ALFEN: Q1-26 review: Solid start to the year exceeding market expectations...

Research evidence excerpt

ALFEN: Q1-26 review: Solid start to the year exceeding market expectations...

Deutsche Bank

Research

Rating Company Date

Hold ALFEN 13 May 2026

Results

Europe

Netherlands

Reuters Bloomberg Exchange Ticker Price at 12 May 2026 (EUR) 12.08

ALFEN.AS ALFEN NA AEX ALFEN

Price Target (EUR) 10.00

Autos

52-week range (EUR) 12.44 - 8.26

Auto Parts

Q1-26 review: Solid start to the year

Valuation & Risks exceeding market expectations...

Nikita Papaccio

...but comes at the expense of H2 due to timing impacts in projects Research Analyst

Alfen's Q1 figures significantly surpassed market forecasts across all KPIs, +49-69-910-48637

primarily driven by substantial growth in the energy storage business. This growth

Christoph Laskawi

stemmed from reaching key milestones in two large projects, with recurring Research Analyst

contributions expected in Q2. Alfen reiterated that sales would be front-loaded in +49-69-910-31924

the first half of the year and confirmed its full year guidance. We understand that a

Nicolai Kempf

lower storage contribution to H2 sales will lead to a higher group gross margin.

Research Analyst

However, this may not translate to a higher adj EBITDA due to declining operating

+49-162-5168792

leverage within the segment. Furthermore, the charging business is expected to

remain subdued this year as new products and features are needed to regain Mira Wiegratz

competitiveness. Additionally, price adjustments are being implemented to Research Associate

+49-69-9103-1733

reposition the business in key markets.

Tim Rokossa

Although Q1 exceeded our expectations, we view this as a phasing issue rather than Head of Research

a substantial shift in trend, a view reinforced by the confirmed full-year guidance. +49-69-910-31998