2021 adjusted EBITDA margin of 14.8%
• FY 2021 revenues of €249.7m, a 32% growth compared with FY 2020 (€189.0m).
• Adjusted EBITDA of €36.8m (14.8% ofrevenues), up 51% versus €24.4m (12.9% ofrevenues) in 2020.
• Adjusted net profit grew 77% to €22.1m versus €12.5m in 2020.
• Continued strong growth with existing clients throughout Europe and important new contract
wins, such as a contract with Agreco Products to provide 3 stationary storage solutions (including
grid integrations) of which the largest is a 20MW/40MWh system as well as 4 mobile energy storage
systems.
• Alfen continues to safeguard supply deliveries by actively managing its supply chain.
• Alfen provides full-year 2022 revenue outlook of €330-370m driven by the growing momentum of
the energy transition, especially for EV charging and Energy storage.
• Alfen reconfirms its strategy and medium-term objectives.
ALMERE, THE NETHERLANDS – Alfen N.V. (AEX: ALFEN), specialist in energy solutions for the future, today
reports its consolidated financial statements for 2021.

Marco Roeleveld, CEO of Alfen, said:
“2021 was another strong year for Alfen in which we again delivered profitable growth and closed the year
with a strong fourth quarter. All our markets kept developing favourably as the energy transition is gaining
more momentum. We benefitted from our strong market position across Europe and realised 32% revenue
growth combined with an adjusted EBITDA margin of 14.8%, despite COVID-19 and supply chain challenges.
We remain vigilant for new variants that may arise as COVID-19 continued to have some impact on our
markets, often indirectly. This materialised predominantly in global supply chain pressure, not only for
component sourcing but also for supply logistics. The situation also caused challenges for Alfen, but we have
been able to mitigate these. We expect thatsupply chain pressures will continue well into 2022 and potentially
2023. Therefore, we continue to manage our supply chain closely and to monitor the situation carefully.
Where possible, we continued to work from home and converted live meetings to virtual ones. We have fully
embraced the new normal and started using new ways of working and tools in order to accommodate. We
are very proud of the flexibility and resilience that our employees have demonstrated.
Based on our growing markets, our strong market position as well as our unique integrated business model,
we look forward to 2022 with confidence. This is also supported by strong momentum in the energy storage
market where we have secured various new contracts. Assuch, we continue to invest in our organisation, new
innovations and facilities. I am pleased that we have concluded a lease contract for a new production location
and office building which isthree timeslarger than our current largest facility, which sets us up well for further
growth.
For 2022, we expect our revenues to be between €330m and €370m driven by the growing momentum of the
energy transition, especially for EV charging and Energy storage.”
Financial highlights
Key figures
In € millions 2017 2018 2019 2020 2021
Revenues and other income 74.3 101.9 143.2 189.0 249.7
Y-o-y growth 21% 37% 41% 32% 32%
Gross margin 21.6 30.2 50.3 69.3 89.8
As % of revenues and other income 29.1% 29.6% 35.1% 36.7% 36.0%
Operational expenses 17.6 27.8 36.4 45.5 53.6
As % of revenues and other income 23.7% 27.3% 25.4% 24.1% 21.5%
Adjusted EBITDA 4.9 3.6 14.5 24.4 36.8
As % of revenues and other income 6.6% 3.6% 10.1% 12.9% 14.8%

Revenues and other income increased 32% from €189.0m in 2020 to €249.7m in 2021, driven by growth
across all business lines: Smart grids (+8%), EV charging (+94%) and Energy storage (+4%).
Gross margin was 36.0% in 2021 compared with 36.7% in 2020. Alfen continued to benefit from its strong
market position and leverage from increased scale, but this was partly offset by a challenging supply chain in
2021 as well as by product mix effects within each business line.
Personnel costs increased by 16% to €40.1m compared with €34.4m in 2020. Average FTEs increased from
571 in 2020 to 636 in 2021.
Other operating costs increased by 23% to €13.5m compared with €11.1m in 2020.
Adjusted EBITDA amounted to €36.8m (14.8% of revenues), a 51% increase compared to €24.4m (12.9% of
revenues) in 2020. The adjusted EBITDA margin improvement is a result of Alfen’s operational leverage
strategy. EBITDA adjustments in 2021 amounted to €0.6m (versus €0.5m in 2020) and comprised of sharebased payment expenses.
Adjusted net profit grew 77% from €12.5m in 2020 to €22.1m in 2021.
