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Alfen FY2025 trading update & strategy update Webcast February 11, 2026
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2 Disclaimer This communication may include forward - looking statements. All statements other than statements of historical facts may be forwa rd - looking statements. These forward - looking statements may be identified by the use of forward - looking terminology, including the terms such as guidance, expects, aims, exp ected, step up, announced, continued, incremental, on track, accelerating, ongoing, innovation, drives, growth, optimising , new, to develop, further, strengthening, implementing, well positioned, roll - out, expanding, improve, 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 sta tements reflect Alfen N.V. ( Alfen )’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptio ns 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, adjusted EBITDA margin and CAPEX guidance is based on management estimates resulting from Alfen's pursuit of its strategy. Alfen can provide no assurances that the guidance will be realised and the actual results for 2026 could differ materially. The guidance has also been determined based on assumptions and estim at es that Alfen considered reasonable at the date these were made. These estimates and assumptions are inherently uncertain and reflect manag eme nt's views which are also based on its historic success of being assigned orders and projects, which may materially differ from the success rates for any future ord ers and 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. A more comprehensive discussion of the risk factors affecting Alfen’s business can be found in Alfen’s annual report 2025 which can be found on Alfen's website, www.alfen.com. The reported data in this webcast have not been audited.
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3 3 3 2025 highlights 2025 business unit view 2025 financials Strategy update & outlook 1 2 3 4
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4 4 Alfen reports results FY2025: transforming to support European energy independence 2025 highlights • Revenue was € 435.6m compared with 2024 ( €487.6m) • Adjusted gross margin was €122.5m (28.1% of revenue), compared with €139.4m (28.6%) in 2024 • Personnel costs decreased by 15.2% and other operational expenses decreased by 21.1% compared with 2024 • Adjusted EBITDA was €25.5m compared with €28.5m in 2024, with a stable margin of 5.8% • Q4 2025, Alfen embarked on a company - wide transformation to align organisational capabilities with the revised strategic focus of customer centricity, product excellence and digitalisation • Guidance 2026: In this transformational year in which Alfen repositions for profitable growth, Alfen expects revenue to be between €435m - €475m with an adjusted EBITDA margin between 4 - 7%, and CAPEX <4% of revenue
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5 5 2025 highlights 2025 business unit view 2025 financials Strategy update & outlook 1 2 3 4
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6 Smart Grid Solutions Revenue faced headwinds from execution constraints in downstream value chain; underlying market growth drivers intact Revenue and other income In € million • Revenue for Smart Grid Solutions (SGS) was €189.1m, a decrease of 10% compared with the 2024 revenue of €210.6m. • In 2025, market conditions remained mixed , with headwinds caused by labour shortages, regulatory constraints and grid congestion, while underlying demand drivers linked to electrification remained intact. • Activity increasingly centred on battery energy storage integration, transport distribution stations and the rollout of SF 6 - free substations in preparation for European regulation. • 70% of revenue was generated by high - volume transformer substation sales to grid operators, and 30% by project sales . • Adjusted gross margin remained stable at 22.4% (22.8% in 2024 ). • We manufactured 3,032 substations : 2,378 substations in the Netherlands and 654 in Finland . 2024 2025 210.6 189.1 - 10%
