Alfen N : Webcast 2021 H1 Results

Alfen H1 2021 results

Webcast

27 August 2021

Disclaimer

This communication 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 N.V. (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 revenues will be realised and the actual revenue for the financial year 2021 could differ materially. The expected revenues have 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.

More details on Alfen's H1 2021 performance can be found in the 2021 semi-annual report and the H1 2021 results press release, published together with this presentation. A more comprehensive discussion of the risk factors affecting Alfen's business can be found in Alfen's annual report 2020 which can be found on Alfen's website, www.alfen.com.

2

Highlights of the first half-year

H1 2021 revenues of €115.3m, a growth of 28% versus H1 2020 (€90.3m), predominantly driven by strong growth of EV charging

(+68%) and Energy storage (+47%)

Strong increase in profitability: adjusted EBITDA grew 69% to €16.9m (14.7% of revenues) versus €10.0m (11.1% of revenues) in

H1 2020. Adjusted net profit of €9.3m, up 77% versus €5.3m in H1 2020

New important project and client wins further diversifying Alfen's client base

Alfen reconfirms its 2021 full-year revenue outlook of €225-250m

3

Revenue growth of 28% compared with H1 2020

Revenue and other income

(€ million)

		+28%
		115.3	CAGR
		11.5	+47%
90.3
7.8	41.3	+68%
24.7

57.8	62.5	+8%

H1 2020

H1 2021

Energy storage EV charging Smart grids

Smart grids

• After relatively flat growth of the business line in the first quarter of this year, revenues in the second quarter increased with 15% compared to the same period in 2020.
• Grid operators continued to expand and reinforce the grid for the energy transition.
• Additionally, the momentum in the microgrids business has further recovered.
• Alfen benefitted through its existing framework agreements as well as through new and repeat clients.

EV charging

• Growth driven by increasing volumes under existing framework agreements, new client wins and further internationalisation.
• The EV charging market continued to grow favourably on the back of the strongly growing EV adoption predominantly in Western European markets.
• To enable growth in the EV charging business Alfen further strengthened its organisation, its marketing efforts and also added various new EV charging solutions to its broad international portfolio.
• In H1 2021, more than 60% of revenues was generated outside of the Netherlands.

Energy storage

• The momentum in the energy storage market continued to develop favourably mostly driven by the growth of renewables and the need to balance the offset between energy demand and supply.
• Alfen benefited from earlier secured contracts and framework agreements. For the latter, Alfen will be delivering its first two energy storage systems later this year.
• With its deep expertise and proven track-record Alfen is well positioned to further benefit from the growing momentum.

4

Increase in profitability driven by revenue growth combined with higher gross margins and operational leverage

Adjusted EBITDA

(€ million and as % of revenues)

	+69%
	16.9
10.0
	14.7%
11.1%
H1 2020	H1 2021
5

The adjusted EBITDA margin improvement is a result of strong revenue

growth combined with higher gross margins as well as the operational leverage strategy.

Going forward, Alfen will continue to pursue its strategy of profitable growth.