12 May 2021

Solid Q1 2021 for Alfen with 56% profitability growth compared with Q1 2020


  • Q1 2021 revenues of €53.8m, a growth of 22% versus Q1 2020 (€44.1m), predominantly driven by Energy storage (+111%) and EV charging (+46%).
  • Gross margin at 36.5% compared with 34.8% in Q1 2020.
  • Adjusted EBITDA of €7.2m (13.3% of revenues), a growth of 56% from Q1 2020 (€4.6m, 10.4% of revenues).
  • COVID-19 update: Alfen’s number one priority remains the health & safety of its employees and partners. Up to this point, Alfen has managed to keep its business going. To continue safe and responsible operations, it continues to enforce strict safety measures. Alfen expects COVID-19 to still have some impact on revenues in the short-term, where the company continues to anticipate long-term positive market development for all its business lines.
  • Alfen reconfirms its 2021 full-year revenue outlook of €225-250m.

Marco Roeleveld, CEO of Alfen, said:

"The first quarter of 2021 has been a solid quarter for Alfen where we continued our journey of profitable growth. Our EV charging and Energy storage business lines showed strong growth where our Smart grids business line grew 1% which is driven by a combination of COVID-19 impact and the production ramp-up of a new and innovative substation range for Enexis, which now has been successfully completed. At the same time, the backlog of Smart grids was 27% higher at the end of the first quarter compared with Q1 2020.

We are still in the midst of the COVID-19 crisis, where our number one priority remains the health and safety of our employees and partners. Although COVID-19 continues to have some impact on our Smart grids and Energy storage end-markets, the momentum is increasingly coming back.

While short-term we expect COVID-19 to still have some impact on our revenues, we continue to anticipate long-term positive market developments for all our business lines and reconfirm the 2021 full-year revenue guidance of €225-250m.”

Financial highlights

In € millions 20Q1 20Q2 20Q3 20Q4 20FY 21Q1
Revenues and other income 44.1 46.2 49.9 48.8 189.0 53.8
y-o-y growth 58% 38% 46% 3% 32% 22%
Gross margin 15.3 16.7 18.6 18.7 69.3 19.6
as % of revenues and other income 34.8% 36.2% 37.2% 38.3% 36.7% 36.5%
Adjusted EBITDA 4.6 5.4 7.5 6.9 24.4 7.2
as % of revenues and other income 10.4% 11.7% 15.1% 14.1% 12.9% 13.3%

Segmental review

In the Smart grid solutions business line, Q1 revenues were €27.8m (+1% from €27.6m in Q1 2020). The moderate revenue growth is driven by a combination of COVID-19 impact and the production ramp-up of a new and innovative substation range for Enexis, which now has been successfully completed. At the same time, the momentum in Smart grids is increasing and the backlog of Alfen at the end of the first quarter was up 27% compared with the same quarter last year.

In Q1 2021, Alfen produced approximately 560 substations, a decline of 25% compared to Q1 2020 with approximately 750 substations. Although Alfen produced less substations in Q1 2021 compared with the same quarter in 2020, the product mix shifted to larger and more complex substations and relatively, Alfen executed more project work.

In the EV charging equipment business line, Q1 revenues were €19.3m (+46% from €13.2m in Q1 2020). Alfen benefitted from the rapidly growing number of electric vehicles which continued to drive EV charge points investments, at home, in semi-public places like offices, and on-street in public. Alfen continued its international expansion by further strengthening its international organisation. In the first quarter, approximately 60% of revenues were generated from outside the Netherlands.

To support the strong growth of its EV charging business line, Alfen continues to further optimise its production facility. From a supply chain perspective, a high demand for electrical components is putting pressure on the supply chain throughout the world. Alfen also experiences to some extent supply chain challenges, which it has been able to mitigate up to this point.

In Q1 2021, Alfen produced approximately 20,800 charge points, a growth of 58% from Q1 2020 with approximately 13,200 charge points.

In the Energy storage systems business line, Q1 revenues were €6.8m (+111% from €3.2m in Q1 2020). Alfen benefitted from new contract wins and progress of completion of earlier secured contracts. Decision making in some projects is still being delayed as a result of COVID-19 although the momentum continues to grow in the market. The growing number of renewables such as solar and wind energy are increasingly driving the need for energy storage to offset the mismatch of electricity supply and demand.

Gross margin and adjusted EBITDA

Gross margin in Q1 2021 was 36.5%, compared with 34.8% in Q1 2020. Adjusted EBITDA was €7.2m (13.3% of revenues), compared with €4.6m (10.4% of revenues) in Q1 2020. The increase of the adjusted EBITDA is the result of a combination of gross margin increase and operational leverage.


Alfen expects COVID-19 to continue to have some impact on its markets until vaccination schemes successfully get the virus under control and restrictions can be lifted. At the same time, the transition to a clean, carbon-free energy system is building more and more momentum across Europe. Therefore, Alfen continues to anticipate long-term positive market developments for all its business lines and continues to invest in its organisation, production facilities and innovations for the future. For 2021, Alfen reconfirms its full-year revenue guidance of €225-250m.



Alfen will host a webcast at 9:00 CEST this morning to comment on the 2021 Q1 trading update. Please see the website for details to participate.

Financial calendar

27 August 2021  Publication half-year results 2021
11 November 2021 2021 Q3 trading update

About Alfen

Netherlands-based Alfen is operating internationally in the heart of the energy transition, as a specialist in energy solutions for the future. With over 80-years’ history, Alfen has a unique combination of activities. Alfen designs, develops and produces smaprt grids, energy storage systems, and electric vehicle charging equipment and combines these in integrated solutions to address the electricity challenges of its clients. Alfen has a market leading position in the Netherlands and experiences fast international growth benefitting from its first mover advantage. For further information see Alfen’s website.

For enquiries, please contact:

Investor relations:

Mr. Adriaan van Tets, IR manager 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


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 may include forward-looking statements. All statements other than statements of historical facts may be forward-looking statements. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms such as guidance, expected, step up, announced, continued, incremental, on track, accelerating, ongoing, innovation, drives, growth, optimising, new, to develop, further, strengthening, implementing, well positioned, roll-out, expanding, improvements, promising, to offer, more, to be or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect Alfen’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to Alfen’s business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements reflect the current views of Alfen and assumptions based on information currently available to Alfen. Forward-looking statements speak only as of the date they are made, and Alfen does not assume any obligation to update such statements, except as required by law.

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 2021 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.