Alfen H1 2026 slides: revenue jumps 24%, but stock falls on outlook
Alfen, a Dutch electrification specialist, reported its first-half 2026 results on August 19, revealing a 23.6% increase in revenue to €261.5 million. Despite this strong performance, shares fell by 5.5% to $12.89, signaling investor concerns over a softer second half and ongoing challenges in the EV Charging segment. The company transitioned from net debt to net cash, ending 2025 with €6.2 million in net cash after carrying €20.7 million in net debt in 2025.
Management attributed the strong first-half performance to robust working capital management and inventory reduction efforts. However, they warned that the second half of the year will likely be weaker, with lower revenue and adjusted EBITDA expected compared to the first half. Despite the solid H1 results, management refrained from raising full-year guidance, contributing to the market's cautious reaction.
Notably, Alfen's revenue growth was primarily driven by the Energy Storage Systems segment, which surged 87.8%, and Smart Grid Solutions, which expanded by 14.9%. Meanwhile, the EV Charging segment experienced a 17.4% drop, falling to €51.1 million due to competition in the home charging market and lower order volumes. Despite the mixed outlook, Alfen's underlying margins remained healthy across all segments.
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