Alfen Nv · EURONEXT:ALFEN
Alfen Nv — FY2025 Earnings Presentation
33 slides from Alfen Nv's earnings presentation, Feb 11, 2026
Slide 1: Alfen FY2025 trading update & strategy update
February 11, 2026 Alfen FY2025 trading update & strategy update Webcast
Slide 2: Disclaimer
Disclaimer This communication may include forward-looking statements. All statements other than statements of historical facts may be forward-looking statements. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms such as guidance, expect
Slide 3: Agenda
1 2025 highlights 2 2025 business unit view 3 2025 financials 4 Strategy update & outlook 3 3
Slide 4: Alfen reports results FY2025: transforming to support European energy independence
2025 highlights Alfen reports results FY2025: transforming to support European energy independence • Revenue was € 435.6m compared with 2024 ( €487.6m) • Adjusted gross margin was €122.5m (28.1% of revenue), compared with €139.4m (28.6%) in 2024 • Personnel costs decreased by 15.2% and other operati
Slide 5: 2025 business unit view
1 2025 highlights 2 2025 business unit view 3 2025 financials 4 Strategy update & outlook 5
Slide 6: Smart Grid Solutions: revenue faced headwinds from execution constraints
Smart Grid Solutions Revenue and other income Revenue faced headwinds from execution In € million constraints in downstream value chain; underlying market growth drivers intact -10% 210.6 189.1 • Revenue for Smart Grid Solutions (SGS) was €189.1m, a decrease of 10% compared with the 2024 revenue of
Slide 7: Starting to see regulatory tailwinds for DSO and private smart grid business
Smart Grid Solutions Starting to see regulatory tailwinds, which will benefit both DSO and private smart grid business over time Signs of regulatory tailwinds becoming visible Requirements to scale that hamper execution speed today European grid package published by EU in December 2025: • New approa
Slide 8: EV Charging: revenues decreased; Alfen repositioned with two new chargers
EV Charging Revenue and other income In € million Revenues decreased due to increased competition and lower installation rates; -21% Alfen repositioned with two new chargers 153.3 120.8 • Revenue for EV Charging decreased by 21% from €153.3m in 2024 to 120.8m in 2025, driven by increased competition
Slide 9: Expected positive momentum in the market from new initiatives and consumer preference shifts
EV Charging Expected positive momentum in the market from new initiatives and consumer preference shifts BEV registrations growth over 2025 European regulatory trends confirm electric future with short - to mid -term In [%] y -o-y compared with 2024 accelerators Spain 77 Revisions Norway 51 • 2035 C
Slide 10: Energy Storage Systems revenue increased by 1.6%
Energy Storage Systems Revenue and other income In € million Energy Storage Systems revenue increased by 1.6%, despite strong y -o-y price decline of energy storage systems +1.6% • Revenue for Energy Storage Systems in 2025 was € 125. 6 m, a 1.6% 123.7 125.6 increase compared with €123.7m in 2024. •
Slide 11: Strong energy storage backlog going into 2026
Energy Storage Systems Energy storage backlog over past quarters In € million Strong energy storage backlog going into 2026 140 127 5 113 115 Remarks: 9 100 72 25 • Deals closed in H1 2026, can still contribute to 2026 revenue 14 • Healthy pipeline in place 67 • The precise timing of the conversion
Slide 12: 2025 financials
1 2025 highlights 2 2025 business unit view 3 2025 financials 4 Strategy update & outlook 12
Slide 13: Quarter-by-quarter group financials
2025 Financials Quarter-by-quarter group financials Revenues Y -o-y revenue growth • Revenue in 2025 was backloaded in Q4 (%) (%) • Adjusted gross margin was 24% in Q4 . This adjusted gross margin was lower compared to 135.7 106.2 107.7 120.1 -2% Q4 2024, because: 103.8 104.1 -6% -11% -12% • Q4 2024
Slide 14: Income statement FY2025: €3.2m adjusted net profit after one-off adjustments
2025 Financials Income statement FY2025: €3.2m adjusted net profit after one-off adjustments In € ‘000 2025 2024 • Revenue in 2025 amounted to €435.6m , at lower end of Alfen’s updated revenue guidance Revenue and other income 435,624 487,643 of €430 -480m. Revenue declined 10.7% compared with 2024
Slide 15: Continued focus on cost reduction has been successful
2025 Financials Personnel costs & other operational costs In € millions Continued focus on cost reduction has been successful: 16.8% cost reduction in personnel and other operational costs -16.8% year-on-year 120 100 • Over 2025, Alfen adjusted cost levels to reflect current circumstances 87 • Perso
Slide 16: Net debt position continued to improve
2025 Financials Net debt position continued to improve: from €32.7m at the end of 2024 to €20.7m at the end of 2025 31 Dec 31 Dec In € ‘000 2025 2024 • Non -current assets decreased by €4.0m due to an impairment loss on land and Non-current assets 107,293 111,289 buildings of €3.7m as well as regula
Slide 17: Nearly halved inventories, improving working capital position
