Fastned nearly triples sales in first half of 2022

Fastned, the European fast charging company, grew revenues related to charging to 12.6 million euro (+188%) in the first half of 2022, almost three times the revenues in the same period last year. This puts the Q2 annualised revenue run-rate at more than 27 million euro. This strong increase is the result of European network growth, and higher charging demand on the back of strong electric vehicle sales across Fastned’s markets, as well as larger volumes per session. Operational EBITDA increased fourfold to 3.0 million euro (+298%) compared to the same period last year, growing at a faster pace than revenues due to the inherent operational leverage Fastned has in its business.

CEO statement

Highlights  

• Charging revenues reached 12.6 million euro in H1 2022, up 188% vs. H1 2021. The results were driven by a strong battery electric vehicle (BEV) market momentum. Year-to-date the percentage of new electric car sales across our key markets increased significantly compared to previous years: in Germany, it reached 14% in H1 2022 vs. 11% in H1 2021, in the UK 14% vs. 8%, and in the Netherlands 18% vs. 10%, in France 12% vs. 8%, in Switzerland 16% vs. 10%, in Belgium 6% vs. 4%.
• Annualised Q2 revenue run-rate increased to more than 27 million euro.
• In H1 2022, the company added 23 new stations to its network. Fastned opened seven stations in the Netherlands, five in Germany, four in Belgium, three in France and four in the UK. This brings the total number of stations to 208 in six countries at the end of H1. As we have many stations in construction planning, we’re confident we will commit to our target of opening at least 65 new stations in 2022. 
• In H1 2022, Fastned secured 30 new locations to build new stations in France, Belgium, Germany and the UK, bringing the total number of acquired locations to 358. 
• A total of 186 additional ultra fast DC chargers were installed during the first half of the year, following new station construction as well as upgrades of existing stations, bringing the total number of chargers in the network to 945. The average number of chargers per station increased to 4.5 at the end of H1 2022, compared to 3.8 in the same period the previous year.
• Utilisation during the second quarter of 2022 was 10.1% vs. 7.2% in the same quarter of the previous year, driven upwards by more charging sessions and downwards by opening new stations as well as upgrading stations resulting in significantly more capacity, in anticipation of increasing demand over the coming years. Like-for-like utilisation was 12.9% with respect to Q2 2021.
• Fastned’s network of charging stations enabled more than a 100 million electric kilometres and helped avoid an estimated 15.9 thousand tonnes of CO2. 
• In May 2022, Fastned opened Scotland’s biggest ultra-rapid charging station for EVs in Hamilton. The station comprises eight hyper chargers and will provide customers with 100% renewable energy. In July we opened Oxford Redbridge station in the UK, with ten 300kW chargers as part of Energy Superhub Oxford, Europe’s largest energy superhub. 
• In June, Fastned raised nearly €23 million with the issue of new bonds. In addition, investors have extended over €7 million worth of investments from earlier issues, bringing the total issued amount in this round to nearly €30 million.
• In the first half of 2022, the Fastned organisation continued its rapid growth. In this period, the employee base grew to 137 people, 28 more than at the beginning of the year. Employees are key in securing and accelerating Fastned’s growth in the coming years.
• To mitigate the impact of the rising energy prices we’ve increased prices across all markets starting 1 August or 1 September. As we expect energy markets to remain volatile in the foreseeable future, we will reconsider our prices on a monthly basis going forward and change them if needed, to make sure they remain fair to our customers while ensuring a sustainable margin.
• In June, we held our first capital markets day where we presented Fastned’s strategy and provided the guidance that Fastned expects to have a network of 400 operational stations before year end 2024 and that average revenues per station will be above 400 thousand euro before 2025 and one million euros per station by 2030. We expect the operational EBITDA margin to be more than  40% by 2025 while Underlying company EBITDA is expected to become positive in 2023. 

There will be a webcast about this H1 2022 trading update today from 11:00am to 12:00pm CET. To join the webcast please click here to register. Please find the investor presentation here. Download Fastned’s Interim report on the first half of 2022 here.

A recording of the webcast will be published on our website. 

Legal Disclaimer

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.