Alfen: Revenue Up 14% Over Nine Months, Annual Target Confirmed
On November 4, 2026, Alfen published an update on its third-quarter activity, with results in line with expectations, according to the Dutch group. Its cumulative revenue since the start of the year rose 14%, and the company reiterated its guidance for the full financial year. This announcement comes as Alfen, which specializes in electrical grid equipment, battery energy storage and charging stations for electric vehicles, says it is continuing its transformation. Each of its three businesses is the subject of a progress point highlighted in the press release, which gives a broader overview than the growth figure alone.
A 14% Growth Over Nine Months and an Annual Target Maintained
The 14% increase in revenue over the first nine months of 2026 is the figure the group places at the top of its communication. Alfen links it to third-quarter results that it describes as in line with expectations, in a context where the company says it is continuing its transformation. The second key element of the announcement is the reiteration of the annual guidance. At the end of the third quarter, management therefore does not change its target in light of the activity recorded over the first nine months, which places the last quarter in continuity with the framework set at the beginning of the financial year.
Grids, Storage and Charging: The Three Businesses in the Spotlight
In electrical grids, Alfen reports “continuous growth” in its Smart Grid Solutions division (solutions for intelligent electrical grids). The group does not detail the scale of this progress in its activity update, but it places it first among the key developments of the quarter. In battery energy storage, Alfen completed two major projects in the Netherlands in the third quarter of 2026, Return Antares and NOP Agrowind, while FlevoBESS had been delivered at the end of 2025. These commissionings concern installations in the Netherlands, falling within the domestic market of the group, which is based in Almere. In electric vehicle charging, Alfen reports an increase in charging stations intended for businesses. The group sees this as “an encouraging sign on the path back to growth” for its EV Charging activity, a wording that presents this improvement as a step rather than an achievement.
An Annual Revenue Target Between €435 Million and €475 Million
When it published its annual results in February, Alfen reported revenue of €435.6 million for the 2025 financial year. The group had then indicated a revenue range of €435 million to €475 million for the 2026 financial year, an annual guidance reiterated on November 4, with revenue now expected in the upper half of this range. In terms of valuation, the share trades at about 69.1 times expected earnings for the current financial year and 34.2 times those of the following year, according to the consensus of the analysts covering the stock. This second multiple reflects an expected 101.7% increase in earnings per share from one financial year to the next. At the end of the first nine months, Alfen is thus relying on the growth of its grid solutions and the delivery of three storage projects, while electric vehicle charging is progressing in the business charging segment. The whole fits within an annual target that the group has not revised.