Capex amounted to €11.7m (4.7% of revenues) as compared to €9.6m (5.1% of revenues) in 2020. Capex in
2021 includes investments in IT-infrastructure and Data Security, R&D test facilities, new moulds for Smart
grids as well as Production and Warehousing related improvements. Alfen capitalised €7.7m of development
costs (€5.0m in 2020) which demonstrates the company’s continued efforts to invest in innovations for the future.
Working capital1
increased to €23.8m (versus €2.5m at 31 December 2020). The increase is mainly related to an increase of Alfen’s stock level. Given the supply chain challenges, Alfen maintains higher safety stock levels, further supported by strategic stock down payments for batteries and electrical components.
Operating cash flow was €10.5m compared with €20.1m in 2020. The reduced operating cash flow is mainly related to the increase of Alfen’s stock level.
Net cash position at 31 December 2021 amounted to €28.9m, compared with a net cash position of €32.4m at 31 December 2020.
1 Calculated as total current assets excluding cash and cas

Segmental review
In the Smart grid solutions businessline, 2021 revenues were €128.2m, a 8% growth compared with €118.5m
in 2020. Alfen’s markets keep growing and it is becoming increasingly clear what the impact on the grid will
be as more electricity is produced and consumed. Especially as more and more renewables are integrated,
such as solar and wind power, which result in more peak loads and volatile load profiles on the grid. Grid
operators progressively talk about how the grid is reaching its limitations and how it needs to be expanded
and reinforced. In the Netherlands alone, it is estimated that 100B€ of investments are needed towards 2050
to make the grid future proof. Still, short-term there could always be some challenges. For instance, Alfen
has seen that in the second half of 2021 some projects were delayed as grid connections could not be
established in time. Also, supply chain pressures caused cost inflation for solar PV project materials, putting
some business cases under further review. Such effects might have some temporary impact, but long-term
it is clear that significant grid investments are needed.
Alfen is well positioned to benefit from the ongoing electrification with its grid knowledge and expertise. In
this light, Alfen is pleased that it secured the new Liander framework agreement to supply secondary
substationsfor the coming four years with the intent to extend for another four years and to keep supporting
the largest grid operator in the Netherlands in building out the grid. Additionally, Alfen kept providing its
smart grid solutions to customers with significant private grids, such as solar parks and rooftop solar
locations, greenhouses, EV fast charging stations and industrial locations.
Besides securing the Liander framework agreement win, other selected commercial successes include a 4-
year framework agreement for the supply of secondary substations to Vattenfall Eldistribution in Sweden.
The contract can be extended twice with an additional year. Another example is a contract with CHINT Solar
Netherlands to provide the transformer substations for multiple solar PV parks that they are developing in
the north of the Netherlands which together have a power rating of more than 50MWp.
Innovation highlights of 2021 include a new variant of Alfen’s state-of-the-art Pacto substation especially
developed for the new Liander framework agreement, Alfen launched a new innovative prefab walk-in
station specially designed for the Benelux market, and Alfen introduced detailed visual KPIs in its smart grid
production facility that improves production speed and efficiency.
In 2021, Alfen produced approximately 3,240 substations, a 2% decline compared to 2020 with
approximately 3,320 substations.
In the EV charging equipment business line, 2021 revenues were €103.8m, a 94% growth compared with
€53.5m in 2020. Across Europe we have seen positive market developments for electric driving. First, there
is a diverse supply of EV’s in the market as car manufacturers continue to increase their commitment to the
electrification of their portfolios. Second, there are multiple marketstimulants, both financial and regulatory,
to support the transition to electric driving. For instance, all new buildings in England will be required to
install electric vehicle charge points from 2022 onwards.
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Alfen benefitted from increasing volumes under framework agreements that have been set-up over the past
years, new client wins and further internationalisation. Its internationalisation strategy continued to deliver
growth across Europe and in 2021 approximately 60% of EV charging revenues was generated outside of the
Netherlands.
Furthermore, Alfen continued to further diversify its customer base. Selected commercial successes are
supplying EV charge points to e-commerce company OTTO in Germany, supplying EV charge points to
distribution company No Limit in Poland with Naatu Teraz Energia to enable charging of their light duty truck
vehicle fleet, and supplying EV chargers to ARVAL lease throughout Belgium with 50Five which is a specialist
in EV charging solutions.