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7 Starting to see regulatory tailwinds, which will benefit both DSO and private smart grid business over time Smart Grid Solutions Requirements to scale that hamper execution speed today Signs of regulatory tailwinds becoming visible European grid package published by EU in December 2025: • New approach to energy infrastructure planning, accelerating permitting procedures towards less than 2 years ( Netbeheer NL) • Next steps: legislative proposals to pass European Parliament and Council, then to be transposed to national law Scaling plan 2030 published November 2025: • Dutch DSOs, contractors, and government launched a plan to accelerate grid expansion by delivering 5000 additional technicians by 2030, supported by funding from the climate fund Amendment to Dutch “Environmental and Planning act” published June 2025 • Electricity infrastructure projects of >21kV can be earmarked as “overriding public interest” for which a fast - track procedure holds • Amendment will most likely be enforced from mid 2026 onwards Obtaining necessary permits, incl. nitrogen emission permits Availability transmission grid capacity Availability of land to place substation Delivery of components by supply chain partners Installation capacity Important note: the new Dutch coalition agreement (published January 2026) shows support for these regulatory tailwinds, e.g., Crisis law for grid congestion
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8 Revenues decreased due to increased competition and lower installation rates; Alfen repositioned with two new chargers EV Charging • Revenue for EV Charging decreased by 21% from €153.3m in 2024 to 120.8m in 2025, driven by increased competition in the EV charging home segment and reduced installation rates in the public segment. • Alfen produced approximately 120,500 charge points , compared to 146,900 charge points in 2024. • Adjusted gross margin for EV Charging was 43.4% compared with an adjusted margin of 36.1% in 2024. Reason: lower component prices. • Innovation : Introduced two chargers: Eve Single Plus & Eve Double Plus. Key features: • Vehicle - to - grid (V2G) - ready • Compatible with a wide range of vehicle brands and energy systems • Smart charging capabilities & OCPP 2.x compatible • Ancillary services for charge point operators • Reduced installation costs for charging plaza application • Secure ad - hoc payment options via dynamic QR codes 2024 2025 153.3 120.8 - 21% Revenue and other income In € million
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9 Expected positive momentum in the market from new initiatives and consumer preference shifts EV Charging Source: ACEA BEV registrations (Jan 2026) European regulatory trends confirm electric future with short - to mid - term accelerators Revisions • 2035 CO 2 tailpipe emission reduction target for cars is reduced from 100% to 90%. For the remaining 10% a conditional emission allowance through low carbon steel and bio - and E - fuels can be used New initiatives (still under review by European Commission) • Greening corporate fleet through mandatory targets on zero and low emissions vehicles for large European companies • Automotive Omnibus to allow for specific national incentives on affordable small cars BEV registrations growth over 2025 In [%] y - o - y compared with 2024 77 51 44 43 42 30 24 18 13 13 6 Spain Norway Italy Germany Denmark Europe - average UK Netherlands Belgium France Sweden M arket uptake will be increasingly driven by economic and customer preference factors ( rather than regulation ): superior total costs of ownership and performance compared to ICE vehicles
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10 Energy Storage Systems revenue increased by 1.6%, despite strong y - o - y price decline of energy storage systems Energy Storage Systems • Revenue for Energy Storage Systems in 2025 was € 125. 6 m , a 1.6% increase compared with €123.7m in 2024. • Gross margin for Energy Storage Systems was to 22.0% (no adjustments made) compared to an adjusted gross margin of 29.1% in 2024. Reason: revenue recognition timing effects and an increased share of large - scale battery projects. • Energy storage system pricing kept falling sharply in 2025 with a global weighted average of - 31% compared with 2024 according to BNEF 1 . • Illustrative commercial wins : • For NOP Agrowind , Alfen will be doing the full engineering, procurement and construction (EPC) scope for a 49 MW/196 MWh BESS, including the grid integration • Alfen will be manufacturing 56 Mobile X units for Greener Power, Europe’s largest temporary battery fleet • Innovation : we launched a new inverter design, significantly reducing noise levels and making the system more suitable for urban and other noise - sensitive environments. 1 BNEF Energy Storage System Cost Survey (Dec 2025) 2024 2025 123.7 125.6 +1.6% Revenue and other income In € million
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11 Strong energy storage backlog going into 2026 Energy Storage Systems Energy storage backlog over past quarters In € million Remarks: • Deals closed in H1 2026, can still contribute to 2026 revenue • Healthy pipeline in place • The precise timing of the conversion of 2026 backlog into revenue is dependent on the execution of projects according to schedule 87 88 68 38 122 14 25 72 67 9 31 Dec 2024 31 March 2025 30 June 2025 30 sept 2025 31 Dec 2025 100 113 140 115 5 127 2027 2026 2025 Unplanned
