Dutch fast-charging provider Fastned temporarily slows down in its expansion push as EV acceptance sputters in some parts of Europe. It forecasts “that development time lags will be longer than previously anticipated.”
In its updated 2025 guidance, Fastned aims to have 400 to 425 stations operational by year-end, more than €325,000 in revenues per station, a full-year average, and a 35% to 40% operational EBITDA margin (the gross operating profit as a turnover percentage), also a complete-year average.
Ambitious plans in 2022
Fastned’s previous 2025 guidance figures were initially set during Charging Day, the company’s first capital markets day, in June 2022. At that time, Fastned unfolded ambitious plans to double its European network from 207 in 2022 to 400 by 2024 and round the cape of 1,000 before 2030. That would require 100 new stations a year, compared to 60 at that time.
That was ‘in tempore non suspecto’, Latin for ‘at a time no one expects something to happen’. Meanwhile, EV acceptance has shifted down, especially in Germany, where government incentives were scrapped overnight, and in other big markets like France.
Media sentiment trending negative
“2024 was a year of challenges for the EV market in Europe, with media sentiment trending negative and lower sales growth than forecast in certain markets,” Fastned starts its press release. “However, EV fleets are still growing at pace, providing opportunities for companies best placed to serve the market well.”
“EV penetration continues to grow, and the momentum of the transition will not be reversed. The long-term outlook both for EV sales and for the EV fast-charging market remains positive, with EVs continuing to increase market share in many of our key markets.”
Fastned expected back in 2022 – in tempore non suspecto, Latin for at a time no one expects something to happen – to realize an average yearly turnover of at least €400,000 per station by 2025 and more than one million euros by 2030.
Earnings before interest, taxes, and amortization (EBITA ) should be positive in 2023 and grow to over 40% in 2025. Now, the EBITDA margin should be between 35 and 40 percent for 2025.
On target with 346 stations
At the end of 2024, Fastned had 346 stations operational, just under the 335 to 350 it had predicted the year before. In late spring last year, Fastned counted on 420 to 450 stations to be operational by the end of 2025.
That ambition has been reduced from 400 to 425 now. However, with 569 locations secured (including 346 operational), Fastned says it is well on its way to achieving its target of 1,000 stations operational by 2030.
CEO and founder Michiel Langezaal said in 2022 that profit-making wasn’t Fastned’s first goal. Growing is crucial to being ready to serve the booming fleet of EVs, especially in the countries where most are sold.
EV sales grew by 25% worldwide
Despite all negative coverage in recent times, worldwide sales of electric vehicles grew by 25% in 2024. According to data from the British company Rho Motion, an electric vehicle research consultancy, 17.1 million battery-electric vehicles were sold last year.
There’s a noticeable difference between regions. The progress in China was evident (11 million electric vehicles, +40%), but North America also sold 9% more BEVs (1.8 million in total), while the ‘rest of the world’ grew by 27%. Only in Europe did the sales of electric cars decrease by 3%, resulting in total BEV sales of 3 million units.
So, it’s mainly from this region that all the alarming sounds of a collapsing EV market are coming. In Europe (UK and EFTA countries Iceland, Norway, and Switzerland included), the electric market has stagnated, and hybrid cars have taken a much larger part of the total market, also to the detriment of ICE cars (gasoline and, specifically, diesel).
In Belgium and Luxembourg, even a new record in EV sales was set in 2024. Last year, 127,922 new EVs were registered in BeLux, which is 37.3% more than the year before. Individual buyers more than doubled their EV purchase: +104.7%, according to figures from mobility organization Traxio.
Huge confidence
Fastned is still showing huge confidence in the future. “In just over two and a half years since Charging Day, Fastned has close to doubled the size of its network, grown its European presence to nine countries, more than doubled revenues per station, and doubled its operational EBITDA margin. In terms of sales, Fastned is now a top-three fast-charging company in Europe.”
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