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Alfen 2026 Q3 trading update Webcast 4 November 2026
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Disclaimer 2 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 strat egy , 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 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 assumptions relating to Alfen’s bus iness, results of operations, financial position, liquidity, prospects, growth or strategies. Forward - looking statements reflect the current views of Alfen and assumptions based on informat ion 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, excep t a s required by law. Alfen's revenue, adjusted EBITDA margin and CAPEX guidance is based on management estimates resulting from Alfen's pursuit of it s 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 futu re 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 whi ch 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 2026 Q3 highlights 2026 Q3 business unit view 2026 Q3 financials 1 2 3 Outlook 4
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2026 Q3 highlights Alfen reports results 2026 Q3 in line with expectations, year - t o - date revenue up 14% • Revenue was €99.1m, compared with €104.1m in 2025 Q3. Year - to - date revenue increased by 14.3% to € 360.6m , from €315.6m in the first nine months of 2025 • Gross margin was €30.5m (30.8% of revenue), compared with €29.2m (28.7% of revenue) in 2025 Q3. The higher margin percentage was mainly driven by the release of project contingencies on completion of energy storage projects • Adjusted EBITDA was €4.0m (4.0% of revenue), compared with €6.9m (6.7% of revenue) in 2025 Q3 • Credit facility agreement renewed by three years , until October 2029, at same terms, with two - one - year extension options • Alfen reiterates its 2026 guidance . Revenue is expected to be in the upper half of the €435m – €475m guidance range, and adjusted EBITDA margin is expected to be in the lower half of the 4 – 7% guidance range. CAPEX is expected to remain below 4% of revenue 4
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5 Alfen event Generation Electric 2026 Powering the future
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6 2026 Q3 highlights 2026 Q3 business unit view 2026 Q3 financials 1 2 3 Outlook 4
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Smart Grid Solutions Continued strong performance driven by grid operators and Alfen Elkamo Revenue and other income In € million • Revenue for Smart Grid Solutions was €54.0m, an increase of 10.1% compared with €49.1m in 2025 Q3 • The increase was driven by sales to Dutch grid operators and the strong performance of Alfen’s Finnish subsidiary, Alfen Elkamo, which recorded its highest quarterly revenue to date • 70% of revenue was generated by high - volume transformer substation sales to grid operators, and 30% by project sales • Adjusted gross margin decreased to 23.7% compared with 25.9% in 2025 Q3, mainly due to the higher share of grid operator products in the revenue mix. This within the expected gross margin range of 20% to 30% • We delivered 870 substations : 621 substations in the Netherlands and 249 in Finland 49.1 54.0 2025 Q3 2026 Q3 10.1 % 7
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Balanced market picture unchanged: regulation progresses, while requirements to scale set the short - term pace Smart Grid Solutions Encouraging signs that will benefit roll - out of substations in time However, requirements to scale that hamper execution speed today still exist 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 Selected examples: • European Union: council position on the Grids Package agreed • Netherlands: crisis legislation for grid congestion set out with first measures from 2027 • Finland: grid operators continue grid renewal towards the 2036 security - of - supply targets Progress report take - away: Grid operators are building more than ever, but demand for grid capacity is still growing faster than the grid can expand Source: Netbeheer Nederland – Stand van de Uitvoering H1 2026 (5,October 2026) 8
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• Revenue decreased by 6.7% to €26.8m, from €28.7m in Q3 2025 • The phased introduction of new platform features during 2026 is starting to pay off, most visibly in year - on - year growth in the business segment, led by the Eve Double Plus product. This is offset by the phase - out of previous - generation products and continued competitive pressure, particularly in the residential segment • 25,850 charge points were delivered in Q3 2026, representing a 10.6% decrease compared with the 28,900 charge points delivered in Q3 2025 • 61% of its EV Charging revenue from outside the Netherlands • Gross margin was 40.9% , compared with 43.1% in Q3 2025, reflecting ongoing sales campaigns. The margin remained above the midpoint of our 35% to 45% guidance range 28.7 26.8 2025 Q3 2026 Q3 - 6.7 % EV Charging New platform efforts are starting to pay - off with year - on - year growth in business segment Revenue and other income In € million 9
