn has started as Alfen's new CEO per October 1st 2025
Michael Colijn has started as Alfen’s new CEO per October 1st 2025 • Background in energy and technology sectors • Spoke to many stakeholders in my first weeks at Alfen • We are active in energy transition markets with high potential • We are a company with deep technical expertise and a clear role
Slide 4: Q3 2025 highlights, business line view, financials
1 Q3 2025 highlights 2 Q3 2025 business line view 3 Q3 2025 financials 4 Outlook 2025 & ambition 2026 4
Slide 5: Alfen's highlights of Q3 2025
Alfen’s highlights of Q3 2025 • Q3 2025 revenue was €104.1m, a slight decrease of 2.0% compared with Q3 2024 (€106.2m), mainly due to lower revenue in EV Charging • Gross margin was €29.9m (28.7% of revenue), compared with €34.7m (32.7% of revenue) in Q3 2024 • Adjusted EBITDA was €6.9m (6.7% of rev
Slide 6: Q3 2025 business line view
1 Q3 2025 highlights 2 Q3 2025 business line view 3 Q3 2025 financials 4 Outlook 2025 & ambition 2026 6
Slide 7: Business Line View | Smart grid solutions
Business Line View | Smart grid solutions Revenue and other income (€ million) • Q3 revenue was €49.1m for Smart Grid Solutions (SGS), a decline of -2.5% 2.5% compared to €50.3m in Q3 2024 50.3 49.1 • This decline is mainly due to the labour shortages and permitting delays faced by our Dutch grid op
Slide 8: SGS | Alfen expands delivery of turnkey transport distribution stations to grid operator Enexis
SGS | Alfen expands delivery of turnkey transport distribution stations to grid operator Enexis Alfen’s leverages synergies between SGS project business Overview Dutch electricity grid with longstanding grid operator relationship to deliver turnkey transport distribution stations Product: Combinatio
Slide 9: Business Line View | EV charging equipment
Business Line View | EV charging equipment Revenues and other income (€ million) • Q3 revenue was €28.7m, a 12.6% decline compared to €32.9m in Q3 -12.6% 2024 32.9 28.7 • Increased competition in the EV Charging home segment and lower installation rates in the public segment continue to impact reven
Slide 10: EVC | European BEV registrations show ~25% growth; EU 2035 ICE ban statements remain consistent
EVC | European BEV registrations show ~25% growth; EU 2035 ICE ban statements remain consistent BEV registrations show strong growth in 2025 Q1-Q3 Alfen launched a new V2G ready charger line In [%] y-o-y compared 2024 Q1 – Q3 Spain 90 Denmark 46 Germany 38 UK 29 Italy 27 Europe - average 25 Finland
Slide 11: Business Line View | Energy storage systems
Business Line View | Energy storage systems Revenues and other income (€ million) • Q3 revenue was €26.3m, a 13.9% increase compared to €23.1m in Q3 +13.9% 2024 26.3 • For one project the on-site delivery of main components was delayed 23.1 until early October, shifting associated revenue from Q3 20
Slide 12: ESS | Our backlog and pipeline are healthy going into 2026
ESS | Our backlog and pipeline are healthy going into 2026 Energy storage backlog over past quarters Alfen commentary (€ million) • Backlog development for 2026 is according to plan Note: this figure does not include the NOP Agrowind deal of €30 to 35 million • Volume increases are stronger than bac
Slide 13: Q3 2025 financials
1 Q3 2025 highlights 2 Q3 2025 business line view 3 Q3 2025 financials 4 Outlook 2025 & ambition 2026 13
Slide 14: Financials | Group financials
Financials | Group financials Revenue Y-o-y revenue change (€ million) (%) 135.7 - Revenue in Q3 amounted to €104.1m, a 2.0% decline compared 106.2 103.8 107.7 104.1 -2% to Q3 2024 -6% -11% -16% - Gross margin was €29.9m (28.7% of revenue) in Q3 2025, -22% compared to €34.7m (32.7% of revenue) in Q3
Slide 15: Financials | Cost control measures have been effective in reducing OPEX
Financials | Cost control measures have been effective in reducing OPEX between Q3 2024 and Q3 2025 Personnel & Other Costs (€ million) • As a result of the reorganisation, personnel costs have declined by -16.9% 10.9% between Q3 2024 and Q3 2025 28.4 • Other operating costs have declined by 30.1% b
Slide 16: Outlook 2025 & ambition 2026
1 Q3 2025 highlights 2 Q3 2025 business line view 3 Q3 2025 financials 4 Outlook 2025 & ambition 2026 16
Slide 17: Outlook | Alfen reiterates 2025 FY guidance and 2026 ambition
Outlook | Alfen reiterates 2025 FY guidance and 2026 ambition 2025 FY guidance 2026 ambition €430m-€480m Alfen revenue range Anticipated to be towards • Revenue growth % 0% – 5% lower end of range • Adjusted EBITDA margin • Adjusted EBITDA margin 5% – 8% 5% – 8% as % of revenue as % of revenue CAPEX
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