Alfen increases revenues 19% in Q1 and achieves 285% growth in the breakthrough year of Energy Storage Systems

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Overig advies 17/05/2023 08:54
Q1 2023 revenues amounted to €113.2m, a 19% growth versus Q1 2022 (€95.5m). This growth was driven by its Energy storage systems (+285%) and Smart grid solutions businesses (+22%). The European EV charging market is still hampered by destocking in the distribution channels, leading to a temporary slowdown at EV Charging (-14%).
Gross margin at 32.1% compared with 35.7% in Q1 2022, purely driven by a shift in the business line mix towards Energy Storage Systems.
Adjusted EBITDA declined 26% to €12.7m (11.2% of revenues) from Q1 2022 (€17.1m, 17.9% of revenues).
Alfen will be awarded a long-term contract with the Netherlands’ third largest grid operator (Stedin) for its Smart grid solutions.
Alfen reconfirms its 2023 full-year revenue outlook of €540-600m supported by a strong backlog in energy storage systems exceeding €165m of which a major part is expected to execute in 2023.
Alfen set new mid-term financial objectives during its Capital Markets Day on May 10.

ALMERE, THE NETHERLANDS – Alfen N.V. (AEX: ALFEN), a specialist in energy solutions for the future, today publishes its trading update for the first quarter of 2023.

Marco Roeleveld, CEO of Alfen, said:
“The first quarter of 2023 was a remarkably strong quarter for our Energy storage systems and Smart grid solutions businesses. 2023 is really the breakthrough year for energy storage for Alfen: the market is expected to grow ~60% in MWh in Europe in utility & commercial storage (source: BNEF). We almost quadrupled our revenues in Q1, and have order backlog in excess of €165m of which a major part is expected to execute in 2023. With our stationary and mobile solutions, we are well positioned to grow strongly, underpinning our confidence that we can outperform the European market in 2023.

In Smart grid solutions, we see continued growth with the grid operators and private networks businesses, resulting in 22% revenue growth. The grid operators announced substantially higher ambitions in their 2022 annual reports to roll-out substations until 2030. We are ready to serve them and are scaling up with an additional production facility that will be operational Q1 2024. In our private networks business, we saw strong growth in Q1 after supply chain pressures hampered growth throughout 2022.

On the other hand, we saw a temporary slowdown at our EV charging business. This was impacted by two factors. Firstly, the comparison to an extraordinary period in 2022 (with the ending of COVID-19 mobility measures). Secondly, the market faces excess inventory in the distribution channels, particularly in the home segment. We expected the destocking to go faster than we see currently happening. However, we do expect the market to improve after summer due to positive signals we hear from customers and the increase in BEVs registered. The market of registered BEVs grew 33% in Europe in Q1 2023 compared to Q1 2022 (source: ACEA).

The temporary lower volume in EV charging also affected our adjusted EBITDA margin: it dropped from 17.9% in Q1 2022 to 11.2% in Q1 2023. We reiterate that operational leverage is not a linear line. In a quarter with temporary lower volumes deleverage is also possible as we intentionally do not decrease the fixed cost base with the same speed. Also in this quarter, we continued to focus on the long-term, investing in our capabilities to be equipped for the next growth wave in our markets. Also, a lower gross margin than in Q1 2022, purely driven by a different business line mix, contributed to a lower adjusted EBITDA margin.

We reconfirm our 2023 full-year revenue outlook of €540-600m. Currently, we do expect it will be more likely to end up in the lower half of the bandwidth than in the upper half.”

Financial highlights.
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