Fastned B V

Hello and welcome to the Fastened Q3 Trading Update conference call. Please note, this call is being recorded and for the duration of the call, your lines will be on listen only. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star 1 on your telephone keypad to register your question. If you require assistance at any point, please press star 0 and you will be connected to an operator. I will now hand you over to your host, Mr. Mikhil Lan Guzal, CEO, to begin today's conference. Thank you.

Thank you, operator, and welcome to everyone on this call, as well as to our webcast viewers. The presentation used during this call is also available at our investor relations website, which is ir.fastnetcharging.com. This brings me to the title page of the presentation. This is a photograph taken by a photographer that specializes in architecture. We've recently been working on such images to show FastNet in prime architectural editorials. You might think, why would we have put so much effort in architectural magazines? Well, that's because we have an ambitious hiring target for architects. They're incredibly important to ensure we design charging stations that deliver an outstanding customer experience and brand recognition at each new location, every single time. We want to show architects that working at FastNet means working for a company with a mission where you can play an important role in making our brand visible and recognized by electric drivers. Architects at Fastnet operate at the interplay of branding and user experience, and that's quite unique, especially in our industry. Great design is just another example of why Fastnet stations have much higher visitor numbers than all of its competitors. Slide two, please. With reference to the information provided in these slides and discussed during this call, please take note of the disclaimer. Slide three, please. My name is Michiel Langezaal. I'm the CEO and one of the founders of Fastnet. Victor van Dijk, our CFO, is also present in this call. Together, we will present this webcast today. Today, I will elaborate on the highlights of the third quarter of 2023. Also, we will give you an update on the developments in the car and charging market. Furthermore, we will give you an overview of the station rollout for the rest of the year, as well as insight into major strategic wins from this quarter. after that victor will take over and take you through the top line financial results of the third quarter of 2023 and as always we will update you on station metrics after our presentations we will answer your questions please i would like to ask you to limit them to two questions per analyst to give everybody the opportunity we intend to end this call at 12 noon slide four please let's start with the highlights of the quarter about revenue growth as always revenue and kilowatt hour delivered grew rapidly in line with our expectations revenue related to charging reached 15.2 million euro in q3 up 51 versus q3 of last year the main driver behind this development is the growing number of electric vehicles on our roads it's important to mention here that fastnet continues to outgrow the electric vehicle market Because that is quite unique. Not many charging companies do that. For example, let's look at the Dutch market. The BEV fleet grew by 33% in the Netherlands, while at the same time, Fastnet sold 62% more electricity in this country. And we've seen in every country that our volume growth outpaces the growth of the fleet of electric vehicles. And that's a very good thing, because this Strong revenue growth supports our growth profit growth. Let's have a closer look at this growth of gross profit. Gross profit for the quarter was 11.4 million, which is 140% more in comparison to Q3 2022. Gross profit equals kilowatt hour volume times gross margin per kilowatt hour. Both parameters in the equation contributed to the strong growth in gross profit past quarter. First, as I mentioned, we grow our volumes significantly faster than the market. This is because of Fastnet's focus on building large fast charging stations where people come to charge quickly and be on their way again. At Fastnet stations, charging spots are freed up as soon as the battery is full again. What you see with chargers installed at places like IKEA, shopping malls and restaurants is that customers leave their cars longer than it takes to charge. And therefore, a charger is not being used optimally. The capacity of this infrastructure is linked to parking and the dwell time at the location, one could say. This difference puts Fastnet at an advantage in terms of capturing market growth versus other market players, and in turn accelerating the growth of gross profit. Second, the gross profit margin was exceptionally low during the third quarter of last year. When we reached the peak of the electricity prices on the wholesale market, While at the same time, price adjustments to our customers were made with a time lag. A year later, with electricity prices back to more normal levels, our growth profit margin is again at a sustainable level, even though we've lowered prices earlier this year. So the strong increase of 140% in our gross profit is the result of larger volumes as well as profit margin that is back at a