Fastned grows revenues by 63% in first half of 2021 on the back of strong electric vehicle sales
Fastned, the European fast charging company, grew revenues related to charging by 63% in the first half of 2021 compared to the first half of 2020, on the back of strong electric vehicle sales across all its markets. Operational EBITDA (+129% yoy) grew at a faster pace than revenues due to the inherent operational leverage Fastned has in its business. Revenue and operational EBITDA growth were affected by Covid-19 measures, with many people still working from home.
With the successful equity raise of 150 million euro in March, Fastned is ready to play a leading role in the development of charging infrastructure in Europe. This will be achieved by for example participating in tenders for charging stations in Germany and France. In July Fastned opened its first Belgian highway stations, between Antwerp and Brussels. Fastned is currently preparing for construction of its first French highway stations in the second half of 2021, adding a sixth country to its network.
- Revenue related to charging: € 4.4 million (+63% vs. H1 2020)
- Volume: 7.6 GWh of renewable energy delivered (+58% vs. H1 2020)
- Active customers Q2 2021: 65,305 (+118% vs. Q2 2020)
- Charging sessions handled: 417K (+53% vs. H1 2020)
- 5,964 tonnes of CO2 avoided
- 38 million electric kilometers enabled
- Revenues from charging were up 63% vs. H1 2020 (+141% vs. Q2 2020). The result was realized on the back of accelerated station openings and strong BEV market momentum, with the stock of registered BEV increasing YoY by more than 155% in Germany, 120% in the United Kingdom and 55% in the Netherlands.
- Operational EBITDA 1 and Operational EBITDA per station increased strongly in H1: 129% and 79% respectively compared to H1 2020. Operational EBITDA grew at a faster pace than revenue, evidencing the operational leverage in Fastned's business model.
- Revenue and profitability growth remained affected by Covid-19 measures as a consequence of which many people still worked from home.
- In March, Fastned raised 150 million euro in equity through an accelerated bookbuild offering, to accelerate the growth of its network.
- As of the end of July, Fastned had secured 310 sites, increasing its total number of secured locations by 23 versus YE 2020
- In the first half of 2021, 12 new stations were opened, bringing the total to 143 stations by the end of June. In July, a further 5 new stations were added as the construction pace ramped up.
- In H1 2021 a total of 80 fast chargers with a 150-300 kW capacity were installed at existing Fastned stations. As of the end of June 2021, the network counted 544 chargers (+19% since the beginning of the year), bringing the average number of chargers per station to 3.8 (compared to 3.0 in H1 2020).
- Fastned increases its station construction target for 2021 from more than 40 to more than 452, implying that by the end of December the network will count more than 175 stations.
- Underlying net profit came in at 7.7 million euro negative, which is in line with expectations at this stage of BEV adoption and was further hampered by Corona lockdown measures. Book equity stood at 118 million euro positive, following this year's capital raise.
- Niels Korthals Altes (CCO and previously Head of Funding) has indicated his intention to leave the company around the end of the year, and after a replacement has been found. During his more than 8 years with Fastned Niels focused on funding and development of the commercial side of the company.
“We have made lots of progress in the first half of 2021, with hiring many great people to grow our organisation and accelerating the construction pace. An exhilarating environment, but also one that made my good friend and colleague Niels decide that it is time for him to move on, as the starting phase is more his sweet spot than the scaling phase. I look back with gratitude and admiration for what he has achieved at Fastned, and I will sincerely miss him."
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1. The construction target excludes MisterGreen stations, where Fastned is replacing MisterGreen chargers with single Fastned chargers on existing low voltage grid connections. Fastned will redevelop the stations once required permits and grid connections are available.
2. The construction target excludes MisterGreen stations that will be redeveloped into Fastned stations
Please note that elements of this press release contain or may contain information about Fastned B.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/ 2014 (Market Abuse Regulation). Fastned’s Consolidated Annual Accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (“IFRS‐EU”) and with Part 9 of Book 2 of the Dutch Civil Code. All figures in this document are unaudited. Small differences are possible in the tables due to rounding or human mistakes. Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward‐looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements. Any forward‐looking statements made by or on behalf of Fastned B.V. speak only as of the date they are made, and Fastned B.V. assumes no obligation to publicly update or revise any forward‐looking statements, whether as a result of new information or for any other reason. To the extent available, the industry, market and competitive position data contained in the Information come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities.
Fastned has been developing fast charging infrastructure for electric vehicles across Europe since 2012. Fastned’s mission is to accelerate the transition to sustainable mobility by giving freedom to electric drivers. Based in Amsterdam, the company has built 158 fast charging stations in the Netherlands, Germany, the United Kingdom, Belgium and Switzerland. Fastned is working on the expansion into France. The company specialises in developing and operating fast charging infrastructure where drivers can charge their electric vehicle with up to 300 km of range in 15 minutes before continuing their journey. Fastned is listed on Euronext Amsterdam (ticker AMS: FAST).