For the third quarter, Fastned reports revenue of €51.3 million. However, this includes €5.1 million of Dutch e-credits that actually belong to the first quarter but were not transferred until the third quarter due to the temporary closure of the government portal. Adjusted for this effect, collection income amounted to 46.3 million euros, which represents a year-on-year increase of 47 percent.
According to Fastned, gross profit increased by 44 percent year-on-year to €37 million. The temporary effect of electronic credits had no impact on this figure. Use of existing infrastructure also increased, with organic freight volume growing 27 percent in the third quarter, almost in line with the 29 percent BEV fleet growth in Fastned markets. The average annualized volume of energy per station reached 596 MWh.
Location revenue also benefited from holiday traffic. Since the beginning of the year, annualized revenue per station has been €395,000, near the upper end of the annual forecast range of €350,000 to €400,000.
Rapid construction of 65 additional stations.
At the same time, Fastned is accelerating its pace of construction. In the third quarter, 17 new stations were brought online and agreements were signed for 26 additional high-traffic locations. Currently, 65 stations are being built, almost double the number a year ago, according to the company.
For the entire year, Fastned maintains its orientation. By the end of 2026, between 70 and 100 new stations will open, expanding the network to between 476 and 506 locations. The company also confirms its target of an operating EBITDA margin of around 45 percent.
In Germany, Fastned is approaching the 70 location mark. To date, 17 stations have been built within the framework of Deutschlandnetz (link in German). For Fastned, these tenders are not only relevant because of government support, but, above all, because they provide access to additional locations along high-traffic transport axes and in densely populated regions.
The network is also growing in other major markets. In Belgium, Fastned currently operates 60 stations. Among the new additions is Libin Galaxia in Wallonia, with twelve charging points with up to 400 kW of charging power. In France, Fastned opened its first own kiosk in Thionville-Yutz, testing a concept for places where until now there were few additional facilities.
On the customer side, Fastned is also working to increase its network utilization. In the Netherlands, the company launched a partnership with the ANWB mobility association (link in German) in September. This makes Fastned visible to over 600,000 ANWB credit card users. Subscribers receive a 10 percent discount on Fastned stations across Europe.
Expansion remains capital intensive
However, this high growth still comes at a cost. At the end of the first half, Fastned’s total liabilities amounted to €514.6 million, up from €409.8 million at the end of 2025. At the same time, the company invested €44.7 million in network expansion in the first half of the year and still posted a loss of €13 million.
The expansion is largely financed through debt capital. With the second bond issue of 2026, Fastned raised €36.5 million from private investors. At the end of June, the operator had already raised around €337 million through retail bonds. These earn interest at 6 percent and will be repaid after five years.
The capital-intensive nature of the business model is also reflected in the average investment required per new station. According to previous Fastned figures, costs were recently around €892,000 per location, including charging hardware, grid connection, transformer technology and the brand’s signature solar canopies. In the third quarter, Fastned already launched the third retail bond of 2026. The issuance will be valid until October 30 and is intended to finance further network expansion.
Therefore, the evaluation of current figures could be contradictory. Operationally, Fastned is growing strongly in terms of cargo volume, revenue and number of locations. At the same time, expansion remains expensive and continues to be largely financed by debt capital. Therefore, in the coming years, not only will it be crucial how quickly Fastned builds new charging parks, but also how much it continues to increase utilization of existing stations.
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