Fastned increases charging revenue and accelerates network expansion

Fastned significantly increased its charging revenue in the third quarter of 2026 during a period of rapid expansion. The fast-charging provider commissioned 17 new stations, secured 26 additional locations, and currently has 65 stations under construction.

Fastned is driving the expansion of its network forward, e.g., in Gentbrugge.

Image: Fastned

For the third quarter, Fastned reports charging revenue of €51.3 million. However, this includes €5.1 million from Dutch e-credits that actually belong to the first quarter but were only transferred in the third quarter due to a temporary closure of the government portal. Adjusted for this effect, charging revenue was €46.3 million, representing a 47 per cent year-on-year increase.

According to Fastned, gross profit rose by 44 per cent year-on-year to €37 million. The timing effect of the e-credits had no impact on this figure. Usage of the existing infrastructure also increased, with organic charging volume growing by 27% in the third quarter – almost in line with the 29 per cent growth of the BEV fleet in Fastned’s markets. The annualised average energy volume per station reached 596 MWh.

Revenue per location also benefited from holiday traffic. Since the beginning of the year, the annualised revenue per station has been €395,000, close to the upper end of the annual forecast range of €350,000 to €400,000.

Fastned building 65 additional stations

At the same time, Fastned is accelerating its construction pace. In the third quarter, 17 new stations went live, and agreements were signed for 26 additional high-traffic locations. Currently, 65 stations are under construction – almost double the number from a year ago, according to the company.

For the full year, Fastned is maintaining its guidance. By the end of 2026, 70 to 100 new stations are to be opened, expanding the network to 476–506 locations. The company also confirms its target of an operating EBITDA margin of around 45 per cent.

In Germany, Fastned is approaching the milestone of 70 locations. To date, 17 stations have been built as part of the Deutschlandnetz (link in German). For Fastned, these tenders are not only relevant due to 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 core markets. In Belgium, Fastned now operates 60 stations. New additions include Libin Galaxia in Wallonia, featuring 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 locations where there have previously been few additional facilities.

On the customer side, Fastned is also working to increase the utilisation of its network. In the Netherlands, the company launched a partnership with the mobility association ANWB (link in German) in September. This makes Fastned visible to over 600,000 users of the ANWB Charge Card. Subscribers receive a 10 per cent discount at Fastned stations across Europe.

Expansion remains capital-intensive

However, this high growth continues to come at a cost. At the end of H1, Fastned’s total liabilities stood at €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. By the end of June, the operator had already collected around €337 million through retail bonds. These are interest-bearing at 6 per cent 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 earlier Fastned figures, costs were most 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 issue runs until 30 October and is intended to finance further network expansion.

The assessment of the current figures could therefore be mixed. Operationally, Fastned is growing strongly in terms of charging volume, revenue, and the number of locations. At the same time, expansion remains expensive and continues to be financed to a significant extent through debt capital. In the coming years, it will therefore not only be crucial how quickly Fastned builds new charging parks but also how much the utilisation of existing stations continues to increase.