Fastned (FAST) Q4 2025 TU earnings summary

Executive summary

• Annual revenue surpassed €100 million in 2025, a tenfold increase since 2021, with Q4 charging revenue reaching €38.1 million, up 44% year-over-year, and 406 operational stations across nine European countries.

• Raised €110 million in retail bonds in 2025, supporting network expansion and maintaining a strong year-end cash position of €70 million.

• Installed the first megawatt (1000kW) charger in the Netherlands and expanded into Spain, with key milestones in Belgium and Germany.

• Achieved 44 new high-traffic locations signed in 2025, despite 5 contract discontinuations.

• Entered France’s first all-electric service area and expanded shops and kiosks to enhance customer experience.

Financial highlights

• Revenue per station in 2025 was €335,000–€360,000, above guidance, with gross margin per station up 21% year-over-year due to volume growth, price increases, and lower energy costs.

• Organic sales growth at existing stations reached 18%, closely tracking BEV fleet penetration growth.

• CapEx per charger increased from €130,000 to €160,000 due to higher grid connection and civil works costs.

• Operational EBITDA margin for 2025 estimated at 35–40%, with ROIC for average station at 18% in Q4 2025.

• Cash position at year-end: €69.9–70 million.

Outlook and guidance

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

• Target of 1,000 stations before 2030, with network expansion costs projected to double by 2026, then taper.

• Network operating costs per charger expected to stabilize, supporting margin improvement.