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12 12 2025 highlights 2025 business unit view 2025 financials Strategy update & outlook 1 2 3 4
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13 Quarter - by - quarter group financials 2025 Financials Revenues (%) • Revenue in 2025 was backloaded in Q4 • Adjusted gross margin was 24% in Q4 . This adjusted gross margin was lower compared to Q4 2024, because: • Q4 2024 had an unusually high margin in Energy Storage Systems due to revenue recognition timing effects • Q4 2025 had a lower margin in SGS due to a high share of transport distribution stations delivered with a lower margin compared to private domain stations • On the other hand, Q4 2025 margins in EV Charging were higher due to lower component prices • Adjusted gross margin in Q4 2025 was lower than earlier in the year due to a business line mix effect: relatively more revenue in ESS • Adjusted EBITDA was 4.6% in Q4 2025 , a reduction compared with Q4 2024, driven by a deleverage effect Y - o - y revenue growth (%) Adjusted EBITDA (%) Adjusted gross margin (%) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 106.2 135.7 103.8 107.7 104.1 120.1 33% 25% 30% 30% 29% 24% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 - 22% - 6% - 11% - 16% - 2% - 12% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 6.8% 5.7% 5.3% 7.0% 6.7% 4.6%
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14 Income statement FY2025: €3.2m adjusted net profit after one - off adjustments 2025 Financials In € ‘000 2025 2024 Revenue and other income 435,624 487,643 Smart grids solutions 189,132 210,615 EV charging equipment 120,849 1 53,331 Energ y storage systems 125,643 123,697 Gross margin 124,891 115,386 as % of revenues 28.7% 23.7% Adjusted gross margin 122,548 139 , 369 as % of revenues 28.1% 28.6% Personnel cost 73,818 87,060 Other operating cost 25,674 32,540 EBITDA 24,832 - 4,228 as % of revenues 5.7% - 0.9% Adjusted EBITDA 25,467 28,514 as % of revenues 5.8% 5.8% Net profit - 0.189 - 27,014 Adjusted net profit 3,223 3,245 • Revenue in 2025 amounted to €435.6m , at lower end of Alfen’s updated revenue guidance of €430 - 480m. Revenue declined 10.7% compared with 2024 • Gross margin was 28.7% (2025) compared to 23.7% (2024) • This was mainly driven by a large number of one - off costs ( €24.0m) in 2024. • Adjusted gross margin was relatively stable at 28.1% in 2025 , compared with 28.6% in 2024. Adjusted gross margins are corrected for: • Obsolete inventory EV charging components: €1.8m • Reduction of the moisture issue provision: € - 4.1m • Personnel costs decreased by 15.2% in 2025. Adjusted personnel costs are corrected for: • Restructuring costs: €1.0m • External quality control costs for the moisture issue: €0.1m • Other operating expenses decreased by 21.1% in 2025 compared to 2024 as a result of Alfen’s continued focus on cost reduction. Adjusted operating expenses are corrected for: • One - off transformation costs for R&D: €1.2m • Share - based payment expenses: €0.8m • EBITDA improved from € - 4.2m to €24.8m • Adjusted EBITDA remained at a stable 5.8% of revenue, while declining in absolute terms from €28.5m to €25.5m • Net profit increased from € - 27m to € - 0.2m. Adjusted net profit remained stable at €3.2m
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15 Continued focus on cost reduction has been successful: 16.8% cost reduction in personnel and other operational costs year - on - year 2025 Financials • Over 2025, Alfen adjusted cost levels to reflect current circumstances • Personnel costs declined by 15.2% as a result of the right - sizing as announced in H2 2024. • Total FTEs decreased from 1,053 at the end of 2024 to 923 FTEs at the end of 2025 • Other operational expenses declined by 21.1% as a result of cost saving initiatives • Alfen will continue to focus on cost control going forward Personnel costs & other operational costs In € millions 33 26 87 74 FY24 FY25 120 100 - 16.8% Personnel Costs Other Opex
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16 Net debt position continued to improve: from €32.7m at the end of 2024 to €20.7m at the end of 2025 2025 Financials In € ‘000 31 Dec 2025 31 Dec 2024 Non - current assets 107,293 111,289 Current assets 205,238 251,461 Of which Cash and cash equivalents 26,673 17,068 Total assets 312,531 362,750 Non - current liabilities 53,632 60,421 Current liabilities 106,134 150,094 Equity 152,765 152,235 Total equity and liabilities 312,531 362,750 • Non - current assets decreased by €4.0m due to an impairment loss on land and buildings of €3.7m as well as regular depreciations and investments. The impairment loss was due to the decommissioning of one of our office buildings. • Current assets decreased by €46.2m, driven by further inventory reductions and a reduction of trade receivables. • Non - current liabilities decreased by € 6. 8 m caused by a reduction in provisions and scheduled repayments of borrowings. • Current liabilities decreased by € 44.0 m due to a reduction of trade payables. • Net debt position improved further from €32.7m at the end of 2024, to €20.7m at the end of 2025 • Operating cash flow was €32.5m positive in 2025, compared to €55.8m in 2024
