Highlights:

Q3 2022 revenues amounted to €123.2m, a growth of 103% versus Q3 2021 (€60.6m). This growth was primarily driven by EV charging equipment and Energy Storage Systems.
Gross margin at 34.8% compared with 36.9% in Q3 2021.
Adjusted EBITDA of €24.5m (19.9% of revenues), a growth of 153% from Q3 2021 (€9.7m, 16.0% of revenues).
Supply chain update: Up until today, Alfen has been able to manage the supply chain challenges. Supply chain pressures have sustained at a high level in the past months.
Alfen increased its existing working capital facility to €100m (previously €30m) and bank guarantee facility to €40m (previously €10m). The increase reflects the growth in activities of Alfen.
Alfen reiterates its 2022 full-year revenue outlook of €410-470m.


ALMERE, THE NETHERLANDS – Alfen N.V. (AEX: ALFEN), specialist in energy solutions for the future, today publishes its trading update for the third quarter of 2022.


Marco Roeleveld, CEO of Alfen, said:
“The third quarter of 2022 has been another strong quarter for Alfen, in which we realized a doubling of revenues and even stronger growth in adjusted EBITDA. We have experienced that our strategy of profitable growth is successful, and that operational leverage is delivering results. In the past years we have been able to cope well with the global supply chain pressures, not in the least due to our active supply chain management and close ties with our suppliers. What we have seen in the past months is that the pressure on our supply chains has sustained at a high level. We will continue to monitor this closely and pursue our active management to offset the strains in the supply chain.


Our EV charging equipment revenues nearly tripled compared with Q3 2021. The adoption of battery electric vehicles continues to grow. Alfen is well positioned to benefit from that and continues to make investments for the future, also by currently building our new facility in Almere, doubling the footprint of our production facilities. As stated during HY 2022 results, we continue to expect that revenues for EV charging in the second half of 2022 will be in the area of doubling year-on-year. At the same time, we are not blind to the large economic and geopolitical changes we are experiencing. We see that inflation is currently high, while fears of recession are starting to have an effect on the end-market of cars. Even though the percentage of car sales with a battery is increasing, the total number of cars sold is decreasing this year. What the exact effect of these developments will be is unclear, but we continue to expect significant growth in the EV market going forward.


With over €17m, revenues in our Energy Storage business line in the third quarter were close to its full year revenues in 2021. We see that the business cases for our customers are improving as more renewables are added to the electricity mix. We continue to build a strong pipeline and backlog, which are fuelling Alfen for further growth in this business line, which is expected to continue to grow considerably in the coming years.


Lastly, in terms of our revenue guidance, we reiterate our full-year guidance of €410-470m for 2022.”


Financial highlights
In € millions

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