Alfen N.V.
Alfen builds electricity substations, battery storage and charging equipment for electric vehicles. Its products help grid operators, energy companies and businesses connect new electricity demand, store power and manage charging.
Overview
Latest results
Reported in EUR
Latest financial publication
Third-quarter 2026 trading update
Investment Thesis
Equipment for a busier electricity grid
European Tech Equities analysis ·
The investment case
Alfen gives investors exposure to the equipment needed as electricity replaces other fuels and renewable production grows. Its substations, batteries and chargers serve existing customers today. The investment case depends on winning profitable work and delivering it reliably, rather than simply assuming that rising electricity demand will lift every part of the business.
Business progress
The November update reported €360.6 million of revenue for the first nine months, up 14.3% from a year earlier. Third-quarter sales fell because storage projects had contributed more in the first half. Alfen also delivered the Ulrum substation for Enexis in October; it is expected to enter operation in autumn 2027. Delivery and operation are different milestones.
Customer demand
Grid operators need more connections, while businesses and energy developers need ways to cope with limited grid capacity and variable renewable production. This creates several routes to demand for Alfen. Yet project permits, connection queues and financing can delay spending. Charger sales also face price pressure and uneven electric-vehicle investment.
Financial position
First-half 2026 sales rose to €261.5 million, but reported operating profit was only €0.8 million and the group made a small net loss. Operating cash flow was stronger at €36.5 million. Cash of €51.1 million exceeded financial debt of €44.9 million, including leases, at June 30. These figures show better liquidity without yet establishing consistently strong profitability.
Value and risks
Alfen’s value depends on the profit and cash it can retain after delivering equipment, servicing products and funding working capital. Sales alone give an incomplete picture because large storage projects can have lower margins than smaller jobs. Investors therefore need to consider the mix of business, restructuring costs and cash generation alongside the share price.
What would weaken the case
- Project timing can make quarterly sales and cash flow uneven.
- Competition and warranty costs can outweigh growth in charging and storage.
- Restructuring and larger projects still need to produce sustainable reported profit.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
H1 2026 · Consolidated statements pp.9–10; EBITDA reconciliation p.6; borrowings note 9, p.14.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in EUR millions; basic earnings per share in EUR. EBITDA is the reported measure before adjustments. Capital expenditure is cash paid for property, equipment and intangible assets. Q3 and nine-month updates contain selected figures rather than complete financial statements.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in EUR millions; basic earnings per share in EUR. EBITDA is the reported measure before adjustments. Capital expenditure is cash paid for property, equipment and intangible assets. Q3 and nine-month updates contain selected figures rather than complete financial statements.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
H1 2026 · Consolidated statements pp.9–10; EBITDA reconciliation p.6; borrowings note 9, p.14.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in EUR millions; basic earnings per share in EUR. EBITDA is the reported measure before adjustments. Capital expenditure is cash paid for property, equipment and intangible assets. Q3 and nine-month updates contain selected figures rather than complete financial statements.
Quarterly
Income statement
Cash flow
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in EUR millions; basic earnings per share in EUR. EBITDA is the reported measure before adjustments. Capital expenditure is cash paid for property, equipment and intangible assets. Q3 and nine-month updates contain selected figures rather than complete financial statements.
Year to date
Income statement
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in EUR millions; basic earnings per share in EUR. EBITDA is the reported measure before adjustments. Capital expenditure is cash paid for property, equipment and intangible assets. Q3 and nine-month updates contain selected figures rather than complete financial statements.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Alfen reports Q3 2026 results in line with expectations, year-to-date revenue up 14%
Third-quarter 2026 trading update
Alfen partners with Pionix on charging software
Alfen delivers a modular substation for Enexis at Ulrum
Alfen reports H1 2026 results in line with expectations while advancing its transformation
Interviews
Interviews are coming soon
No interviews with Alfen N.V. have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
Q3 2025 · Published Nov 4, 2026 · Checked Nov 6, 2026
Q3 2026 · Published Nov 4, 2026 · Checked Nov 6, 2026
9M 2025 · Published Nov 4, 2026 · Checked Nov 6, 2026
9M 2026 · Published Nov 4, 2026 · Checked Nov 6, 2026
H1 2026 · Published Aug 18, 2026 · Checked Nov 6, 2026
FY 2024 · Published Feb 10, 2026 · Checked Nov 6, 2026
FY 2025 · Published Feb 10, 2026 · Checked Nov 6, 2026
H1 2025 · Published Aug 20, 2025 · Checked Nov 6, 2026
Checked 2026-11-06
Checked 2026-11-06
Checked 2026-11-06