Fastned (FAST) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached €37.8 million, up 45% year-over-year, driven by network expansion and strong EV fleet growth in core European markets.

• Energy delivered in H1 2024 rose 50% year-over-year to 62.7 GWh, outpacing EV stock growth.

• Active customers increased 50% year-over-year to over 411,800, with 2.5 million sessions handled (+42% YoY).

• Secured 79 new high-traffic locations in H1 2024, bringing total signed locations to 509 and supporting the goal of 1,000 stations by 2030.

• Cash position at period end was €146 million, supported by €61 million in new bonds issued.

Financial highlights

• Gross profit for H1 reached €29.8 million, up 52% year-over-year, with gross margin improving to 79%.

• Underlying company EBITDA increased 14% to €3.2 million, with operational EBITDA margin at 39-40%.

• Net loss was €-11.4 million, mainly due to network expansion costs.

• Operating cash flow nearly break-even at €-1 million, a significant improvement from the prior year.

• Number of chargers reached 1,863 (+149 YtD).

Outlook and guidance

• On track to reach 1,000 stations by 2030, with 335-350 operational by end of 2024 and 420-450 by end of 2025.

• Revenue per station expected to exceed €400k in 2025 and €1 million in 2030, with operational EBITDA margin targeted above 40%.

• Confident in continued growth as EV adoption accelerates and battery costs decline.