healthy level. Additionally, last quarter we benefited a lot from the fact that we currently buy the majority of our electricity directly on the wholesale market and sell most of our kilowatt hours during the day. Especially in summer, it is around the middle of daytime that the electricity is cheapest. This is a consequence of the rapidly growing amount of solar generation capacity over the last couple of years. Other important highlights. In addition to building eight new stations are, of course, the winning of two prime lots in the Deutschlandnet standard and the adding of new locations to our portfolio. I will talk about each of these in more detail later. Which brings me to utilization. During the third quarter of 2023, our network was utilized 11.4% of the time versus 10.8% in the same quarter of the previous year. This number logically goes up as a consequence of more people charging with us, but at the same time going down as a consequence of FastNet adding new stations and more chargers to existing stations. even more so as many new stations are in countries with lower EV penetration than the Fastnet average. Therefore, it's also interesting to note the like-for-like utilization. In Q3 of this year, this was 14.3% compared to 11.4% in Q3 of last year. This metric better shows the massive growth in number of customers visiting our stations. Slide five, please. Last year around this time, we were working on the construction of more than 30 new fastnet stations across France. This summer, for the first time, we could offer electric drivers a Fastnet-only experience on their route from Belgium or the Netherlands to the south of France. Given the significant difference in electric car adoption between France and the Netherlands, we were much looking forward to see how our French locations would perform with summer traffic. Many electric cars from the Netherlands would choose to drive southwards towards their holiday destination boosting the number of electric cars on French railways. This gave us a glimpse into a future with higher French electric vehicle adoption levels. On the right side of the slide here, you see the top 10 stations in our network on the 22nd of July. One of the typical Black Saturdays with a lot of holiday traffic. The stations in the top 10 that day are almost all along the major holiday corridors. Limburg-Zut on the route from the Netherlands to the Alps, Groot-Mackenstedt on the route to Scandinavia, and the French stations serving the north-south corridor to the Mediterranean. The average amount of megawatt hours sold per station per day during that month is one. In May, when the French stations were largely dependent on the electric cars registered in France, these stations delivered 0.6 MWh in line with the lower electric vehicle adoption compared to some of the other countries we operate in. In July, the average daily MWh sold on our French stations was 1.2 MWh. This is significantly above the Fastnet average and more than double that of May. And to take Aire de Weimar Est, north of Paris, the 22nd of July, this station was operating at a run rate revenue of more than a million euro. This boost of summer traffic shows us what will happen every day at these stations in a year or two when French EV adoption has grown. All in all, you can see we were very happy seeing these results in France at such an early stage in the French market. This shows once more the importance of building stations at the right locations and delivers the first proof of having done so in France. Flight 6 please. But not only in France is the number of electric vehicles rising, it occurs across the board in all the countries we operate in. Let's take a quick look at some of the key trends we see. Lower tax incentives for electric cars, on the one hand, are currently slowing down the switch to electric cars for company fleets. But at the same time, sustainability targets that companies need to make as part of their sustainability reporting are accelerating the switch to electric. Competition from Chinese EVs, such as the MG4, the BYD Dolphin, are driving down prices. This is starting to debunk the myth that electric cars are only an option for rich people. Here one really sees forward pricing and the advantages of investing in large scale production capacity at play. New car models arriving to the market give buyers more choice and as a consequence are enlarging the market. Currently it is the cheaper EVs in the middle segment driving market scale. In the coming quarters, it will be the rival of the large family vans and SUVs. But also the small car segment will be playing a more serious role in driving market growth in the coming year. What kind of cars am I talking about? For the opening up of the large family SUV and MBV segments, think about the Volvo EX90, the EM90, the Kia EV9, and so on. These cars have seven seats, 400 kilometers real world range, and 250 kilowatt charging. For the opening up of the lower segments, I'm thinking of the Renault 4 and Renault 5, or the Volkswagen ID.2, cars with 350 kilometers real world range. and proper fast charging as well. This is just a handful of examples, but it shows the electric vehicle market is continuing to grow fast. Slide seven, please. Which brings me to the development of