Fastned’s investment effort bears fruit with first positive EBITDA

Dutch fast-charging company Fastned begins to see its vast investment efforts bear fruit, saying it hit a significant financial milestone during the first half of 2023, with the underlying company EBITDA reaching €2,8 million. By the end of June, it opened 28 new stations this year alone, adding to its network of 272 spread over six countries.

The growing number of electric vehicles on the roads in these countries translates into 1,7 million charging sessions or 42 GWh of renewable electricity, an increase of 155% compared to the first six months of 2022. By this, Fastned helps to avoid nearly 40,5 thousand tons of CO2 by delivering almost 210 million electric kilometers.

Major milestone

It is a boost for Fastned’s CEO, Michiel Langezaal: “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.”

10,3 million loss

Still, red figures continue to color Fastned’s financial outline of incomes with a loss of 10,3 million euros, although less than last year, being 11,4 million. But Langezaal is convinced Fastned’s expansion strategy pays off.

Charging revenue reached €26,1 million in H1 2023, up 108% compared to H1 2022. The company says results were driven by solid 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.”

The lure of free ice cream

Fastned opened its first fast-charging station in Wallonia (Belgium) at the Baraque de Fraiture in Vielsalm. It’s on the popular route in the direction of the Route du Soleil in France, along a vital transit route from the Netherlands.

The weekend after the official opening was the best-performing one in Belgium. Probably the offering of free ice cream seduced a lot of Dutch vacationers on their way to the South.