operating margin
45 pct
FY 2026
official guidance
FASTNED B.V.
Last · Amsterdam€37.50-0.45 (-1.19%)stale · yahoo · 229h ago
Market cap€733.2M19.6M sh
P/E · TTM-29.3fwd -48.2 · eps -1.28 · loss
Beta0.93vs S&P 500
Div yield—annual · TTM
52w range
€19.88€42.35
Volume18.9Ksession
| Revenue | €139.2M |
|---|---|
| Operating income | €-13.6M |
| Net income | €-30.2M |
| Free cash flow | €-106.7M |
| Operating margin | -9.8% |
| Net margin | -21.7% |
| Return on equity | -32.9% |
| Period | 2025 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
BuyHoldSell
Strong execution, but funding intensity, policy exposure, and limited forward disclosure prevent a clean buy.
Hold: Fastned delivered a genuine operating inflection, with H1 charging revenue up ~40% to €75m, charging gross profit up 61% to €66m, and underlying company EBITDA rising to €30.7m from €1.4m.
However, the improved FY2026 operational EBITDA margin outlook of ~45% is still partly exposed to e-credit timing and policy economics, while management refused to quantify 2027 cost leverage or provide a clearer cash-generation trajectory.
Themes
- Operating Leverage
- Station Economics
- Network Expansion
- E Credits
- Retail Bonds
- Cash Flow
Near term
Second-half seasonality should support volumes: H1 energy delivered rose 38% and management expects FY2026 revenue per station at the upper end of the €350,000–€400,000 range.
The 48 stations under construction and eight opened since June support the 70–100 new-station target, but permitting and grid connections remain execution bottlenecks.
Recognition of €5.1m of Dutch e-credit revenue is expected in Q3, which could improve reported revenue and sentiment without changing H1 gross profit.
Higher electricity prices in the second half could pressure the approximately 45% FY2026 operational EBITDA margin outlook.
Longer term
Like-for-like volume growth at existing stations was approximately 30%, while operational EBITDA per station nearly doubled to €184,000 and ROIC rose to 19%, supporting the underlying network economics.
Fastned’s claimed three-to-four-times market-average sales per site and drive-through locations provide a potential utilization moat, but the call supplied limited independent evidence that this advantage will persist as competitors consolidate.
The 48 new high-traffic locations signed in Q2 are a positive 2028 pipeline indicator; Italy and Spain are unlikely to contribute materially until 2027–2028 because of 1–2 year permitting and grid timelines.
Gold memberships reached 15,000 and the B2B Charge card generated 2,500 sessions since May, but these commercial channels remain too small to validate their long-term contribution.
Red flags
Management declined to provide cost, FTE, or margin guidance beyond 2026 despite analyst questions about whether H1 marks a durable inflection point.
Reported operating cash flow was negative €10.1m in H1 and only neutral after normalizing for German highway tender and Dutch e-credit timing; the model is not yet demonstrably self-funding while capex was €44.6m.
Fastned has €337m of retail bonds outstanding, including €69m raised year-to-date, with a stated fixed interest rate of 6%; continued expansion therefore carries meaningful financing and dilution-free leverage risk.
The response on long-term e-credit economics was non-quantitative and did not establish how much of the €0.07/kWh H1 gross-profit benefit is sustainable versus passed through via competition or policy changes.
Oil-price-driven demand may moderate if fuel prices normalize, and management’s assertion that EV adoption is irreversible was not supported with sensitivity data.
The company raised consolidation and acquisitions as possibilities but gave no valuation, return thresholds, or integration framework for buying stations or another CPO.
Forward outlook
revenue
350000–400000 $million
FY 2026
official guidance
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest ANNUAL · 2026-03-24
- Operating Cf Burn
- Net Margin Sharply Negative
- Accumulated Deficit High
Red flags
- Operating Cf Burn — Negative operating cash flow
- Net Margin Sharply Negative — Net margin -21.7%
- Accumulated Deficit High — Accumulated deficit / equity 174%
Earnings transcripts
- Issuer webcast
Q3 2026 Trading Update, 15 October 2026
FASTNED B.V.
- Issuer webcast
2026 08 13
FASTNED B.V.
- Issuer IR
H1 2026 earnings call transcript
FASTNED B.V.
- Issuer IR
fastned q1 2026 trading update transcript
FASTNED B.V.
- Issuer webcast
Earnings call transcript
FASTNED B.V.
- Issuer webcast
2026 01 15
FASTNED B.V.
Documents
FormReporting forFiledFlags
—2026-08-130