Alfen Nv · EURONEXT:ALFEN
Alfen Nv — H1 2025 Earnings Presentation
22 slides from Alfen Nv's earnings presentation, Aug 21, 2025
Slide 1: Alfen H1 2025 trading update webcast
Alfen 2025 H1 2025 trading update Webcast 21 August 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: H1 2025 highlights, business line view, financials, outlook
1 H1 2025 highlights 2 H1 2025 business line view 3 H1 2025 financials 4 Outlook 2025 & 2026-2027 3
Slide 4: Alfen's highlights of H1 2025
Alfen’s highlights of H1 2025 • H1 2025 revenue was €211.5m, representing a 13.9% reduction compared to H1 2024 (€245.7m). This was driven mainly by lower revenues in Energy Storage Systems (ESS) and EV Charging (EVC) • Gross margin was €61.6m (29.1% of revenue) compared with €54.9m (22.3% of revenu
Slide 5: Michael Colijn will take up the position of CEO
Michael Colijn will take up the position of CEO, effective 1 October 2025, succeeding Marco Roeleveld • As announced end of July, Michael Colijn will succeed Marco Roeleveld as Chief Executive Officer (CEO) and chairman of the Management Board, effective 1 October 2025 • The appointment of Michael C
Slide 6: H1 2025 business line view
1 H1 2025 highlights 2 H1 2025 business line view 3 H1 2025 financials 4 Outlook 2025 & 2026-2027 6
Slide 7: Business line view | Smart grid solutions
Business line view | Smart grid solutions Revenues and other income (€ million) • Revenue increased by 3.9% from €93.5m in H1 2024 to €97.1 in H1 2025 +3.9% • Grid operators drove 65% of revenue in H1 2025 and private domain clients drove 35% of revenue 97.1 93.5 • Alfen produced 1,628 substations i
Slide 8: Alfen does not see a significant change in market circumstances
SGS | Alfen does not see a significant change in market circumstances for this year and going into 2026 Requirements to scale continue to hamper execution speed Alfen commentary Public domain – Grid operators Obtaining necessary permits, incl. nitrogen emission - Alfen does not see short term improv
Slide 9: Business Line View | EV charging equipment
Business Line View | EV charging equipment Revenues and other income (€ million) • Revenue decreased by 22.8% from €80.1m in H1 2024 to €61.8m in H1 2025 -22.8% 80.1 • A total of 61,254 charge points were produced in H1 2025, which is a 23.7% decrease compared to H1 2024 61.8 • Gross margin increase
Slide 10: EVC | BEV market grows y-o-y but growth slowed down
EVC | BEV market grows y-o-y but growth slowed down since flexible CO2 announcement in March 2025 BEV registrations in EU countries Translation to EV markets from Alfen In [%] y-o-y compared to same period last year Minor improvement in BEV registrations but stronger PHEV sales. 8 NL Netherlands Alf
Slide 11: Business Line View | Energy storage systems
Business Line View | Energy storage systems Revenues and other income (€ million) • Revenue decreased by 27.1% from €72.2m in H1 2024 to €52.6m in H1 2025 -27.1% 72.2 • Gross margin increased from 21.6% in H1 2024 to 27.4% in H1 2025. These unusually high margins are expected to normalise again in H
Slide 12: ESS | Backlog and pipeline continue to grow
ESS | Backlog and pipeline continue to grow in healthy manner while pricing (€ per MWh) continues to decline Energy storage backlog as of 30 June 2025 Alfen commentary (€ million) 140 • Alfen has a healthy mix of project sizes in its backlog and pipeline • Lower energy storage cost improve project e
Slide 13: Construction of Flevobess BESS project has started
Construction of our earlier announced BESS project Flevobess has started - to be operational in October 2025 • In January Alfen announced the signature of the agreement with FlevoBESS to build one of Netherlands first large-scale 4 hour BESS • This 31.6MW/126.4MWh Energy Storage System can provide 2
Slide 14: H1 2025 financials
1 H1 2025 highlights 2 H1 2025 business line view 3 H1 2025 financials 4 Outlook 2025 & 2026-2027 14
Slide 15: Financials | Group financials
Financials | Group financials Revenues Y-o-y revenue growth (€ million) (%) 128.9 135.7 16% 116.8 106.2 107.7 103.8 3% - Revenue in Q2 amounted to €107.7m, a 16% -6% decline compared to Q2 2024. Mainly driven by -11% relatively high revenue in Q2 2024 for ESS and EV -16% -22% charging Q1 Q2 Q3 Q4 Q1
Slide 16: Financials | Income statement H1 2025
Financials | Income statement H1 2025 In € million H1 2025 H1 2024 • Revenue decreased by 13.9% to €211.5m in H1 2025, from €245.7m in H1 2024 Revenue and other income 211.5 245.7 • Gross margin increased from 22.3% in H1 2024 to 29.1% in H1 2025. H1 2024 Smart grids solutions 97.1 93.5 gross margin
Slide 17: Financials | Balance sheet
Financials | Balance sheet • Non-current assets decreased by €0.6m driven by depreciation and In € million 30 June 31 December amortisation of €9.1m and partly offset by Capitalised development cost, 2025 2024 New leases and remeasurements and Other CapEx of €4.8m, €2.2m and Non-current assets 110.7
Slide 18: Financials | Working capital
Financials | Working capital Working 30 June 31 December In € million Capital 2025 2024 Movements Inventories 86.7 101.5 (14.8) • Working capital decreased with €2.3m to €89.7m on 30 June 2025 compared to €92.0m on 31 December 2025. This decrease is mainly Trade and other receivables 119.9 128.9 (9.
Slide 19: Outlook 2025 & 2026-2027
1 H1 2025 highlights 2 H1 2025 business line view 3 H1 2025 financials 4 Outlook 2025 & 2026-2027 19
Slide 20: Outlook | Alfen reiterates 2025 FY guidance
Outlook | Alfen reiterates 2025 FY guidance 2025 FY guidance Alfen revenue range €430m-€480m Smart Grid Solutions revenue 0% – 5% decline EV Charging revenue 10% – 15% decline Energy Storage Systems revenue 0 – 10% decline EBITDA margin 5% – 8% CAPEX as % of revenue <4% 20
Slide 21: Outlook | Alfen moderates 2026 ambition
Outlook | Alfen moderates 2026 ambition due to persisting challenging markets 2026 ambition Former Updated Revenue growth adjusted due to market challenges carrying over 5% – 10% 0% – 5% into 2026 y-o-y “towards low Adjusted EBITDA margin as % of rev. adjusted due to less double digits in 5% – 8% op
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