2025 Financials Over the last 2 years we nearly halved inventories, contributing to a significantly improved working capital position Working 31 Dec 31 Dec Capital In € ‘000 2025 2024 Movements Inventories 81.7 101.5 -19.8 • Net w orking capital declined from €92.0m in 2024 to €77.0m at the Trade an
Slide 18: Strategy update & outlook
1 2025 highlights 2 2025 business unit view 3 2025 financials 4 Strategy update & outlook 18
Slide 19: The ideal solutions in the energy transition are smart, secure, integrated and compact
Market trends The ideal solutions in the energy transition are smart & (cyber)secure, integrated, easy to deploy and compact Fundamental trends: driving growth in our markets Knock -on challenges to solve: shaping the ideal solutions Energy security & More renewables Grid congestion Execution constr
Slide 20: Our purpose
Our purpose We are guided by a clear purpose, demonstrated by over 85 years of track record • Energy security is increasingly front • We must deeply understand, anticipate • The role we play in society is vital of mind and answer our customers needs - not • The grid is evolving and will become just
Slide 21: Walk the talk
Walk the talk Sustainability at the core of our business Our solutions have a positive We run our business with ESG at the sustainable impact on society forefront SBTi validated CO 2 reduction targets, Our purpose “Secure the electricity needed to keep life happening every day, everywhere.” E achiev
Slide 22: Diversified offering
Diversified offering Our offering taps into energy security, electrification, renewables, grid congestion and execution constraints Alfen provides “Made in Europe” E2E solutions in its BUs: in -house R&D, European production, project management and service. Alfen is a B2B company. Since 1937 • Distr
Slide 23: Where we play
Where we play Alfen is a diversified player in the energy transition with an expanding, local European footprint Alfen HQ & production locations Alfen Elkamo for SGS, EVC and ESS Mobile Production SGS Almere, The Netherlands Jakobstad, Finland Remarks Core market SGS, EVC, ESS • We build scale by ex
Slide 24: Alfen benefits from sustained, high-volume growth in its underlying markets
Market growth & drivers (SGS) Alfen benefits from sustained, high-volume growth in its underlying markets Public domain Private domain (example 1) Private domain (example 2) Annual installed substations in k Annual installed fast charge points in k Annual installed C&I storage in GWh by Dutch grid o
Slide 25: Alfen benefits from sustained, double-digit volume growth
Market growth & drivers (EVC & ESS) Alfen benefits from sustained, double-digit volume growth EV Charging Energy Storage Systems Annual installed charge points in millions in Europe 1 Annual installed GWh in utility -scale Europe 2 +17% 4.9 +33% 61.6 4.1 52.0 3.1 3.5 38.6 2.3 2.7 28.4 33.7 14.9 2025
Slide 26: Our four principles
Our four principles We execute on 4 transformation principles to get closer to the customer, achieve product excellence and further digitalise our offering Total customer Perfect product Smart services Fighting -fit confidence foundations innovation model Build complete customer trust by Delight cus
Slide 27: Our four principles: selected priorities
Our four principles We have started to implement priorities to get closer to the customer, achieve product excellence and further digitalise our offering Total customer Perfect product Smart services Fighting -fit confidence foundations innovation model Build complete customer trust by Delight custo
Slide 28: Total customer confidence & perfect product foundations
Total customer confidence & perfect product foundations Our new commercial BU strategies guide commercial activity & product development Smart Grid Solutions EV Charging Energy Storage Systems • Focus on strongest 5 growth segments • Focus on AC charging in home, business • Increase commercial effor
Slide 29: Smart services innovation
Smart services innovation We will enhance our current set of digital solutions across all business units Current digital solutions Smart Grid Solutions EV Charging Energy storage Webshop for grid operators EVE install TheBattery Connect In operation Mobile installer application – Monitor and control
Slide 30: Fighting fit model
Fighting fit model We will adopt a BU org structure to be closer to the customer, execute strategy faster and e-2-e ownership Alfen will adopt BU structure with BU directors Reason: BU structure creates … while leveraging shared support heading the BUs many advantages… functions and creating other s
Slide 31: We aim to transform our organizational capabilities by Q2 2026
Fighting fit model We aim to transform our organizational capabilities by Q2 2026 Skeleton | Transform our capabilities by Q2 2026 Nervous system | Embed culture and clarify roles and accountabilities • Transforming to BU structure (see previous sheet) • Reinforce company -wide culture • Whilst main
Slide 32: Financial guidance 2026
Financial guidance 2026 Revenue at €435m -€475m 2026 is a transformational year 4 -7% adjusted EBITDA margin in which we aim to reignite profitable growth CAPEX of <4% of revenue 2027 ambition Returning to consistent profitable growth: year -on- year improvement of revenue and the adjusted EBITDA ma
Slide 33: Slide 33