Fastned reaches milestone of being underlying EBITDA positive

  • Underlying Company EBITDA positive for first time in Fastned history (+ €2.8 million H1 2023 vs. negative €2.7 million H1 2022); 
  • Revenue doubled to €26.1 million (+108% vs. H1 2022)
  • Gross profit more than doubled to €19.6 million (+152% vs. H1 2022)
  • Renewable energy delivered doubled to 42 GWh (+107% vs. H1 2022)
  • Handled more than 1.7 million charging sessions (+86% vs. H1 2022)
  • Active customers increased to almost 275,000 (+71% vs. Q2 2022)
  • Opened 28 new stations, reaching a total of 272 stations across six countries

Amsterdam, 17 August 2023. Fastned, the European fast charging company, is well on track to reach its 2023 target, as it hit a major financial milestone during the first half of 2023: Underlying company EBITDA¹ reached €2.8 million.  The strong financial growth comes on the back of the continued expansion of our network and a strong increase in EV sales across our markets. We opened 28 new stations, growing the network to 272 stations at the end of June. Our revenue related to charging increased 108% to  €26.1 million. Fastned continues to drive the transition to a cleaner world: during the first half of 2023, we delivered close to 42 GWh of renewable energy via 1.7 million charging sessions, avoiding nearly 40.5 thousand tonnes of CO2 (+155% vs H1 2022)².

“For the first time in our history, Fastned reports positive Underlying company EBITDA. I’m extremely proud of that. This is a major milestone, confirming that we are on track to reach this target for the full year. Next to winning prizes for the best charging network in several countries, it shows that our strategy of cost-efficiently building large and visible charging stations at high-traffic locations is paying off. 

"This is also a very important achievement for me, personally. For years, people have asked me when Fastned would start earning money. My answer has always been the same: we are here for the long run, supporting the millions of drivers that want to go electric. It feels great to see that today, so many people have made that switch to driving an electric car and visit our stations. 

"Over the years, we’ve gathered around our mission a strong and growing community of EV drivers, investors, and partners, all committed to making electric driving mainstream, supporting our mission to accelerate the transition to electric mobility. Almost ten years since we opened our first station in the Netherlands, Fastned now operates more than 270 stations in six countries and counting, enabling customers to drive millions of electric kilometres without polluting the air. And it’s just the beginning. Every day we work hard towards our goal of one thousand Fastned stations in high-traffic locations by 2030, driving the transition to a fossil-fuel-free world.” Michiel Langezaal, CEO Fastned.

Our expansion strategy pays off 

  • Charging revenue reached €26.1 million in H1 2023, up 108% compared to H1 2022. The results were driven by strong battery electric vehicle (BEV) market momentum. Since July 2022, the BEV fleet across our markets grew by 82% in Belgium, 42% in France, 61% in the United Kingdom, 55% in Germany, 52% in Switzerland, and 37% in the Netherlands. Fastned continues to outgrow the charging market.
  • During the first half of 2023, vehicles charged at Fastned more than 1.7 million times, 86% more sessions than in the same period a year ago.
  • In the first half of 2023, Fastned’s network of fast charging stations enabled almost 210 million electric kilometres and helped avoid an estimated 40.5 thousand tonnes of CO2

We opened new stations and secured new locations for future growth

  • In H1 2023, the company added 28 new stations to its network. Fastned opened 10 stations in the Netherlands, 5 in Belgium, 10 in France, and  3 in the UK. This brings the total number of stations to 272 in six countries at the end of H1. 
  • In H1 2023, Fastned secured 20 high-traffic locations to build new stations, bringing the total number of acquired locations to 396. After the closing of the period, Fastned announced it won a tender for three prime high-traffic sites in Denmark, expanding its network into Scandinavia.
  • Fastned won Europe’s first tender for two electric-only service areas on the E17 near Ghent. These locations will be the first ‘highway service areas of the future’, serving only electric cars, each with 12 charging spots and Fastned providing additional services such as toilets, sandwiches and coffee. Construction will start in 2024.

We’re preparing for more customers to visit our stations

  • A total of 256 additional chargers were installed at new and upgraded stations during the first half of the year, bringing the total number of chargers in the network to 1,493. The average number of chargers per station increased to 5.5 at the end of H1 2023, compared to 5.1 at the end of 2022.
  • As a result of our continued efforts to expand our network, we kept our utilisation rate relatively flat during Q2 2023 at 10.8% (10.1% in Q2 2022). This ensures we have enough capacity to welcome the growing number of EV drivers. Without capacity expansion, like-for-like utilisation  would have grown to 14.4% in Q2 2023, compared to 10.1% in Q2 2022 
  • One of the new stations we like to mention is La Maxe station, in France (A31, between Metz and Luxembourg). It’s the biggest drive-through station in our network, providing 16 charging spots and allowing it to serve hundreds of electric drivers every day.
  • Fastned opened the first proper fast charging station of Wallonia in Vielsalm, in the direction of the Route du Soleil, along an important transit route from the Netherlands to France, unlocking a new itinerary for European EV drivers. The weekend following its opening, the station named “Baraque de Fraiture” was the best-performing one in Belgium, showing how consistent Fastned's strategy is when it comes to station locations.

Fastned, a great place to work

  • Employees enjoy working at Fastned, contributing to our mission. This is shown by an excellent eNPS score of 58, which means that the majority of employees would recommend Fastned to a friend as a great place to work. They consider Fastned a safe work environment, where actions are in line with the mission and are motivated by an entrepreneurial mindset.
  • Being a great place to work on an inspiring mission helps us grow our team: at the end of June 2023, 167 talented and motivated people worked at Fastned– 26 more than at the end of 2022.  (+19% YtD). They are key in securing and accelerating Fastned’s growth in the coming years.

We published our 2023 Interim Report today, in which we take a look back at our financial and operational achievements this last half year.

There will be a webcast about this H1 2023 trading update today, 17 August, from 11:00am to 12:00pm CET. To join the webcast, please click here to register. You can find the 2023 Interim Report and today’s investor presentation, as well as earlier financial publications here

1Earnings before interest, taxes, depreciation, amortisation, exceptional items and gross profit on station construction for third parties.

2 This figure, which includes the Q1 calculation, has been adjusted to reflect the current emissions factor for kg CO2 emitted per kilometer driven by a car


About Fastned 

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. Founded in Amsterdam, the company has built more than 275 fast charging stations in the Netherlands, Germany, United Kingdom, Belgium, France and Switzerland. It will open its first stations in Denmark by the end of 2023. 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).