olivLaw · European equity research
Alfen N.V. ALFEN.AS
Netherlands · Euronext Amsterdam · ISIN NL0012817175 · Vertical: Listed companies from Netherlands
Alfen N.V. is a Dutch specialist in energy solutions that designs, produces and services Smart Grid systems, energy storage systems and EV chargers. The company reported lower revenue in 2025 at 435.6 million EUR, and for 2026 management has described a year of transformation with a focus on costs and controlled investment.
At the close of 04 Nov 2026, Alfen N.V. (ALFEN.AS) stock was 10.55 EUR (+1.25% on the day), with market capitalisation 229.8 m EUR, dividend yield 0.00%, beta 1.14, 52-week range 8.26–19.67 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 45.0
- weak (30–45)
- Bollinger (20, 2)
- 9.70 – 11.26
- in the upper half of the band · %B 0.54 · band width 14.9%
- SMA 50 / 200
- 11.25 / 11.97
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.32 / -0.39
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.9% | −1.5% | −9.4 pp | — |
| 3 months | −16.8% | −5.3% | −11.5 pp | — |
| 6 months | −14.8% | +4.7% | −19.5 pp | — |
| Year to date | +0.2% | +6.0% | −5.8 pp | — |
| 1 year | +9.8% | +8.2% | +1.6 pp | +2.6% |
| 3 years | −68.1% | +47.2% | −115.3 pp | +6.8% |
| 5 years | −89.2% | +41.8% | −131.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 504.5 m | 487.6 m | 435.6 m |
| Revenue YoY | unavailable | −3.3% | −10.7% |
| Net income | 29.7 m | -27.0 m | -189.0 k |
| Net income YoY | unavailable | −191.0% | unavailable |
| Diluted EPS | 1.36 | -1.24 | -0.01 |
| Diluted EPS YoY | unavailable | −191.2% | unavailable |
| net % | 5.9% | -5.5% | -0.0% |
| Free cash flow | -18.4 m | 42.0 m | 29.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 26.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 152.8 m EUR
- Total assets
- 312.5 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.93x
- ROE
- -0.1%
- ROA
- -0.1%
- FCF margin
- 6.7%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 504.5 m | 487.6 m | 435.6 m | esef· 17 Feb 2026verified |
| Operating income | 41.9 m | -30.5 m | 2.7 m | esef· 17 Feb 2026verified |
| Interest expense | 3.4 m | 5.1 m | 2.6 m | esef· 17 Feb 2026verified |
| Pre-tax income | 38.5 m | -35.5 m | 105.0 k | esef· 17 Feb 2026verified |
| Income tax | 8.8 m | -8.5 m | 294.0 k | esef· 17 Feb 2026verified |
| Net income | 29.7 m | -27.0 m | -189.0 k | esef· 17 Feb 2026verified |
| Diluted EPS | 1.36 | -1.24 | -0.01 | esef· 17 Feb 2026verified |
| Weighted average diluted shares | 21.8 m | 21.8 m | 21.7 m | esef· 17 Feb 2026verified |
| Dividend per share | 0.00 | 0.00 | — | esef· 04 Mar 2025derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.1 m | 17.1 m | 26.7 m | esef· 17 Feb 2026verified |
| Receivables | 135.9 m | 128.9 m | 96.0 m | esef· 17 Feb 2026verified |
| Inventories | 150.8 m | 101.5 m | 81.7 m | esef· 17 Feb 2026verified |
| Current assets | 314.5 m | 251.5 m | 205.2 m | esef· 17 Feb 2026verified |
| Total assets | 396.0 m | 362.8 m | 312.5 m | esef· 17 Feb 2026verified |
| Current liabilities | 190.7 m | 150.1 m | 106.1 m | esef· 17 Feb 2026verified |
| Total liabilities | 216.4 m | 210.5 m | 159.8 m | esef· 17 Feb 2026verified |
| Equity | 179.6 m | 152.2 m | 152.8 m | esef· 17 Feb 2026verified |
| Shares outstanding at year end | 21.7 m | 21.8 m | — | esef· 04 Mar 2025derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 5.6 m | 55.8 m | 32.5 m | esef· 17 Feb 2026verified |
| Capex | 24.0 m | 13.8 m | 3.5 m | esef· 17 Feb 2026verified |
| Free cash flow | -18.4 m ≈ | 42.0 m ≈ | 29.0 m ≈ | esef· 17 Feb 2026derived |
| Investing cash flow | -59.1 m | 1.2 m | -14.0 m | esef· 17 Feb 2026verified |
| Financing cash flow | 26.3 m | -35.6 m | -9.0 m | esef· 17 Feb 2026verified |
| Dividends paid | 0 | 0 | 0 | esef· 17 Feb 2026verified |
| Share repurchases | 2.1 m | 1.1 m | 47.0 k | esef· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 229.8 m EUR
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -0.0% | 36 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.0x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.9x | 94 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 12.6% | 100 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 12% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet38/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial36/100 · 1/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Alfen N.V. (ALFEN.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 435.6 m EUR in 2025; YoY growth -10.7%; net margin -0.0%; ROE -0.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.9x
- FCF yield: 12.6%
- Payout ratio (FCF): 0.0%
What contradicts it
- Interest coverage: 1.0x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA.
