Fastned (FAST) Q4 2024 TU earnings summary

Executive summary

• Energy delivered in Q4 2024 rose 33% year-over-year to 42.5 GWh, with gross profit up 45% to €20.6 million.

• Revenue for Q4 2024 reached €26.6m, up 39% year-over-year.

• Opened 20 new stations in Q4, totaling 346, and secured 138 new locations in 2024, more than doubling the previous pace.

• Cash position at year-end was €117.3 million, expected to fund at least the 2025 rollout.

• Network now at 569 secured locations, progressing toward the 1,000 station target by 2030.

Financial highlights

• Q4 run rate revenues exceeded €100 million annualized, with Q4 revenue per station at €315,000 and full-year 2024 average at €268,000.

• Operational EBITDA margin reached 45% in Q4, with H1 2024 at 39%, and utilization at 14.9%, more than double most competitors.

• Underlying EBITDA positive since H1 2023, six months ahead of target.

• Gross profit per kWh in Q4 2024 was €0.48, up from €0.44 in Q4 2023.

• Organic sales growth (excluding new stations) was 17.5% year-over-year.

Outlook and guidance

• 2025 guidance: 400–425 operational stations by year-end, with revenue per station forecast over €325,000.

• Operational EBITDA margin guidance for 2025 lowered to 35–40% due to increased staff, grid fees, and prudent revenue assumptions.

• Long-term goal to ten-fold revenues again by 2030, maintaining profitability.

• FTEs expected to rise to ~500 by end of 2025, up from ~325 at end 2024.

• Capex per charger projected at €130,000 in 2025, mainly due to higher grid connection costs.