"The rapid growth of active customers and the number of charging sessions on our network undoubtedly shows that our concept, building large and visible stations in high-traffic locations, continues to pay off. The electric transition is well underway, and as one of Western Europe's top 3 fast charging companies, we are proud to drive it. I believe that promoting regulations, incentives, and taxation is the only way for Europe to ensure a sustainable shift. This is why there is a lot at stake in the upcoming European elections. The outcome will define Europe's future competitiveness as a global player. Electrification of road transport is the technologically sound, environmentally sustainable and economically sensible choice for the future of mobility in Europe. At Fastned, we are committed to contributing to this vision by expanding our network of high-quality, fast-charging stations throughout Europe."
Michiel Langezaal, CEO Fastned
We continued on our growth path
• With over 31.4 GWh delivered (+51.9% vs. Q1 2023), our revenue grew to €18.9 million (+42.1% vs. Q1 2023).
• Increased gross profit to €14.7 million (+56.4% vs. Q1 2023).
• The EV stocks across our operational markets were up 43% compared to the same period last year2. Fastned continues outgrowing the EV fleet growth.
• As the company continues its growth, Fastned now categorises as a large business according to EU definitions.
We are securing more high traffic locations and continue to expand our network
• In total during the period, Fastned secured 52 new high traffic locations (37 in Germany, 5 in Belgium, 3 in France, 3 in Spain, 2 in The Netherlands, 2 in Italy), bringing the total pipeline to 483 secured locations.
• In February, Fastned announced winning a lot for 34 highway service areas in the Deutschlandnetz tender. The newly won sites add up to the 92 search areas which Fastned won back in 2023. These wins support the tripling of Fastned's network in Germany.
• Additionally, Fastned is actively investigating tenders in Poland as part of its New Markets strategy.
• Fastned opened 11 new stations to its network this quarter: 5 in the Netherlands, 4 in Belgium and 2 in the United Kingdom. Fastned counted 307 operational stations across seven countries at the end of the quarter.
We build a community focused on sustainable driving and energy transition
• 389,007 active customers (+61.9% vs. Q1 2023) charged their cars 1.25 million times (+44.4% vs. Q1 2023) on Fastned's network.
• More people choose Fastned as a sustainable investment. In January 2024, Fastned raised €24.4 million in new bonds and €3.5 million in extended bonds.
• Fastned announced signing a partnership with the international lease company Arval. This new partnership will secure a smooth charging experience for hundreds of thousands of EV drivers across Europe.
• At the end of 2023, Fastned signed its first multi-year Corporate Power Purchase Agreement (CPPA) in the Netherlands with GLP, a leading global logistics and data centre real estate developer, with a strong focus on renewable energy. The delivery of the energy commenced in February 2024.
Looking ahead
• The charging market is going through a transition phase. Whilst the EU Commission is drafting a proposal to accelerate the transition of companies' car fleets to EVs, governments are reassessing their approach to sustainable mobility given its growing scale and maturity and are moving from subsidy schemes in the initiation phase to norm-based incentive systems. This causes some volatility in EV sales in the short term. The European elections provide an opportunity for further acceleration of the electric transition.
• Despite facing challenges in certain markets, we are confident in the continued accelerated growth of the charging market. One of the reasons is the long-term belief in EVs as a more sustainable and advanced technology compared to the internal combustion engine. The ongoing improvements in battery prices and technology are closing the price gap between fossil cars and EVs at or beyond price parity, significantly accelerating the transition to electric mobility. The main driver of our charging market is the rapid growth of the EV fleet on Europe's roads. Prospects for sales in 2024 and beyond remain positive as EV fleet penetration is expected to more than double by 2026 and increase five-fold by 2030.
• Ambitious and sound regulations to build the charging infrastructure are crucial in accelerating the transition. The AFIR3 is already leading to more charging infrastructure along European motorways. This is supplemented with initiatives on a more local basis by municipalities or local governments thinking about how to develop the needed charging infrastructure. Fastned continues to support such initiatives and in doing so advocates for open and competitive tenders to realise this infrastructure.
• Some delays in large tenders last year, in combination with grid congestion challenges, will impact our building pace in 2024. However, the 52 signed locations in the first quarter of 2024 provide the basis for the desired construction pace of 100+ locations per year. With our secured pipeline hitting 483 locations, the construction pace in 2025 will be higher, and our network will reach 420 to 450 stations operational by year-end.
• Fastned continues to invest in growing its team of talented people as we continue to expand our network and grow our company. We expect to double the organisation over the next two years. These people will use their talents and creativity to grow the company and reach the milestone of 1,000 stations in 2030.
Our guidance:
• Network growth
- 335 to 350 stations operational by year-end 2024
- 420 to 450 stations operational by year-end 2025
- Target of 1,000 stations before 2030
• Financial performance
- Revenue per station >€400k in 2025 and >€1m in 2030
- Operational EBITDA margin >40% by 2025
- Underlying company EBITDA positive in 2024
About Fastned
Fastned is on a mission to accelerate the transition to electric mobility. Since 2012, we've been at the forefront of European charging infrastructure development, building and operating a rapidly growing network of iconic fast charging stations. Our yellow, nature-inspired stations create a welcoming environment for drivers during the 15 minutes it takes to charge up to 300 km of range. By offering Europe's most reliable, convenient, and joyful charging experience, we aim to inspire millions to drive on solar and wind energy so that together we can curb climate change. Fastned is listed at Euronext Amsterdam (AMS: FAST).
© 2024 GlobeNewswire (Europe)