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17 Over the last 2 years we nearly halved inventories, contributing to a significantly improved working capital position 2025 Financials In € ‘000 31 Dec 2025 31 Dec 2024 Working Capital Movements Inventories 81.7 101.5 - 19.8 Trade and other receivables 96.0 128.9 - 32.9 - of which: Amounts due from customers for contract work - mainly ESS 21.0 22.4 - 1.4 Current tax receivables 0.8 4.0 - 3.2 Trade and other payables - 101.4 - 142.3 40.9 - of which: Amounts due to customers for contract work - mainly ESS - 47.2 - 46.7 - 0.5 Current tax receivables - 0.1 - 0.1 - Net working capital 77.0 92.0 - 15.0 • Net w orking capital declined from €92.0m in 2024 to €77.0m at the end of 2025 • Alfen will continue to focus on further bringing down EV charging inventories • Alfen reduced inventories and strategic down payments by 45% ( €79m) between 2023 and 2025 . • In 2025, Alfen reduced inventories by 20% ( €20m), driven by: • Selling a number of long - term energy storage inventory items • Continuing to sell EV charging inventory • Trade and other receivables declined by €32.9m • Trade and other payables declined by €40.9m
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18 18 2025 highlights 2025 business unit view 2025 financials Strategy update & outlook 1 2 3 4
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19 The ideal solutions in the energy transition are smart & (cyber)secure, integrated, easy to deploy and compact Market trends This requires solutions that are easy to deploy/service and with a compact spatial footprint This requires a strengthened and independent (“Made and controlled in Europe”) electricity grid and high cybersecurity for this increasingly critical energy infrastructure This requires decentralized grid connections and energy storage systems to close the gap between renewable generation and times of high electricity demand This requires smarter/digitalized & cybersecure energy assets and savvy integrated solutions to avoid bigger grid connections Amidst a geopolitical tense world, our energy need ( e.g. for mobility & heating) transitions from fossil fuels to electricity to improve our energy security and climate impact Electricity generation decentralizes towards more and more solar & wind energy in the electricity mix with local generation. Increases in demand (electrification) and supply of electricity (renewables) outpace the build out of available infrastructure, leading to grid congestion The roll out pace of new energy infrastructure is temporized by permitting cycle times and availability of technically - skilled labour and land to build on Energy security & electrification More renewables Grid congestion Execution constraints Fundamental trends: driving growth in our markets Knock - on challenges to solve: shaping the ideal solutions
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20 20 We are guided by a clear purpose, demonstrated by over 85 years of track record Our purpose • We must deeply understand, anticipate and answer our customers needs - not just their wants • The role we play in society is vital • The grid is evolving and will become ever more locally distributed • If things go wrong, households, businesses and communities lose power and life stops happening • Energy security is increasingly front of mind • Our products and solutions must always be safe, reliable and trusted by our customers Secure the electricity needed to keep life happening every day, everywhere. • We must bring energy that is reliable all day, every day • We must grow our business to get to all the places where life happens within our field of play • We believe in the energy transition • We make electricity supply safe and reliable
