Highlights:
Q3 2024 revenues of €106.2m, declined 22% versus Q3 2023 (€136.4m) mainly driven by lower Energy Storage Systems revenue, in line with updated guidance.
Gross margin at 32.7% compared with 29.4% in Q3 2023 driven by a positive one-off timing effect in margin recognition in Energy Storage.
Adjusted EBITDA of €7.2m (6.8% of revenues) compared with €17.3m in Q3 2023 (12.7% of revenues), driven by tempered growth in EV Charging and Energy Storage markets.
Continued focus on cost-saving program to improve adjusted EBITDA by reducing labour and other operating costs, with projected P&L impact starting 1 January 2025.
Alfen reached an agreement with the bank on a new financing arrangement.
Alfen projects 2024 full-year revenue to reach the low end of its updated outlook (€485-520m), because increased softness in EV market is expected to impact Q4 revenue in EV Charging. Alfen reconfirms adjusted EBITDA margin outlook (mid-single digit) and FCF outlook (negative FCF but improvement compared to -€27.2m in 2023). One-off restructuring provision will be taken in Q4 2024.

ALMERE, THE NETHERLANDS – Alfen N.V. (AEX: ALFEN), a specialist in energy solutions for the future, today publishes its trading update for the third quarter of 2024.

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