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 519.6 bn | 50.9 | 44.2% | 31.3% | +15.6% | +48% / +115% |
| ASM.ASASM International N.V. | 33.5 bn | 46.5 | 18.7% | 22.8% | +8.2% | +44% / +45% |
| DSFIR.ASDSM-Firmenich AG | 32.0 bn | 114.3 | 1.2% | 2.2% | +20.4% | +52% / +24% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 30.9 bn | 13.7 | 15.3% | 2.5% | +3.4% | −4% / +29% |
| ADYEN.ASAdyen N.V. | 26.9 bn | 25.4 | 22.3% | 40.1% | +18.9% | −36% / −20% |
| HAL.ASHAL Trust | 15.6 bn | 9.8 | 10.5% | 12.8% | +1.2% | +23% / +49% |
| EXO.ASExor N.V. | 15.3 bn | — | -10.6% | — | −100.0% | +3% / −17% |
| BESI.ASBE Semiconductor Industries N.V. | 12.1 bn | 91.6 | 28.7% | 22.3% | −2.7% | +17% / +18% |
| AKZA.ASAkzo Nobel N.V. | 10.8 bn | 17.1 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.6 bn | 25.8 | 7.2% | 5.7% | −5.3% | +51% / +15% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.3 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.4 bn | 42.5 | 9.1% | 1.3% | +2.9% | +49% / +408% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.7 | 10.2% | 6.5% | +1.7% | +27% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +56% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 973.4 m | — | -1.5% | -1.1% | −18.8% | −1% / −49% |
| ACOMO.ASAcomo N.V. | 687.4 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 667.9 m | — | -28.2% | -21.7% | +66.1% | +61% / +25% |
| FFARM.ASForFarmers N.V. | 515.9 m | 10.3 | 14.5% | 1.6% | +14.8% | +31% / +140% |
| BRNL.ASBrunel International N.V. | 386.2 m | 126.5 | 1.0% | 0.3% | −10.8% | −5% / −29% |
| ALFEN.ASAlfen N.V. | 229.8 m | — | -0.1% | -0.0% | −10.7% | +0% / −77% |
| ENVI.ASEnvipco Holding N.V. | 227.9 m | — | -12.7% | -11.9% | −20.8% | −24% / +49% |
| CMCOM.ASCM.com N.V. | 188.7 m | — | -22.2% | -1.5% | −5.4% | +21% / −31% |
1- and 3-year price returns: for ALFEN.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Alfen N.V. is a Dutch specialist in energy solutions that designs, produces and services Smart Grid systems, energy storage systems and EV chargers. The company reported lower revenue in 2025 at 435.6 million EUR, and for 2026 management has described a year of transformation with a focus on costs and controlled investment.
SWOT
Strengths
- Long experience in the field and an integrated range of solutions for grids, storage and charging combined in one portfolio.
- Sustained progress in reducing its own emissions, with SBTi-validated targets, which strengthens credibility with customers who demand sustainability.
- Demonstrated execution capacity in large-scale storage projects and in standardising transformer substations.
Weaknesses
- Dependence on a few grid operators in the Netherlands makes revenue sensitive to their ordering decisions.
- Declining revenue in two of the three business lines points to exposure to competition and market shifts.
- Reported margins were influenced by provision releases, which makes direct year-on-year profitability comparison difficult.
Opportunities
- Large storage projects and grid expansion could create new demand if public investment accelerates.
- Bidirectional chargers and interoperability standards could open new opportunities in the electric vehicle segment.
- Markets outside the Netherlands, where the company already earns a significant part of its charging revenue, could widen the customer base.
Threats
- Labour shortages and regulatory constraints at grid operators could prolong the decline in orders.
- Rising competition in home charging and the removal of incentives in some countries could put pressure on prices and volumes.