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21 Sustainability at the core of our business Walk the talk We run our business with ESG at the forefront SBTi validated CO 2 reduction targets, achieving strong reductions in 2025 vs 2024. On track to meet our Scope 1 & 2 target for 2030 already in 2026. E Our purpose Our solutions Our solutions have a positive sustainable impact on society “Secure the electricity needed to keep life happening every day, everywhere.” Our solutions (substations, microgrids, EV chargers and b attery e nergy s torage s ystems ) are essential to stabilize and secure the grid in Electrical Equipment industry globally with Sustainalytics in November 2025 rating Top 9 th percentile Note: ESG examples are a selection, full CSRD reporting in Annual Report 2025 Alfen educates new technical personnel with its Alfen Academy No violations or irregularities reported on Code of Conduct, Whistleblower protection or anti - corruption and bribery in 2025 S G
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22 Our offering taps into energy security, electrification, renewables, grid congestion and execution constraints Diversified offering Alfen provides “Made in Europe” E2E solutions in its BUs: in - house R&D, European production, project management and service. Alfen is a B2B company. 1. Share of total revenue over 2025. Since 1937 Smart Grid Solutions Since 2008 EV charging Since 2011 Energy Storage Systems ~40% 1 ~30% 1 ~30% 1 • Distribution substations and medium - voltage transport distribution stations to enable grid operators to strengthen the grid • Microgrids to enable private customers to electrify Win on reliability, compactness, ease to deploy, e2e and integrated solutions • High - quality AC chargers for home, business and public charging locations to electrify everyday mobility Win on reliability, smart charging (within grid constraint), interoperability, connectivity, ease to install, and remote after - sales • Utility - scale solutions (multi hundreds MWh possible) to enable the integration of renewables into the grid • C&I solutions and Mobile storage solutions to serve end - users at locations with (temporarily) limited grid capacity and maximize self - consumption Win on E2E service, local grid expertise, performance guarantees, effective execution and for Mobile: interoperability and peak - shaving functionality Pacto substation Walk - in substation Transport Distribution station Eve Single Plus Eve Double Plus Twin Mobile solution “Mobile X” Utility - scale solution (“Battery Elements”)
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23 Alfen is a diversified player in the energy transition with an expanding, local European footprint Where we play Remarks • We build scale by expanding within in Europe and follow our customers actively, e.g. UK • We believe in local presence to serve customers with high quality and fast, e.g. 9 countries with local presence • Our presence in a country with one business line is a stepping stone for building up another, e.g Southern Europe • Once overlapping market presence across business units is achieved, we have ideal positioning to offer integrated solutions , e.g. Benelux, Germany, Nordics Alfen HQ & production locations for SGS, EVC and ESS Mobile Almere, The Netherlands Alfen Elkamo Production SGS Jakobstad, Finland Core market SGS, EVC, ESS Local presence Local sales & production Core market SGS, EVC Core market EVC Core market ESS Installed base EVC
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24 Alfen benefits from sustained, high - volume growth in its underlying markets Market growth & drivers (SGS) Public domain Annual installed substations in k by Dutch grid operators 1 Private domain (example 1) Annual installed fast charge points in k in Europe 2 Private domain (example 2) Annual installed C&I storage in GWh in Europe 3 Market drivers • Rising electricity demand needs stronger distribution grid • Aging electricity infrastructure needs to be replaced • Grid congestion creates need for microgrids with grid intelligence and local electricity production and storage Market drivers • Growth in Battery Electric Vehicles (BEVs) sold each year • Increase in power rating per charger and number of chargers per station leads to higher loads from the grid • Grid congestion creates long waiting times for connection upgrades and the need for peak shaving Market drivers • Electrification of businesses through BEV in fleet, employee cars, HVAC systems, etc. • Grid congestion creates long waiting times for grid connection upgrades and the need for peak shaving • Electricity market redesigns facilitate revenue streams opportunities through market participation of C&I batteries 2023 (A) 2024 (A) 2025 (IP24) 2026 (IP26) 2027 (IP26) 2028 (IP26) 2.3 2.4 3.6 4.1 4.8 5.2 +13% Stedin Enexis Liander 2025 2030 39.5 31.5 39.8 45.4 50.9 52.8 +6% 2025 2030 1.4 1.7 1.7 2.0 2.1 2.3 +11% Source: 1. Investment plan 2024 and investment plan 2026 from Dutch grid operators. 2023 & 2024 are actuals. Other years are pro jections. 2. BNEF Charging Outlook 2025 (Jul 2025). 3. BNEF Energy Storage Market Outlook 2025 H2 (Oct 2025)
