Fastned (FAST) Q4 2024 TU earnings summary

Executive summary

• Q4 2024 energy delivered grew 33% year-over-year to 42.5 GWh, with charging revenue up 39% to €26.6m and gross profit rising 45% to €20.6m.

• Opened 20 new stations in Q4, reaching 346 operational stations by year-end, and secured 138 new locations in 2024, more than doubling the previous pace.

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

• Active customers increased 38% year-over-year to 524.8k, with sessions handled up 27% to 1.64m.

• Opened unmanned shops in Belgium and Germany and launched a joint venture with Places for London to build up to 65 stations.

Financial highlights

• Q4 run-rate revenues exceeded €106.1m annualized, with revenue per station at €315,000 and full-year 2024 average at €268,000.

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

• Operational EBITDA margin reached 45% in Q4, with guidance for 2025 at 35–40% due to increased costs.

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

• 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 is 35–40% due to increased staff, grid fees, and prudent revenue assumptions.

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

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

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