Highlights from the Lowlands

Research evidence excerpt

Highlights from the Lowlands

EUROPE | European Midcaps EquityMayResearch22, 2026

Exhibit 1 - Alfen revenue & EBITDA marginHighlights from the Lowlands

development (%)

We upgraded Alfen to Buy as it is well positioned to capitalise on the 700.0600.0 20.017.515.0

500.0 12.5

400.0 10.0accelerating energy transition, with strong exposure to grid congestion, 300.0 7.5

2.5and accelerating demand for energy storage and BEVs. Arcadis' valuation 200.0100.00.0 5.0

discount to engineering consulting peers narrowed from 50% at the start of 0.0

the year, to 25% today, after its peers derated 22% ytd on slowing top-line .Source: Company information,Total revenues JefferiesEBITDA marginestimates(%)

growth. Ferrari Group reported a strong start to FY26, with organic revenue

Exhibit 2 - Charging and refuelling costs for a

growth of 7.3%. 100km drive

€15.00

Alfen (ALFEN NA, Buy) The Future is Electric. We upgraded Alfen to Buy, with an €18.0 €13.00€11.00

DCF-based PT, as it is well positioned to capitalise on the accelerating energy transition, with €9.00€7.00

double-digit growth in all end-markets, projected to drive a near-doubling of EBITDA margins €5.00

by FY30E. Smart Grids Solutions (43% of FY25 revenues) is a direct play on distribution grid €3.00

congestion, with the Dutch Crisis Act providing a near-term catalyst for accelerating permitting E95 Petrol cost / 100km Home charging cost / 100km Fast charging cost / 100km

.

and approvals. Alfen's transformer substations would be the first assets to be deployed to Source: Jefferies calculations based on data from US EPA,

ev-database.org, European

relieve grid congestion, while Alfen has invested significantly to accelerate the deployment time

Commission, UK Department for Energy Security and Net

of substations by c.10x.