Alfen N.V. (ALFEN.AS) reported a 4.8% year-over-year revenue decline for the third quarter of 2026. Revenue reached €99.1 million, missing analyst expectations. However, revenue for the first nine months of the year grew 14.3%. This brought the nine-month total to €360.6 million. The company attributed the quarterly dip to front-loading energy storage project revenues earlier in the year.
Alfen's Q3 gross margin improved to 30.8% from 28.7% a year prior. The completion of large energy storage projects helped this improvement. Adjusted EBITDA for the quarter fell to €4.0 million from €6.9 million. The adjusted EBITDA margin decreased to 4.0%, reflecting increased personnel costs tied to a company transformation program.
Alfen reiterated its full-year 2026 guidance. It expects revenue in the upper half of the €435 million to €475 million range. The adjusted EBITDA margin is anticipated in the lower half of the 4% to 7% range. The company expressed confidence in returning to profitable growth in 2027.