Alfen N.V. reported a slowdown across its core businesses in the fiscal year ending FY25, with EBITDA falling 11% to €25.5 million, narrowly under market expectations of €26.5 million. The Amsterdam-listed energy equipment and solutions provider also recorded an 11% decline in revenues, which stood at €435.6 million, while its reported EBITDA margin held steady at 5.8%.
The top-line weakness was concentrated in two segments. EV Charging revenues fell 21% as the business contended with increased competitive pressure. Smart Grids revenue dropped 10%, which the company attributed to a combination of labor shortages, regulatory constraints and grid congestion. In contrast, Energy Storage revenues ticked up 2%, despite a 31% reduction in battery prices that would typically compress value realization in that part of the business.
Management said it supported profitability through targeted cost-saving measures. Personnel expenses were cut by 15% and operational spending was reduced by 21%, actions that helped preserve the reported EBITDA margin even as revenue declined.
Looking ahead, Alfen described FY26 as a transition year and updated its guidance. The company now expects revenue to be approximately 4% higher within a €435-475 million range, a slight re-calibration from its prior guidance of 0-5% growth. It lowered its expected EBITDA margin to a 4-7% band from the previous 5-8% forecast. Using midpoints of the fresh guidance, FY26 EBITDA would be roughly €25.0 million - a level the company notes would sit about 14% below consensus estimates of €29.0 million.
Under the leadership of new CEO Michael Colijn, who joined in October, Alfen has launched a company-wide transformation aimed at restoring profitable growth and broadening its geographic footprint. The strategic emphasis is on closer customer proximity, product excellence and accelerating digitalization across its offerings.
Segment-level priorities were outlined in the update. For Smart Grid Solutions, Alfen intends to concentrate resources on five fastest-growing subsegments and expand activity in private markets across Europe. In EV Charging, the company plans to streamline its product portfolio and broaden market presence into Italy, Spain, Portugal and the UK. Energy Storage Solutions will prioritize utility-scale and mobile storage projects while continuing to expand in the commercial and industrial customer base.
The company’s financials and updated guidance reflect both near-term headwinds in EV Charging and Smart Grids and ongoing efforts to adapt through cost discipline and strategic refocusing. Management framed FY26 as a pivot point, balancing modest revenue growth with a more conservative margin profile as the transformation progresses.
Summary
Alfen posted an 11% decline in FY25 EBITDA to €25.5 million, slightly missing consensus, amid an 11% drop in revenues to €435.6 million. EV Charging fell 21% and Smart Grids dropped 10%, while Energy Storage rose 2% despite much lower battery prices. Cost cuts helped sustain margins. FY26 guidance targets roughly 4% revenue growth and a 4-7% EBITDA margin range, with FY26 EBITDA roughly flat at €25.0 million using guidance midpoints.