Alfen reports third-quarter revenue of €99.1 million, down from a year earlier
Key Facts
Alfen said on November 4 that revenue was €99.1 million in the third quarter of 2026, compared with €104.1 million in the same period of 2025. The company described the quarter’s results as "in line with expectations," without its statement confirming that earnings exceeded analysts’ estimates or that revenue fell short of them. The quarterly decline sits alongside broader revenue growth since the start of the year, with revenue for the first nine months rising year on year. The figures also showed an improvement in the gross margin percentage, alongside a decline in adjusted earnings before interest, taxes, depreciation and amortization. The company attributed the higher gross margin percentage mainly to the release of project provisions upon completion of energy storage work.
Alfen’s revenue for the first nine months of 2026 rose 14.3% to €360.6 million, from €315.6 million in the same period a year earlier. That growth highlights the contrast between the year-to-date trajectory and the third quarter alone, when revenue was below its level a year earlier. Third-quarter gross profit was €30.5 million, equivalent to 30.8% of revenue, compared with €29.9 million and 28.7% in the third quarter of 2025. The company said the increase in the percentage was mainly due to the release of project provisions upon completion of energy storage projects. The gross margin percentage therefore rose, but that improvement did not prevent a decline in the adjusted measure of operating profitability compared with the same period.
Adjusted earnings before interest, taxes, depreciation and amortization were €4.0 million, or 4.0% of revenue, in the third quarter of 2026. They had been €6.9 million, with a margin of 6.7%, in the third quarter of 2025. This means the higher gross margin percentage coincided with lower adjusted earnings and a lower margin, according to the figures reported by the company. Alfen’s statement did not attribute the decline to weak demand or to a general improvement in operating margins. In the context of its ongoing transition, the company said the transition was proceeding according to plan and that staff expenses would see a planned temporary increase.
During the third quarter, Alfen completed two energy storage projects: Return Antares, with 100 megawatts of power and 200 megawatt-hours of capacity, and NOP Agrowind, with 49 megawatts of power and 196 megawatt-hours of capacity. The company linked the release of project provisions upon completion of storage projects to the higher gross margin percentage, while these projects were among the operational developments cited in the results statement. It also renewed its credit facilities agreement for three years through October 2029, on the same terms, with two options to extend by one year each. The facility renewal was among the financial information accompanying the results, alongside the company’s focus on carrying out its transition according to plan. The statement did not offer a demand-related explanation for the year-on-year decline in quarterly revenue.
The company maintained its 2026 guidance, expecting revenue in the upper half of a range of €435 million to €475 million, and an adjusted earnings before interest, taxes, depreciation and amortization margin in the lower half of a range of 4% to 7%. It also expects capital expenditure to remain below 4% of revenue. The guidance reflects a divergence between the expected position of revenue within its range and that of the adjusted earnings margin, according to Alfen. Chief Executive Michael Colijn said, in the context of the first-half results, that 2026 revenue was "front-loaded" and that the company expected results to decline in the second half, while expecting annual growth in revenue and the adjusted earnings margin from 2027. The company set February 17, 2027, as the publication date for its 2026 financial-year results.