FastNet. Let me start with an update on construction. When looking at our target for year end, one could pragmatically look at this as follows. We have already built 36 new stations this year. Two, at this moment, we have 17 sites under construction, meaning fenced off sites where contractors are currently building. Normally, construction of a charging station takes around four to six weeks, depending on its size and location. Three, in the rest of October, construction will start for another nine new stations. Combined, this is expected to deliver at least 25 new stations on top of our existing network before year end. That's in line with our guidance of building more than 60 new charging stations in 2023. Obviously, we'll also start construction of new stations in October and December. Many of those are expected to open in the new year. In order to continue to scale up our build base, we will also need to grow our pipeline of locations, which brings me to our tender wins. I'm very proud that last quarter the team got the news that the massive amount of work had paid off. We won two of the best lots in the Deutschlandnetz tender. I checked when we first started reporting in our regular analyst goals about the market developments regarding the Deutschland Debt Standard. This was in the summer of 2021, so more than two years ago. Two years of hard work. We went through the qualification process, while in parallel we started to work on evaluating the search areas and focusing our efforts on what we consider the most interesting ones. at the same time we also have to think for some of the political discussions that were ongoing regarding some tender aspects for example whether or not the price cap will be the right thing finally we also needed to make the call and hand in a winning bid some market players gave up along the way we didn't and the outcome is one i think we can be very proud of let me mention the important characteristics of this tender and why its outcome is so important to Fasnet in the charging market. The tender allows municipalities to swiftly contract charging companies to build charging infrastructure on lands they might have available. This by simply going into bilateral agreements. Tender selection has already happened, so they no longer need to set up a selection process to choose between interested parties. The tender embraces an open charging market without any price caps. The tender puts a lot of emphasis on quality, putting Fastnet at an advantage and the charging experience for EV drivers first. Fastnet receives significant funding from the German government to build the charging stations in these areas. This funding can be seen as a friendly loan, as it is repaid by a portion of the revenue stream that is capped to apply for the first eight years of operations. Looking back, FASAT was able to walk away with the two best lots in the Deutzlotnet standard because of, one, we offer the best charging experience in the market. Two, we put in a competitive bid thanks to our efficient and reliable concepts. This brings me to slide nine. This win of the Deutschlandnetz tender is again another big win in our already very well-filled and industry-leading trophy cabinets. Last quarter, we also won our first motorway locations in Denmark. And in Q1, we won Europe's first tender for zero-emission service areas with the Gentbrugge tender in Belgium. Many of the tenders organized by governments today are focusing a lot on quality. This is incredibly important as consumer research again and again shows that this is one of the key bottlenecks for people to choose to go electric. Being quality, the presence and the ease of use of proper fast charging infrastructure. The experience we have in delivering a top quality service to go electric The experience we have in delivering a top-quality service to electric drivers is giving Fastnet top scores in tenders and is allowing us to win the prime loss. This is what made us the winner in the French motorway tenders two years ago. It is also what made us win tenders such as the Canberra tender more recently. This head start is the result of investing early and honing our concept in a front-runner market. All of this we talked about before, but the German tender is also teaching us something else. The final competition amongst a small group of qualified bidders was largely on financial terms. More than half of the scoring was based on the bids. So you might ask why as a startup with potentially less deep pockets than, for example, some of the big utility companies, is FATEN able to put in also a very competitive financial bid? From all we learned, it is for three reasons. One, the best concept leads to higher revenue, improving our business case, and allowing for a more competitive bid by Fastnet. This is the most important one. Two, as mentioned earlier, we build very efficiently and do a lot in-house, which saves overhead and expensive construction companies many competitors pay for. Three, Without the quality concept, you will not take part, or you might not have, or you might have to pay penalties for not living up to the requirements. All in all, we see more and more signs that with the market maturing, Fastnet continues to have great cards to win tenders, also on financial metrics.

