Fastned (FAST) Q2 2025 TU earnings summary

Executive summary

• Achieved 44% year-over-year revenue growth in H1 2025, with charging revenue reaching €54.3 million and expansion to 363 operational stations across eight countries, including the first in Italy and Spain.

• Energy delivered increased 30% year-over-year to 81.4 GWh, outpacing BEV fleet growth of 28%.

• Over 600 locations secured, with 17 new stations opened, 8 expanded, and 37 new high-traffic sites secured in H1 2025.

• Majority of operational stations now outside the Netherlands, marking significant pan-European expansion.

• Launched Spark Alliance and major marketing campaigns, driving brand awareness and strategic partnerships.

Financial highlights

• Charging revenue reached €54.3 million, up 44% year-over-year; total revenue was €58.6 million, up 55%.

• Gross profit from charging grew 38% to €41.0 million; gross margin per kWh improved to €0.54 in Q2 2025, the highest ever.

• Operational EBITDA increased 21% to €17.9 million, with a margin of 33% in H1 2025.

• Net loss widened to €-19.9 million, mainly due to network expansion costs.

• Cash and cash equivalents stood at €113 million at period end, supported by €71 million raised in bonds.

Outlook and guidance

• Guidance for 2025 remains unchanged, targeting 35%-40% operational EBITDA margin for the full year.

• Targeting 400–425 operational stations by year-end 2025 and 1,000 stations before 2030.

• Revenue per station expected to exceed €325k in 2025 and €1 million in 2030.

• Plans to accelerate station build pace, expand urban presence, and enhance profitability by scaling cash flows.

• Anticipates one more retail bond tranche in 2025 to support rollout.