- Volatile prices of materials and electronic components could affect costs and supply security.
Risks
- Dependence on grid operatorshigh
A large share of Smart Grid revenue comes from a few Dutch grid operators, so any reduction in their orders feeds directly into turnover.
- Competition in EV charginghigh
Rising competition and a lower installation rate in the public segment led to lower revenue, and this pressure could continue.
- Raw material costsmedium
Prices of steel, copper, aluminium and electronic components can fluctuate, affecting margins and production planning.
- Substation moisture issuemedium
The company set aside a provision in the past for repair costs linked to moisture in substations, and estimates may still change.
- Leadership changelow
The appointment of a new chief executive in October 2025 and the 2026 transformation plan carry short-term execution risks.
Investment thesis
What would need to be true (bull case)
- If investment in grids and storage accelerates, demand for Alfen's solutions could return to growth, and battery projects could support revenue.
- If the transformation programme reduces costs as planned, adjusted margins could rise even with lower revenue.
- If the new bidirectional chargers find customers, the company could regain ground lost in the electric vehicle segment.
What would break the thesis
- If grid operators keep reducing orders because of labour and regulatory constraints, Smart Grid revenue could decline further.
- If competition in home charging intensifies, prices could come under further pressure and weigh on margins.
- If reported gross margins are mainly driven by provision releases, underlying performance could be weaker than the headline figures suggest.
What to watch
- Delivery against revenue guidance of 435 to 475 million EUR for 20262026
- Development of adjusted EBITDA margin, guided at 4% to 7% of revenue2026
- Commissioning of the 100 MW battery system with Return Energyend of 2026
- Announced improvement in revenue and adjusted EBITDA margin for 20272027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Alfen operates internationally at the heart of the energy transition and groups its activities into three business lines: Smart Grid Solutions, Energy Storage Systems and EV charging. The company designs, develops, produces and services these solutions and combines them into integrated offerings for customers facing electricity challenges 1. Management reviews the company's profitability at an aggregate level because the three activities are strongly interrelated 1.
The company has over 88 years of history and combines manufacturing with services, which allows it to offer both equipment and integrated grid solutions 1. In 2025 Alfen sought to maintain its position through large projects, such as a 100 MW and 200 MWh battery system developed with Return Energy, which the company said could help reduce grid congestion 1.
Alfen describes its business model as compatible with the transition to a sustainable economy, and its strategy includes SBTi-validated emission targets 1. The change of chief executive in October 2025 and the transformation plan for 2026 show a company in a period of reorganisation 1.
Segments
EV charging
EV charging revenue fell to 120.8 million EUR in 2025, a decrease of 21.2% 1. The company attributes the decline to increased competition in the home charging segment, a lower installation rate in the public segment and the end of incentives in Belgium 1. Around 63% of this line's revenue came from outside the Netherlands 1.
Market context
Trends
- Grid congestionmixed
Grid congestion limits both private customers and operators, and storage projects are presented as a way to stabilise supply 1. If grids are upgraded faster, demand for Alfen's equipment could recover, but this depends on the pace of public investment 1.
- Transport electrificationmixed
Growth in electric vehicles supports long-term demand for chargers, but in 2025 sales fell due to competition and the removal of incentives in some countries 1. The company launched the Eve Single Plus and Eve Double Plus chargers, which support bidirectional charging and could support future demand 1.
- Decarbonisation and storage demandtailwind
The need to reduce emissions is presented by the company as a growth driver in all markets it serves, and energy storage helps integrate renewable sources 1. This trend could support demand for battery systems in the coming years, especially if large projects are completed on schedule 1.
- Cost and raw material pressureheadwind
The company notes price volatility for materials such as steel, copper, aluminium and electronic components, which can affect costs and supply security 1. If these material prices stay high, margins could be squeezed, although management is focused on cost control in 2026 1.
Competitive position
The company reports increased competition in the home EV charging segment, where similar products and prices have become harder to differentiate 1. The source document does not name competitors, so only the categories of rivals mentioned in the report are discussed here.
- Grid equipment and transformer suppliers
Companies in this category compete for substation and grid equipment sales to grid operators. The source document does not name them.
- EV charger manufacturers
Competition in home and public charging intensified in 2025, according to the report. The source document does not name them.
- Energy storage system integrators
Large battery projects involve competition on price and delivery. The source document does not name them.
- Storage project developers
These can be either customers or competitors, depending on the business model. The source document does not name them.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202517 Feb 2026
- Annual report 202404 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Alfen N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.