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EV Charging 115 77 55 51 44 42 39 37 37 34 11 France Germany Europe - average Netherlands Spain Sweden Denmark Italy UK Belgium Norway Source: ACEA BEV registrations (October 2026); Broad - based acceleration: all markets grow year - on - year, with Alfen core countries Netherlands and Belgium returning to strong growth • France and Germany lead: France more than doubled BEV registrations, Germany up 77% • Netherlands (+51%) and Belgium (+34%) rebound after declines in the beginning of the year . Dutch BEV share reached a record 53% in September Electric vehicle market in Europe accelerates with broad - based growth, including a rebound in Alfen core markets Netherlands and Belgium BEV registrations growth 2026 Q3 In [%] y - o - y compared with 2025 Q3 Irreversible shift, with or without policy: electric driving wins on its own merits, underpinning long - term demand for charging infrastructure • More affordable models: a wider choice of electric cars in the compact and mid - price segments • Better batteries: more range, faster charging and lower cost with every new generation • Higher fuel prices: a growing running - cost advantage for driving on electricity • More convenient charging experience: charge at home or at work while the car is parked, backed by a fast - growing public network 10
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Mobile storage revenue growth and gross margin outperformance due to project contingencies Energy Storage Systems • Revenue in Q3 2026 was €18.3m , a decrease of 30.4% compared with the Q3 2025 revenue of €26.3m • Energy Storage Systems revenue was front - loaded in 2026 as most of the revenue of the large projects completed in the third quarter was recognized in H1 as construction progressed. At the same time, revenue from mobile storage systems continued to show significant year - on - year growth • Gross margin was 37.1% in Q3 2026, compared with 18.2% in Q3 2025. This is significantly higher than the expected margin range of between 15% and 25%. Driven by the release of one - off project contingencies upon the completion of several large projects and cost - efficiency improvements within project execution. 26.3 18.3 2025 Q3 2026 Q3 - 30.4% Revenue and other income In € million 11
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Backlog for 2027 at €86m, while pipeline supports growth towards year - end Energy Storage Systems Energy storage backlog over past quarters In € million Backlog Remarks: • A healthy underlying pipeline supports a year - end backlog ambition of above the level at year - end 2025, which stood at €127m. Alfen is focused on closing these opportunities in the remainder of the year • Orders signed in the fourth quarter will lead to revenue in 2027 Note: The precise timing of the conversion of the 2026 and 2027 backlog into revenue is dependent on the execution of projects according to schedule 38 122 82 37 23 67 48 56 86 9 30 Sept 2025 5 31 Dec 2025 31 March 2026 30 June 2026 30 Sept 2026 115 127 130 93 109 2025 2026 2027 Unplanned 12
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13 Combined power 180.6 MW Combined capacity 522.4 MWh All three projects Long - term service agreement in place Alfen total delivered capacity to date is 2.8 GWh Insert project photo FlevoBESS Dronten, NL 126.4 MWh 31.6 MW · 4h Battery system 36 × EnerC+ Inverters (PCS) 6 · 45 MVA Site footprint 6,211 m² Grid connection CDS (DSO) Configuration Co - located wind Alfen scope Turnkey EPC Return Antares Waddinxveen, NL 200 MWh 100 MW · 2h Battery system 608 × EnerOne+ Inverters (PCS) 16 · 120 MVA Site footprint 7,596 m² Grid connection TSO Configuration Stand - alone Alfen scope BESS EPC Insert project photo NOP Agrowind Espel , NL 196 MWh 49 MW · 4h Battery system 56 × EnerC+ Inverters (PCS) 7 · 52.5 MVA Site footprint 10,878 m² Grid connection DSO Configuration Co - located wind Alfen scope Turnkey EPC ● Operational - Sep 2026 ● Operational - Oct 2026 ● Operational - Nov 2025 Energy Storage Systems Alfen has now delivered the three largest operational battery energy storage systems in the Netherlands to date Timestamp: 4 November 2026
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14 2026 Q3 highlights 2026 Q3 business unit view 2026 Q3 financials 1 2 3 Outlook 4
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Quarter - by - quarter group financials 2026 Q3 Group Financials • Revenue decreased with 4.8% to €99.1m compared with €104.1m in Q3 2025. With this year's revenue being front - loaded, the quarter was in line with expectations • Adjusted gross margin was €30.5m equal to 30.8% of revenue compared with €29.9m (28.7%) in Q3 2025. The group gross margin percentage was driven by a significantly higher Energy Storage Systems margin • OPEX increased by 12.6% to €26.7m, compared with €23.7m in Q3 2025. Predominantly driven by an increase in personnel expenses resulting from the transformation • EBITDA was €3.9m in Q3 2026 compared with €6.2m in Q3 2025 • Adjusted EBITDA was 4.0% in Q3 2026, compared with €6.9m in Q3 2025 • Cashflow from operating activities was €1.2m Revenues ( €m) Adjusted gross margin ( €m) 104.1 120.1 129.7 131.7 99.1 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 - 2% - 12% 25% 23% - 5% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 29.9 29.3 34.0 34.2 30.5 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 6.7% 4.6% 6.3% 6.3% 4.0% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Y - o - y revenue growth (%) Adjusted EBITDA (%) Renewed credit facility agreement • Three year, with two one - year extension options • Revolving credit facility of €50m • Guarantee facility of €80m 15
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16 2026 Q3 highlights 2026 Q3 business unit view 2026 Q3 financials 1 2 3 Outlook 4
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Reiterated Financial guidance 2026 Revenue at €435m - €475m Now expected to be in the upper half of the range 4 - 7% adjusted EBITDA margin Now expected to be in the lower half of the range CAPEX of <4% of revenue Full year revenue expected in the upper half, and adjusted EBITDA margin in the lower half of the 2026 guidance Reiterated 2027 ambition Returning to consistent profitable growth : year - on - year improvement of revenue and the adjusted EBITDA margin 17