10 May 2022

Alfen increases revenues with 77% in Q1 2022 and raises revenue outlook 2022 to €350-420m


  • Q1 2022 revenues amounted to €95.5m, a growth of 77% versus Q1 2021 (€53.8m). This growth was primarily driven by EV charging equipment (+185%). Smart grid solutions also contributed (+23%).
  • Gross margin at 35.7% compared with 36.5% in Q1 2021.
  • Adjusted EBITDA of €17.1m (17.9% of revenues), a growth of 139% from Q1 2021 (€7.2m, 13.3% of revenues).
  • Supply chain update: Up until today, Alfen has been able to manage the supply chain challenges. At the same time, supply chain pressures have intensified over the past months.
  • Alfen increases its 2022 full-year revenue outlook from €330-370m to €350-420m.

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

Marco Roeleveld, CEO of Alfen, said:

“The first quarter of 2022 has been a very strong quarter for Alfen, in which we realized a step up in our trajectory of profitable growth. Our EV charging equipment revenues nearly tripled compared with Q1 2021. The adoption of electric vehicles is accelerating as the energy transition unfolds. Alfen is well positioned to benefit from that. Smart Grid Solutions increased revenues 23%, partially explained by a relatively weak Q1 last year. Revenues in our Energy Storage business did not grow in the first quarter. In 2022, revenue conversion from backlog in energy storage will be backloaded. At the same time, the market momentum for energy storage is growing, as we can see in our backlog of signed orders.

We present these strong financial results today in a world with intensified supply chain pressures. We already communicated about persistent supply chain pressures in 2022 and with the Russian invasion of the Ukraine these pressures have intensified. Our cross-functional teams come together daily to manage and to scan for potential shortages of components. We remain focussed on managing our supply chain. Yet, we realize that some disruptions in the supply chain are outside of our circle of influence.

With respect to our raised revenue guidance from €330-370m to €350-420m, we want to balance our strong Q1 2022 performance with the intensified supply chain challenges. This new guidance spans a broader bandwidth due to less predictable macro-economic circumstances.”

Financial highlights

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Supply chain update

Up until today, Alfen has been able to manage the supply chain challenges. At the same time, supply chain pressures have intensified over the past months. The pressures affect Alfen directly through its own supply chain and indirectly, for example, through the supply chain of electric vehicles. Multiple categories are affected. Not only the supply of electrical components is under pressure, but also supply of metals such as copper, aluminium and steel. Therefore, Alfen continues its control over the supply chain through rigid operational processes, as Alfen expects that the supply chain pressures remain in 2022 and 2023.

Segmental review

In the EV charging equipment business line, Q1 revenues were €54.9m (+185% from €19.3m in Q1 2021). Alfen benefitted from higher EV adoption in its core markets leading to strong demand for EV charge points in all segments: at home, in semi-public places like offices, and in the public segment for on-street parking. Alfen continued its internationalization strategy by further strengthening its international organisation. In the first quarter, approximately 63% of revenues were generated from outside the Netherlands.

In Q1 2022, Alfen produced approximately 64,600 charge points, a growth of 211% from Q1 2021 with approximately 20,800 charge points.

In the Smart grid solutions business line, Q1 revenues were €34.3m (+23% from €27.8m in Q1 2021). In Q1 last year revenues were rather low driven by COVID-19 impact and the production ramp-up of a new and innovative substation range for Enexis. Alfen continues to see a long-term growth trend in smart grids solutions. This is underpinned by the recent publication of investment plans for 2022-2024 by the Dutch grid operators.

In Q1 2022, Alfen produced approximately 845 substations, an increase of 22% compared with Q1 2021 with approximately 690 substations.

In the Energy storage systems business line, Q1 revenues were €6.4m (-6% from €6.8m in Q1 2021). Alfen’s backlog remains strong due to new contract wins. While momentum continues to grow in the market, revenue conversion from backlog will be backloaded in 2022.

Gross margin and adjusted EBITDA

Gross margin in Q1 2022 was 35.7%, compared with 36.5% in Q1 2021. Adjusted EBITDA was €17.1m (17.9% of revenues), compared with €7.2m (13.3% of revenues) in Q1 2021. The main driver for the increase in adjusted EBITDA is operational leverage.


Alfen expects supply chain pressures to continue to have an impact on its markets in 2022 and 2023. At the same time, the transition to a carbon-free energy system that is not dependent on fossil fuels is building ever 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 2022, Alfen increases its full-year revenue outlook from €330-370m to €350-420m.



Alfen will host a webcast at 9:00 CEST this morning to comment on the 2022 Q1 trading update. Please see ir.alfen.com for details to participate.

Financial calendar

25 August 2022 :              Publication half-year results 2022

9 November 2022:          2022 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 85-years’ history, Alfen has a unique combination of activities. Alfen designs, develops and produces smart 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 at: https://alfen.com/.

For enquiries, please contact:

Investor relations:

Mr. Dico van Dissel, 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

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 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 2022 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.