Alfen reports third quarter profit beat despite revenue miss

Alfen N.V. (AMS:ALFEN) posted third-quarter adjusted EBITDA of €4.0 million, down 43% year-over-year but above the company-compiled consensus estimate of €2.3 million and Jefferies’ forecast of €3.5 million.

Revenue for the quarter reached €99.1 million, falling 5% and missing the consensus estimate of €101.4 million. The EBITDA margin stood at 4.0%, compared to the consensus forecast of 2.2%.

The Smart Grids segment generated €54.0 million in revenue, up 10% from the prior year, driven by Dutch grid operators and record quarterly sales in Finland. The segment’s gross margin declined 220 basis points to 23.7%.

Energy Storage revenue fell 30% to €18.3 million, reflecting front-loaded revenue recognition in the first half of the year. The segment’s backlog grew to €109 million from €93 million at the end of June, with €86 million scheduled for fiscal year 2027.

EV Charging revenue decreased 7% to €26.8 million as volumes dropped 11%, partially offset by a 4% increase in average selling prices. The higher pricing reflected a stronger business-charger mix. Gross margin in the segment declined 220 basis points to 40.9%.

Operating cash flow fell to €1.2 million from €8.1 million in the prior-year quarter.

The company maintained its fiscal year 2026 guidance, expecting revenue toward the upper half of the €425 million to €475 million range and EBITDA margin toward the lower half of the 4% to 7% range. For fiscal year 2027, Alfen anticipates improvements in revenue and margin following the transformation in fiscal year 2026.