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25 Alfen benefits from sustained, double - digit volume growth Market growth & drivers (EVC & ESS) Market drivers • Costs of EVs continue to fall making an EV the economic most attractive option • EU: 90% tailpipe emissions reduction compared to new fleet emissions in 2021 • New features on chargers such as smarter charging, bi - directional flows, Plug & Charge, carbon credit schemes • Replacement cycle kicks in post 2028 Market drivers • Increasing renewables in electricity mix drive needs for storage buffer • Cost parity with fossil dispatchable energy sources (expected 2026 - 2030) • Increase in storage support schemes and national targets EV Charging Annual installed charge points in millions in Europe 1 Energy Storage Systems Annual installed GWh in utility - scale Europe 2 Source: 1. LCP Delta charge point forecast 2025 H2 (Oct 2025). 2. BNEF energy storage market outlook 2025 H2 (Oct 2025) 2025 2030 2.3 2.7 3.1 3.5 4.1 4.9 +17% 2025 2030 14.9 28.4 33.7 38.6 52.0 61.6 +33%
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26 We execute on 4 transformation principles to get closer to the customer, achieve product excellence and further digitalise our offering Our four principles Build complete customer trust by being totally reliable, responsive and locally present across Europe. So, we retain customers and grow together Step change our ability to add value to our customers through bundled, relevant and reliable solutions Delight customers and optimize total cost of ownership with consistently high - quality products that meet their needs now and in the future Get fit to compete by evolving our structures and key ways of working to drive improved performance in a safe environment Total customer confidence Smart services innovation Perfect product foundations Fighting - fit model
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27 We have started to implement priorities to get closer to the customer, achieve product excellence and further digitalise our offering Our four principles Selected priorities within each principle: • Build - out 24/7 customer response speed • Enhance customer intimacy – e.g., through regular quarterly/monthly reviews • Establish local - for - local customer presence and execute country - specific strategies • Adopt a ‘network - approach’ to engineering & development • Optimise supplier partnerships • Build modular, scalable software through an agile software development approach • Optimize remote monitoring and predictive maintenance to detect and anticipate issues • Build in - field support teams powered by remote diagnostics for fast issue resolution • Launch smart digital solutions (with recurring revenue potential) • Implement a new operating model with clear P&L accountability • Optimize E2E processes for each business unit • Embed an active performance management approach with improved processes and leadership capability Build complete customer trust by being totally reliable, responsive and locally present across Europe. So, we retain customers and grow together Step change our ability to add value to our customers through bundled, relevant and reliable solutions Delight customers and optimize total cost of ownership with consistently high - quality products that meet their needs now and in the future Get fit to compete by evolving our structures and key ways of working to drive improved performance in a safe environment Total customer confidence Smart services innovation Perfect product foundations Fighting - fit model
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28 Our new commercial BU strategies guide commercial activity & product development Total customer confidence & perfect product foundations Differen - tiators Geographic expansion • Win on reliability, smart charging, interoperability, connectivity, ease to install, and remote after - sales • Win on reliability, compactness, ease to deploy, end - to - end 2 and integrated solutions • Win on E2E service, local grid expertise, performance guarantees, effective execution and for Mobile: interoperability and peak - shaving functionality • Expand in Europe: expand core markets (NL, BE, FR, DE) to include Italy, Spain, and Portugal, and plan for re - entry UK • Expand in Europe: grow with private customers internationally via existing client relationships (DE, SE, FI, DK, FR) • Expand countries and focus: prioritize core countries with selective expansion (DE and CZ, potentially ES) with clear criteria for market entry Commercial/ development focus • Focus on AC charging in home, business and public segment • Simplify the portfolio: move from five to three AC chargers on a shared platform to cut cost and complexity • Focus on strongest 5 growth segments with proactive market outreach 1 • Define core smart - grid integrated solutions , serving directly or partnerships • Increase commercial efforts on utility - scale and Mobile • Further expand into Commercial & Industrial segment 1. Five priority growth segments include Public Networks, Fast Charging, Logistical Hubs, C&I, and Rail. 2. Additional E2E offering could include services such as grid coordination, civil works, and metering. Offering could be est abl ished in - house or in partnerships. EV Charging Smart Grid Solutions Energy Storage Systems