Selected innovation examplesin Alfen’s EV charging business comprise the introduction of its next generation
hardware architecture that providesincreased flexibility to accommodate different marketrequirements and
allows accelerated corresponding software developments. Alfen also implemented the ISO 15118 standard
which provides more extensive communication between its charge points and electric vehicles and can for
instance allow an EV to identify itself without the need for a charge card. Additionally, security is a core value
for Alfen and itfurtherimproved itssecurity standards and protocols. To illustrate, Alfen now offers password
protection for individual charge points which can easily be accessed with its new smartphone app which
allows quick and easy installation and configuration of its chargers.
In 2021, Alfen produced approximately 114,800 charge points, a 107% growth compared to 2020 with
approximately 55,500 produced charge points.
In the Energy storage systems business line, 2021 revenues were €17.7m, a 4% growth compared with
€17.0m in 2020. The battery energy storage market picked up momentum after COVID-19 headwinds. Alfen
sees a further maturation of the market, which in Europe is still in a nascent stage.
There are varioussigns of this growing momentum. In the UK the government simplified planning permission
processes reducing lead times from one to two years to a few months. Additionally, the UK has in place a
clear framework for grid stability services. Another example is that Alfen started to see requests for
generation capacity, partially considered to be filled with battery energy storage. All together Alfen is
convinced of this market potential and its strong market position. To illustrate, Alfen has seen its qualified
leads pipeline growing strongly in 2021.
This led to various new contract wins that will support 2022 revenue. For instance, Alfen secured a contract
with Agreco Products, specialist in sustainable energy solutions, to provide 3 stationary storage solutions of
which the largest is a 20MW/40MWh system as well as 4 mobile energy storage system. For this contract
Alfen will also provide grid integrations by leveraging its smart grids capabilities. Furthermore, Alfen’s mobile
energy storage solution continues to find traction as Greener, a provider of clean mobile battery power, will
expand its existing fleet of 43 Alfen TheBattery Mobiles with another 20. Also Bredenoord, specialist in
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temporary and mobile power solutions, ordered numerous Alfen mobile storage systems to accelerate their
path to sustainability.
Innovation highlights of 2021 are Alfen’s newly engineered scalable battery energy storage solution which
Alfen developed for utility scale applications, an innovative mobile fast charging solution where Alfen
developed a mobile skid with a 300kW fast charger and combined it with its TheBattery Mobile so that it can
charge heavy duty vehicles anytime and anywhere, and finally, Alfen further modularised itsstorage solutions
as it developed the option to connect multiple Alfen TheBattery mobiles together at a site to increase the
power rating and storage capacity.
Navigating through supply chain challenges
Due to the rapidly recovering economy, demand has grown strongly for materials and components. A high
demand, especially for electrical components, has put pressure on globalsupply chains. Throughout the year
this pressure has been incremental and introduced challenges to secure deliveries of components and
materials to Alfen’s factories and its contract manufacturers. Moreover, it is not only a matter of securing
components, but also a logistical challenge. For instance, Alfen has seen a major port in China close down
due to a COVID-19 case, affecting shipping transport. Another example is that the Malasian industry was not
able to temporarily meet demand due to COVID-19 cases, while they provide service to the chips industry.
As such, chip deliveries were even more affected.
Alfen deployed various measures to manage the situation. The company setup a daily meeting with an
integrated team consisting of purchasing, engineering, sales and operations that monitors and engages the
supply chain closely. This allows Alfen to take purchasing and logistical decisions quickly to secure supply and
deliveries. Additionally, it increased the engagement with its suppliers and besides its tier 1 suppliers, Alfen
also engages some of its tier 2 and tier 3 suppliers in order to increase its circle of influence and to secure
supplies. Another example is that Alfen made strategic long-term commitments for batteries and electrical
components to further safeguard and enhance resilience in its global supply chain. These actions together
with other efforts, have allowed Alfen to safeguard supply deliveries throughout 2021.
Above all Alfen prioritises delivery to its customers. Alfen anticipates that the supply chain pressures will
continue well into 2022 and potentially even into 2023 before the situation has normalised. As long as this
situation lasts, Alfen keeps monitoring and managing its supply chain closely.
Progress against strategy
In 2021 Alfen kept relentless focus on the execution of its strategy of profitably growth. The company
continued to further expand its presence across Europe. Alfen strengthened its international teams and
continued to deliver international revenue growth. The international growth is a result of the
internationalisation of Alfen’s organisation as well as the internationalisation of its customers. In 2021,
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Alfen’s revenues generated outside of the Netherlands year over year increased 56% which is significantly
higher than the overall group revenue growth.