This brings me to slide 10.

On charging day, our 2022 capital markets day, we showed this slide for the first time, the pillars of our growth strategy. I thought it would be worthwhile to talk you through how our results from this year and especially this quarter relate to our ambition of developing FastNet on each of these pillars, as well as reiterating our strategy where relevant. The recent win with the Deutschlandnetz tender is about our interaction with governments to grow our portfolio in high traffic urban areas and cities. The pillar on the right. The currently still ongoing Deutschlandnetz tender for motorway service areas with Autobahn GmbH is logically focusing on the first pillar, the MSAs. Over the last year, we have also been ramping up our private developments, the pillar in the middle. with quarterly private wins being four times that of the years before, and with loads of developments ongoing to scale this further. In our view, private developments will follow the following path. There are today roughly 100,000 petrol stations in Europe. About 10,000 to 20,000 of these have a great business case and are situated on A-plus locations. The far majority of petrol stations are franchised, and the franchisee and or landowner makes money on fuel, coffee, sandwiches, and Snickers sold on site. With the transition to EVs accelerating, these location owners will ask themselves, which charging concept is the best offer I can get? Just like how they choose their fuel franchise concepts. Comparing concepts puts FastNet with its industry-leading offer at an advantage over others. And they still have lands available in these strategic plots. They might move early and give us a call today. In that case, we build a charging station next to the existing petrol station, coffee place, and restaurant, and so on. these are our current private developments some years from now when fuel sales is some steps further in its decline the land owners that don't have space available in their strategic sites will have to decide when to kill their so-called cash cow and potentially choose to adopt that rising star of electric car charging this is an analogy of the well-known bcg 2x2 matrix Who will they call for their charging concept? Again, in our view, they will look at the best offers, putting Fastnet with its industry-leading concept at an advantage. This makes many more sites available for private developments and will accelerate the build-out of charging infrastructure on private grounds. That's our strategy for private developments, which is clearly growing in importance. Our developments in new markets often follow the MSA route first. Let's have a quick look at that, which brings me to slide 11. In the last quarter, we announced entering two new markets, Denmark and Italy. In both countries, the first focuses on the MSA pillar, as governments often introduce tenders to implement long-distance e-mobility. The win in Denmark is largely a by-the-book FastNet exercise, a tender which, amongst other things, tests for quality. These locations will allow us to show our concept and abilities to the Danish market. They will help us in winning tenders planned for the coming years. Our developments in Italy follow a similar path. Although the first location is a private lease, This location will become a flagship station that will show our brand and winning concept in Italy, helping us to prepare for the coming tenders in that country. Winning tenders in our existing markets, scaling private developments, and showing great results in new markets are the key ingredients to deliver on our pathway towards a thousand stations at high traffic locations by 2030. And on that note, I would like to hand you over to Victor van Dijk, our CFO, to take a look at the financials.

