Fastned (FAST) H2 2024 earnings summary

Executive summary

• Achieved 43% year-over-year revenue growth to €86.3 million, driven by network expansion and increased EV adoption.

• Opened 50 new stations, reaching 346 operational sites across seven countries; secured 139 new locations for future growth.

• Maintained >99% station uptime and expanded to new markets, including Spain and Italy, with first stations set to open in 2025.

• Achieved B Corp certification and maintained Level 4 CO2 Performance Ladder status, reinforcing sustainability leadership.

• Raised over €80 million in bond issues, ensuring funding for continued expansion.

Financial highlights

• Revenue from charging: €86.3 million (+43% vs. 2023); total revenue: €86.7 million.

• Gross profit from charging: €68.5 million (+52% vs. 2023); gross margin improved to 79%.

• Operational EBITDA: €32.6 million (+37% vs. 2023); underlying company EBITDA: €8.7 million (+11%).

• Net loss: €26.6 million (vs. €19.3 million in 2023); EPS (diluted): -€1.38.

• Cash and cash equivalents at year-end: €117.4 million; net cash outflow from operations: €7.6 million.

Outlook and guidance

• Targeting 1,000 operational stations by 2030; over 569 locations now secured or operational.

• EV market expected to continue strong growth, with EU BEV fleet projected to reach 30 million by 2030.

• Continued focus on high-traffic locations, network reliability, and customer experience to drive revenue and market share.

• Ongoing investment in innovation, including urban charging and electric truck pilots.