Alfen’s rapid growth throughout Europe is currently mostly driven by the expansion of its EV charging
business line. As such, Alfen kept expanding its service network for its charge points and significantly
strengthened its coverage to support its customers even better.
In order to support further growth, Alfen continued to invest in its organisation. Alfen has significantly
expanded its R&D teams in order to drive its innovation roadmap, it expanded its production facilities for EV
charging and Smart grids, and Alfen concluded a lease contract for a new building that will contain offices,
warehousing and production.
Sustainability
Alfen’s vision is a connected, smart and sustainable energy system for future generations. To deliver this,
Alfen’s mission is to boost the energy transition by engineering, manufacturing, integrating and connecting
high quality energy solutions that are innovative, reliable and smart. Alfen has strong impact through
enabling sustainable energy developments with its three business lines. Additionally, Alfen feels responsible
to further strengthen this impact through an active Corporate Social Responsibility (CSR) strategy.
Alfen renewed its CSR framework in 2019 and started reporting its impact since 2020. In 2021, for instance,
Alfen potentially avoided 2.2Mtons of CO2 equivalent emissions as its installed charge points power electric
vehicles and avoid harmful emissions. This is a strong increase compared to the 1.4Mtons of CO2e Alfen
potentially avoided by 2020 demonstrating how Alfen continues to make impact with its EV charging
solutions. Moreover, Alfen enabled the supply of renewable energy to around 206,000 households by
connecting solar PV farms to the public grid through its Smart grid solutions, which is significantly more
compared to 142,000 households previous year.
Additionally, Alfen has a Sustainable Development Policy in place which can be visualised as the umbrella for
any Environmental, Social and Governance (ESG) activity or policy within the company. The policy entails
seven core themes, which are (i) organisational governance, (ii) the environment, (iii) human rights, (iv)
working conditions, (v) fair business practices, (vi) consumer and customer matters, and (vii) the local
community. To provide more details of Alfen’s CSR activities and more non-financial information, please see
the Annual Report 2021 of Alfen which can be found on its website www.alfen.com.
Alfen is committed to continue to further improve its sustainability performance as it transitions towards a
truly sustainable society for future generations. As such, Alfen plans to commit to specific sustainability
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targets of its own business activities, for instance science-based and in line with global warming limitation
targets. Alfen plans to communicate this at the end of 2022.
Outlook
Alfen expects that the markets for all its business lines will continue to develop favourably, driven by the
energy transition. Alfen is convinced that they are well positioned to benefit from this market growth and to
continue to grow its business rapidly as Alfen continues to execute its strategy.
Additionally, Alfen anticipates supply chain pressures to continue well into 2022 and potentially into 2023.
As such, Alfen will keep managing its supply chain closely and continue to monitor the situation carefully.
Also in 2022, Alfen’s priority remains to support its customers in their business models and to be able to
continue deliveries.
As Alfen anticipates further growth of its business in 2022, Alfen plans to further invest in its organisation, its
facilities, production and new innovations. Like 2021, Alfen expects its capital investments to exceed
depreciation and amortisation. Alfen also anticipates a further increase in the number of personnel. In terms
of financing, Alfen continues to closely monitor the supply chain, but for now the company does not foresee
a change in its working capital credit facility.
At 7 July 2021, Alfen concluded a lease contract for a new production location and office building. As from 1
September 2021, Alfen started leasing part of the total premises for warehousing purposes. During the
construction period of the new production location and office building, financing will be provided by Alfen.
The construction period is expected to be finalised in the first half year of 2023. After finalisation of the
construction period the financing provided by Alfen will be repaid. At that same moment, a lease will start
for a period of 15 years, comprising the land, the production location and the office building.
For 2022, Alfen expects its revenues to be between €330m and €370m driven by the growing momentum of
the energy transition, especially for EV charging and Energy storage.
_____________________________________________________________________________________
The 2021 Annual Report report is available in the Investor Relationssection of the website www.alfen.com.
Analyst call / webcast
Alfen will host an analyst call and webcast at 9:00 CET on 16 February 2022 to comment on the 2021 full year
results. Please see the Investor Relations section of www.alfen.com for details to participate.
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Financial calendar
Annual General Meeting: 7 April 2022 - invitation and agenda will be announced on Alfen’s website
Q1 2022 trading update: 11 May 2022
HY 2022 results: 25 August 2022
Q3 2022 trading update: 9 November 2022

tijd 09.05
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