Fastned handles one million charging sessions and expands into new markets in successful third quarter

• Revenue reached €15.2 million (+51% vs. Q3 2022)[; increased gross profit to €11.4 million (+140% vs. Q3 2022)]
• Renewable energy delivered doubled to 25.6 GWh (+86% vs. Q3 2022), avoiding an estimated 24,718 tonnes of CO₂
• Handled more than 998k charging sessions in the quarter (+68% vs. Q3 2022)
• Active customers in the period increased to almost 329k (+73% vs. Q3 2022)
• Opened 8 new stations during the quarter, reaching a total of 280 operational stations with 1,557 chargers and acquired 10 new high-traffic locations

Fastned, the European fast charging company, grew revenue related to charging by 51% in the third quarter of 2023. During the third quarter, one million charging sessions took place across the network, enabling more than 128 million electric kilometres and avoiding an estimated 24.7 thousand tonnes of CO₂. This positive impact will keep growing as Fastned builds more and bigger stations. During the quarter, Fastned made strong progress in expanding its network across Europe. The company announced its entry into two new markets, Denmark and Italy, and won two prime lots in the important German Deutschlandnetz tender that will triple the number of Fastned’s stations in Germany in the next four years.

“Fastned continues to grow in all aspects, financially and operationally, as more and more electric vehicles enter Europe’s roads and charge at our stations. How thrilling to see the exponential increase in the number of charging sessions: while it took around 6 years before we reached our first million charging sessions, we reached the second one two years later, and the third million in the seven months that followed. I'm very proud to see that this quarter, for the first time in our history, we handled one million sessions in just three months!  

Fastned is now a team of close to 200 talented people. Together, we are accelerating the transition to electric driving in Europe as we keep winning major tenders in our existing markets and in new countries, getting us closer to our goal of 1,000 stations by 2030.

 As we enter the fall with record-breaking temperatures all over the world, the need to reduce CO_² emissions to curb climate change is undeniable. Fastned is playing an important role in cleaner mobility as we enable EV drivers to drive millions of electric kilometres, without burning fossil fuel.” Michiel Langezaal, CEO Fastned

More customers and EVs to serve at our stations 

• Charging revenue reached €15.2 million in Q3 2023, up 51% compared to Q3 2022. The results were driven by strong battery electric vehicle (BEV) market momentum. Compared to Q3 2022, the BEV fleet across our markets grew this quarter by 33% in the Netherlands, 59% in Germany, 81% in Belgium, 37% in France, 72% in the United Kingdom, 46% in Switzerland. Fastned revenue continues to outgrow the average charging market growth.
• This quarter, active customers increased to almost 329k (+73% vs. Q3 2022). Together, they charged at Fastned more than 998k times, 68% more than in the same period a year ago. The amount of energy delivered almost doubled to 25.6 GWh (+86% vs Q3 2022).
• Our brand new station “Baraque de Fraiture” in Wallonia shows how successful our location strategy is: only a few weeks after its opening, at the peak of the holiday season, 159 customers charged their cars at this station located in a so-called charging desert, in only one day. 
• Fastned selects large locations on high-traffic roads to build big stations with expansion potential so we can welcome more EV drivers as demand for fast charging grows. The Kreuz Hilden station in Germany is the perfect example: this quarter, the station was expanded with new 400 kW chargers. 22 electric vehicles can now charge at this station simultaneously, making it the largest station in the Fastned network.
• The average utilisation rate at our stations grew from 10.8% in Q3 2022 to 11.4% during Q3 2023,  ensuring we have enough capacity to welcome the growing number of EV drivers. Without capacity expansion over the last 12 months, like-for-like utilisation would have grown to 14.3% in Q3 2023.

We opened new stations and secured new locations in new and existing markets 

• In Q3 2023, the company added 8 new stations to its network. Fastned opened 4 stations in the Netherlands, 2 in the UK and 2 in Switzerland. This brings the total number of stations to 280 in six countries at the end of Q3. 
• In addition to opening new stations, Fastned expanded existing stations to prepare for growing demand, adding 64 chargers to its network. Delivering up to 400 kW  per charger, with a network of more than 1,550 chargers in total, Fastned continues to be one of the preferred fast charging networks for EV drivers. 
• In Q3 2023, Fastned secured 10 high-traffic locations to build new stations, bringing the total number of acquired locations to 406.  
• In July, Fastned announced yet another tender win for three high-traffic locations in Denmark  and in September– signing a partnership with A4 Holding Group, one of the major Italian motorway operators, marking the entry of Fastned into Italy. 
• After the closing of the period, Fastned won two lots in the Deutschlandnetz tender. These lots consist of 92 so-called “search areas” for the construction of fast charging stations, with the potential to triple the number of stations in Germany over the next four years.

There will be a webcast about this Q3 2023 trading update today, 12 October, from 11:00am to 12:00pm CET. To join the webcast, please click here to register. You can find today’s investor presentation, as well as earlier financial publications here.