Fastned (FAST) Q3 2025 TU earnings summary

Executive summary

• Achieved record Q3 charging revenue of €31.5 million, up 44% year-over-year, with gross profit rising 40% to €25.4 million and energy delivered up 32% to 46.8 GWh, outpacing EV market growth.

• Expanded network to 380 operational stations across nine countries, including first stations in Spain and flagship Gentbrugge site in Belgium.

• Over 1.7 million charging sessions delivered in Q3, with renewable energy sales up 32%.

• Cash position at quarter-end was €87 million; third bond round for 2025 underway, closing at the end of October.

• Opened 17 new stations in Q3, with 30 more under construction and a target of over 400 stations by end of 2025.

Financial highlights

• Revenue grew 44% YoY to €31.5 million, setting a new quarterly record; gross profit up 40% to €25.4 million.

• Energy delivered increased 32% YoY to 46.8 GWh; 1.7 million charging sessions handled in Q3.

• Gross profit per kWh stable at €0.54; operational EBITDA margin per station at 38%.

• Organic sales growth at existing stations was 21%, in line with 22% EV fleet growth.

• Construction pace up 24% YoY, with 54 projects completed in nine months.

Outlook and guidance

• Targeting 1,000 stations by 2030, requiring annual build pace of 100–150 stations; on track for over 400 stations by end of 2025.

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

• Operational EBITDA margin guidance of 35–40% by 2025, before positive impact from German highway tender.

• Expansion into new markets (Austria, Poland, Ireland, Luxembourg) planned for 2027.

• International operations now account for over 50% of stations, with continued expansion in new and established markets.