Alfen Downgraded to Hold, Jefferies Slashes Profit Forecasts on Rising Costs

Jefferies downgraded Alfen N.V. from buy to hold. The broker reduced the price target from €18 to €14.

Jefferies anticipates negative earnings momentum for the next two quarters. Visibility remains low regarding the recovery of the EV Charging business.

The broker cut Alfen’s 2026 EBITDA estimate by 32%. The revised EBITDA forecast stands at €18.8 million. Higher personnel costs from an ongoing transformation drove this reduction.

EV Charging revenue fell 17% in the first half of the year. Lower volumes and competitive pricing pressures caused the decline.

Jefferies raised 2026 revenue estimates based on Smart Grids growth. Near-term profitability concerns remain the primary focus.