Fastned (FAST) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw charging revenue rise 40% year-on-year to €39.2m, with electricity delivered up 32% to 55.6 GWh and 2.1 million sessions handled (+28%), outpacing BEV fleet growth in core markets.

• The network reached 414 operational stations across 9 countries, with 8 new stations opened, 33 under construction, and 26 new high-traffic locations signed; expansion remains on track for 70–100 new stations in 2026.

• Strategic partnerships, such as the Places for London JV, position the company as a key urban charging player, with 12 sites under development and a target of 25 stations in London by 2030.

• BEV fleet growth of 24% YoY supports recurring charging demand, with strong battery-electric vehicle registration growth in France (+38.5%) and Germany (+26.3%).

• Leadership changes include Victor van Dijk as VP Strategy and Remco Samuels as Interim CFO, plus new Country Directors in Denmark, France, and Switzerland.

Financial highlights

• Q1 2026 charging revenue reached €39.2m (+40% YoY), gross profit rose 63% to €32.1m, and gross margin per kWh increased to €0.58, driven by higher e-credit prices and lower energy costs.

• Full-year 2025 revenue was €122m (+47% YoY), with operational EBITDA margin at 36% and underlying EBITDA at €8.3m.

• Cash position at end of Q1 2026 was €95.5m, supported by retail bond and new bank financing.

• Annualized revenue per station increased to €387,000 from €325,000 in Q1 2025.

• Surpassed €100m in annual revenue for the first time in 2025.

Outlook and guidance

• 2026 guidance: 70–100 new stations, targeting 476–506 operational stations by year-end, revenue per station of €350,000–400,000, and operational EBITDA margin of 35–40%.

• Long-term target of 1,000 stations before 2030.

• Cost growth is expected to level off, with future revenue growth flowing more directly to the bottom line and underlying EBITDA to grow meaningfully in 2026.

• Funding for 2026 capex expected from current cash, retail bond issuance, bank financing, and German tender funding.

• Expects continued market expansion as oil price volatility accelerates EV adoption.