Alfen updates its revenue guidance for 2023

Based upon recent updates to our latest estimates, Alfen changes its revenue guidance for 2023 from €540-600m to €490-520m.

With EV charging we see destocking challenges in the sales channels in combination with challenging market conditions leading to lower foreseen revenues in 2023.  The updated guidance includes this impact.

In our other two business lines we see continued success in energy storage and stronger growth in smart grid solutions compared to growth in previous quarters.   

Furthermore, Alfen maintains significant head room in its bank overdraft facility: Cash (including bank overdraft) amounts to € 35.2m (credit) at 30 June 2023. Given the current account overdraft facility of €101.5m, Alfen’s total cash availability amounts to €66.3m.

At the same time, Alfen reconfirms its mid-term financial objectives as set during the Capital Markets Day on May 10, 2023. The long-term growth rate remains significant in each of its markets and Alfen’s positioning in these markets remains strong.

Alfen will release its HY 2023 trading update on August 23, where we will provide further details on each of our business lines.

Notes to the press release
This is a public announcement by Alfen N.V. pursuant to section 17 of the European Market
Abuse Regulation (596/2014). This public announcement does not constitute an offer, or any solicitation of
any offer, to buy or subscribe for any securities in Alfen N.V.

The reported data in this press release have not been audited.

Forward looking statements
This press release may include forward-looking statements. All statements other than statements of historical facts may be forward-looking statements. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms such as guidance, expected, step up, announced, continued, incremental, on track, accelerating, ongoing, innovation, drives, growth, optimising, new, to develop, further, strengthening, implementing, well positioned, roll-out, expanding, improvements, promising, to offer, more, to be or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect Alfen’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to Alfen’s business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements reflect the current views of Alfen and assumptions based on information currently available to Alfen. Forward-looking statements speak only as of the date they are made, and Alfen does not assume any obligation to update such statements, except as required by law.

Alfen’s revenue outlook estimates are management estimates resulting from Alfen’s pursuit of its strategy. Alfen can provide no assurances that the estimated future revenue will be realised and the actual revenue for 2023 could differ materially. The expected revenue has also been determined based on assumptions and estimates that Alfen considered reasonable at the date these were made. These estimates and assumptions are inherently uncertain and reflect management’s views which are also based on its historic success of being assigned projects, which may materially differ from the success rates for any future projects. These estimates and assumptions may change as a result of uncertainties related to the economic, financial or competitive environment and as a result of future business decisions of Alfen or its clients, such as cancellations or delays, as well as the occurrence of certain other events.