ALMERE, THE NETHERLANDS – Alfen N.V. (AEX: ALFEN), a specialist in energy solutions for the future, tomorrow presents its strategy to drive profitable growth and its new financial objectives towards 2025 – 2027 at its Capital Markets Day in London.

Alfen’s Capital Markets Day will be held on May 10th from 08:30 – 13:00 (GMT) in London as an in-person event, and the company will provide an update on its strategy, as well as share new financial objectives for the medium term (2025-2027).

Medium-term (financial) objectives

Alfen has two new medium-term (financial) objectives that it plans to achieve between 2025-2027:

A revenue of at least 1 billion euros per annum and
An adjusted EBITDA margin in the range of 15 -20%.

Alfen also sets five qualitative objectives to achieve/maintain over the medium term that reflect its strategic priorities:

Outperform the market in each of its business lines
Adopt SBTi-approved CO2 targets
Maintain an asset light business model
Remain at the forefront of technology with innovative solutions
Grow and educate its people

Marco Roeleveld, CEO of Alfen, said:

“We have proven that we can deliver profitable growth since our IPO in 2018. At that time, we set 4 financial objectives and we achieved 3 of the objectives in 2022: revenue growth, profitability and internalisation.

Since 2018, a lot has changed at Alfen. We matured really quickly. We now have local sales presence in 13 European countries and products installed in 30+ European countries. Our customer base is much more diversified with our top 5 customers accounting for 25% of our revenue in 2022 (vs 52% in 2018). We expanded our production footprint and grew from 410 FTEs at 31 December 2018 to 893 FTE at 31 December 2022. We set the stage for the next wave of profitable growth.

What has not changed is our place at the heart of the energy transition. With our Smart grid solutions, EV charging and Energy storage systems business lines, we are very well positioned to benefit from the acceleration of the energy transition, especially as more stimulative policy has come from the European Union. All of our markets remain to have favourable long-term growth outlooks.

We are excited to provide an update on our medium-term strategy and related objectives to the Capital Markets.”

Capital Markets Day document

The document that will be presented during Alfen’s Capital Markets Day is now available on our company website in the Investors section under ‘Publications’.

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Financial calendar

Q1 2023 trading update: 17 May 2023

HY 2023 results: 23 August 2023

Q3 2023 trading update: 8 November 2023

About Alfen

Netherlands-based Alfen operated internationally at the heart of the energy transition as a specialist in energy solutions for the future. Alfen designs, develops and produces smart grids, energy storage systems, and electric vehicle charging equipment. With more than 85 years of experience in the electricity grid, Alfen combines its products into unique integrated solutions to help its customers’ address their grid challenges. Alfen has a market leading position in the Netherlands and is experiencing fast international growth as it benefits from its first mover advantage. For further information see Alfen’s website at: https://alfen.com/.

For enquiries, please contact:

Investor relations:

Mr. Dico van Dissel, Director IR, Alfen, phone +31 (0) 36 549 34 00, email ir@alfen.com.

Hefbrugweg 28

1332 AP Almere, The Netherlands

Phone: +31 (0) 36 549 34 00

info@alfen.com / www.alfen.com

Notes to the press release

This is a public announcement by Alfen N.V. pursuant to section 17 of the European Market

Abuse Regulation (596/2014). This public announcement does not constitute an offer, or any solicitation of

any offer, to buy or subscribe for any securities in Alfen N.V.

The reported data in this press release have not been audited.

Forward looking statements

This press release and the accompanying presentation are for information purposes only and do not purport to contain all information that may be required to evaluate Alfen N.V. (Alfen) or its financial position. It is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Alfen does not guarantee its accuracy or completeness and will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation and Alfen expressly disclaims liability for any errors or omissions.

This press release and the accompanying presentation contain materials produced by third parties and this content has been created solely by such third parties with no input from Alfen. It is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Alfen. All proprietary rights and interest in or connected with this presentation shall vest in Alfen. No part of it may be redistributed or reproduced without the prior written permission of Alfen. This presentation speaks only as of this date.

This press release and the accompanying presentation do not constitute an offer made to any person in any jurisdiction. This presentation may not be used for, or in connection with, and does not constitute, or form part of, an offer by, or invitation by or on behalf of Alfen or any representative of Alfen to purchase any securities or an offer to sell or issue, or the solicitation to buy securities by any person in any jurisdiction. No action has been or will be taken in any jurisdiction by Alfen that would permit an offering of shares or rights or possession or distribution of a prospectus in any jurisdiction, except to the extent explicitly disclosed by Alfen.

This press release and the accompanying presentation include forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the control of Alfen and all of which are based on Alfen’s current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “aim”, “annualised”, “anticipate”, “assume”, “believe”, “continue”, “could”, “estimate”, “expect”, “goal”, “hope”, “intend”, “may”, “objective”, “plan”, “position”, “potential”, “predict”, “project”, “risk”, “seek”, “should”, “target”, “will” or “would” or the highlights or the negatives thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this publication and include statements that reflect Alfen’s intentions, beliefs or current expectations and projections about its future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, targets, strategies and opportunities and the markets in which it operates.

These forward-looking statements and other statements contained in this press release and the accompanying presentation regarding matters that are not historical facts involve predictions. No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks and uncertainties facing Alfen. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed or implied in such forward-looking statements. Forward-looking statements in this presentation speak only as of the date of this presentation. Except as required by applicable laws and regulations, Alfen expressly disclaims any obligation or undertaking to update or revise the forward-looking statements contained in this presentation to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based.

Financial objectives are internal objectives of Alfen to measure its operational performance and should not be read as indicating that Alfen is targeting such metrics for any particular financial year. The ability of Alfen to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Alfen and upon assumptions with respect to future business decisions that are subject to change. As a result, the actual results of Alfen may vary from these financial objectives, and those variations may be material.

Alfen's revenue outlook estimates are management estimates resulting from Alfen's pursuit of its strategy. Alfen can provide no assurances that the estimated future revenues will be realised and the actual revenue for the financial years referred to in this presentation could differ materially. The expected revenues have also been determined based on assumptions and estimates that Alfen considered reasonable at the date these were made. These estimates and assumptions are inherently uncertain and reflect management's views which are also based on its historic success of being assigned projects, which may materially differ from the success rates for any future projects. These estimates and assumptions may change as a result of uncertainties related to the economic, financial or competitive environment and as a result of future business decisions of Alfen or its clients, such as cancellations or delays, as well as the occurrence of certain other events.