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PRESS RELEASE Published on 12 May 2021 , 7:00 CEST Solid Q1 2021 for Alfen with 56 % profitability growth compared with Q1 2020 ● SHUM MUTH AREA CE FELUTH FhSo 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 2021 . ● ALFEN POWER TO ADAPT Highlights : 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 . ● V ALFEN THE BATTERY 1