Fastned’s revenue grows – but so does its debt

Dutch fast-charging provider Fastned maintained its high rate of expansion in the first half of 2026; the company increased its number of charging locations, the amount of electricity sold, and consequently, its revenue. However, it also saw growth in its liabilities - which now exceed half a billion euros.

Let’s be clear: while the likes of Fastned regularly celebrate significant revenue growth, this typically comes at a high cost for almost all CPOs – namely, thanks to expensive investments in an ever-growing number of locations. However, only a handful of CPOs are listed on the stock exchange and therefore required to disclose their data publicly, as Fastned does.

The recently published financial results for the first half of 2026 from the Dutch CPO thus highlight the broader industry trend: charging providers continue to invest vast sums of money while incurring significant losses, with the charging business remaining a bet on the future. In other words, it depends on a massively increasing number of EVs in the European market, which will need to use charging stations far more efficiently in the future.

So let’s examine the details: in the first half of 2026, the number of Fastned charging sessions rose to 4.1 million (+34 per cent). The volume of electricity sold grew by 38 percent to 112.3 GWh. As a result, revenue from charging operations rose by 40 percent year-on-year to €75.1 million. Fastned increased its gross profit from charging operations by 61 percent to €66 million in the first half of 2026, while gross profit per kWh grew by 17 percent. However, the term ‘gross profit’ is more misleading than it seems, as it essentially means Fastned can resell electricity purchased wholesale at a significant markup to EV drivers. Other costs, however, are not included in this figure.

Next, operating, sales, and administrative costs must be deducted, leading to the operating EBITDA. This more than doubled to €37.4 million, compared to €17.9 million in the first half of 2025. However, this figure still excludes interest, taxes, and depreciation.

Ultimately, Fastned recorded a loss of €13.0 million, an improvement on the €18.3 million loss in the same period the previous year. What also stands out is the significant increase in total liabilities, which rose from €409.8 million (as of 31 December 2025) to €514.6 million by 30 June 2026 – meaning Fastned now carries a debt burden of over half a billion euros.

The CPO’s rapid pace of expansion – with the number of operational charging parks increasing by 28 to 434 locations in the first six months of the year – requires substantial funding. This is evident, for example, in Fastned’s regular issuance of new bonds and the fact that it has now borrowed around €337 million from private investors. These bonds most recently carried an interest rate of 6 percent. In addition, bank loans are driving liabilities up to that €514.6 million total.

As previously mentioned, Fastned is investing heavily in the construction of new sites; alongside newly opened charging parks, nearly 300 more are in planning or already under construction, which could increase the total number of charging parks to 723 locations. Consequently, capital expenditures (CapEx) rose to €44.7 million in the first half of 2026 (up from €41.0 million the previous year). Additionally, ‘network expansion costs’ increased by 40 per cent to €22.9 million. These include internal and external costs associated with expanding the charging network, such as personnel costs for the expansion and development team, site acquisition, feasibility studies, planning and engineering services, permitting procedures, and IT software development.