Fastned (FAST) Q3 2024 TU earnings summary

Executive summary

• Q3 2024 revenue reached €21.9 million, up 44% year-over-year, with nine-month revenue at €59.7 million, nearly matching full-year 2023 results.

• Energy delivered in Q3 2024 rose 38% year-over-year to 35.5 GWh, outpacing BEV fleet growth of 34%.

• Secured 13 new locations and opened 8 new stations, bringing operational stations to 326 and total secured sites to 523.

• Major tender wins and preferred bidder status in Denmark, Switzerland, and London, including a joint venture to build up to 65 stations in London.

• Cash position at end of Q3 was €126.7 million.

Financial highlights

• Annualized revenue per station at €271,000, with Q3 average station sales up 19% year-over-year and 24.5% at existing stations.

• Gross profit increased 63% to €18.1m (€0.51/kWh), with gross margin benefiting from a €400,000 one-off e-credit effect in France and structurally higher e-credit sales in France and Belgium.

• Operational EBITDA margin remains above 40%, currently at 46%.

• Active customers grew 44% to 474,000; sessions handled increased 33% to 1.3 million.

• CO2 avoided totaled 34.2 kt, up 38% year-over-year.

Outlook and guidance

• On track to reach 335–350 stations by year-end 2024 and 420–450 by end of 2025, supported by a strong pipeline of permitted sites.

• Targeting €400,000 revenue per station in 2025 and €1 million by 2030, with more than 40% operational EBITDA margin.

• Guidance for 2025 will be updated after Q4, with current budgeting in process.

• Targeting 1,000 stations before 2030.

• Underlying company EBITDA expected to be positive in 2024.