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29 EVE install Mobile installer application – Launch Feb 2026 A new easy - to - use mobile app that guides installers step - by - step through the installation and configuration of multiple charging stations simultaneously – Reducing time on - site with 50% to 90% depending on the number of chargers EVE control Software platform – Launch Q1 2026 Alfen’s new web - based platform for advanced management and configuration. The platform enables full remote service, improves asset management, simplifies preparation of installations, and allows for remote assistance during on - site visits EV Charging Webshop for grid operators In operation Grid operator can directly configure substations (based on options and variances) in the webshop . Customers can directly influence Alfen’s production slot planning based on received permits for instance. In EVC also direct connection with ERP system of customer possible Station of the future In development Alfen is working on integrating digital solutions into transformer substations. Examples of digital solutions enabling predictive maintenance through remote connectivity to detect asset issues earlier Smart Grid Solutions We will enhance our current set of digital solutions across all business units Smart services innovation Current digital solutions TheBattery Connect Monitor and control platform – in operation Our data - driven cloud solution that enables complete insight and control over TheBattery systems. The platform provides real - time insights into system performance, allowing for continuous optimization and enables swift and effective responses to system alerts For reference, a typical TheBattery Elements site can generate up to 200,000 data points per minute. Using advanced algorithms, TheBattery Connect organizes and processes this data, performs calculations, and visualizes the results on an intuitive dashboard Energy storage
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30 We will adopt a BU org structure to be closer to the customer, execute strategy faster and e - 2 - e ownership Fighting fit model Alfen will adopt BU structure with BU directors heading the BUs Reason: BU structure creates many advantages… • Closer to the customer: With the BU structure more functions interact daily with customer - facing roles • Faster strategy execution : more straightforward translation of strategic direction into team priorities & execution • Higher a ccountability : End - to - end ownership on business outcomes below Management Board • Different dynamics per BU in operations (e.g. products vs projects environment) and commercial (e.g. go - to - market) … while leveraging shared support functions and creating other synergies • Support Functions : economies of scale as the BUs make use of the same support functions • Commercial : active strategy to grow the BUs towards each other into integrated solutions • Other (examples): international footprint, purchasing power, grid expertise and operational excellence principles SGS EVC ESS CEO/CFO Support Functions BU director BU director BU director
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31 We aim to transform our organizational capabilities by Q2 2026 Fighting fit m odel Skeleton | Transform our capabilities by Q2 2026 Nervous system | Embed culture and clarify roles and accountabilities • Reinforce company - wide culture • Define and embed consistent leadership behaviors • Clarify roles and accountabilities • Transforming to BU structure (see previous sheet) • Whilst maintaining headcount, we anticipate a reduction in staff in some areas while growing in our focus areas ( e.g. digital solutions, project management and service). To support this transition, we will take a restructuring provision of approximately €4.5m in 2026. • Internationalisation through local - for - local presence
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32 Financial guidance 2026 Revenue at €435m - €475m 4 - 7% adjusted EBITDA margin CAPEX of <4% of revenue 2026 is a transformational year in which we aim to reignite profitable growth 2027 ambition Returning to consistent profitable growth: year - on - year improvement of revenue and the adjusted EBITDA margin