Thank you, Michiel. Let me take a wider perspective first. People ask us, how large is the fast charging market going to be? Actually, it will be very big and high growth. Right now, we have a couple of million electric vehicles on European roads. That number is expected to grow to around 40 million by 2030. These cars will have a charging demand of more than 100 billion kilowatt hours per year. This is recurring demand. Forecasters expect more than 30% of this charging to be fast charging. Many people will have to rely on public charging, and fast charging is the most scalable and investable modes of public charging. If you calculate, this will create a European fast-charging market of more than 10 billion euros in annual revenues. This is similar size as the coffee-to-go markets where Starbucks operates in, or the fitness club market where Basic Fit operates in. With the big difference that the fast-charging market will be still very high growth by 2030, as it will about fivefold in the 10 to 15 years after 2030. So it will be a very large and high-growth market. Slide 13, please. Bringing it back to today, so who's leading that market right now? Last time, last quarter, I explained Fastnet is a leader in the Western European fast-charging markets, being a top-three CPO in terms of overall sales in our six markets, ahead of some of the large utilities and oil majors. And how are we tracking currently? Well, actually, we are a leader and are growing faster than the markets. In this graph, we compare gigawatt-hour sales by FastNet every quarter with the electric vehicle fleet growth in our markets. The EV fleet share in our markets grew by 21 percent over the last year and 67 percent over the last two years on average. Fastnet sales grew by 86% and 367% over the same periods, so significantly above markets. So in conclusion, the European fast-charging market will be a very large and fast-growing market. Fastnet is a top three player and is outgrowing that market. Slide 14, please. Then zooming in further to station economics. We see a strong sales growth, which drives station returns. We expect that stations on high traffic locations with a great and efficient concept can do more than 1 million euros in annual revenue and more than 2 gigawatt hours in annual sales per station by 2030. Our current growth is definitely on that track and probably above. Let me explain that. We have on average 30,000 cars driving by our stations every day, and more and more of those cars become fully electric, leading to demand and sales growth. Sales per station grew by 40% year-on-year in this quarter. With that, we outgrew the PV fleet penetration growth of 21% year-on-year. BE fleet penetration is expected six-fold by 2030. So if our station sales just match that, station sales will already increase to more than two gigawatt hours per station by 2030. Then looking more closely at this quarter's average station performance. Quarter-on-quarter sales per location growth was 17%, mainly due to high traffic in the holiday season. This is ahead of the winter season in the coming quarters, where we can expect further sales growth. We've had a strong growth margin per kilowatt hour increase over the last year, driven by electricity prices having normalized, where in the third quarter last year, we saw a very steep increase in electricity prices. We increased station capacity year on year by increasing the number of charges per station. This is important to cater for demand increase, with B3 fleet penetration expected to double by 2026 and sixfold by 2030 in our markets. We are preparing for that growth. Like-for-like utilization, meaning utilization if we would not have to enlarge our stations, was 14.3%. Past the increase obviously also leads to operating costs and investments per station to increase, as you can see. All of this leads to operational EBITDA per station more than doubling over the last year, to €91,000 annualized per station, and an operational EBITDA margin of more than 40%, already at our 2025 targets. Slide 15, please.

To close our presentation for today, we just wanted to show again the same slide with our guidance as presented earlier. We already discussed our progress regarding delivering on our target of more than 60 new stations this year, so no changes to report on this topic. All in all, we're looking back at a very good quarter in terms of development. Important tender wins, the establishment of a beachhead and two new markets, and growth that continues in line with expectations. On that note, I'd like to finalize our presentation and thank you all for listening. And I'll hand the word back to the operator for questions.

Ladies and gentlemen, if you would like to ask a question or make a contribution on today's call, please press star 1 on your telephone keypad. To redraw your question, please press star 2. The first question comes from the line of Paul de Fromo, calling from Brian Garner & Co. Please go ahead.

yes hello everyone so thank you for the presentation two questions for me the first one is that we see many fast charging operators running out quickly on the european private market do you expect incoming pricing pressure coming from a tougher competitive landscape at least in western europe And my second question is that during Q1, there was this exceptional item related to employee stock option award following the reach of some milestones. Do we have to expect further exceptional items in the P&L for the H2 or for 2024? Thank you.

Yeah, maybe to start with the second one, the options,

Let me take a second one. So there was indeed an option milestone in the first half. Right now, of course, there's more milestones ahead of us. You can see them in our annual report and online. And we're working on those. I think we can't give a prediction on that. But it's probably less likely that one will be at this order for this off year. And other than that, we don't expect significant other exceptional items.

And then maybe back to your first question. We found it a bit difficult to hear you or to really get it across. Can you repeat that question?

yeah do you hear me well right now yeah yeah yeah do you expect incoming pricing pressure uh coming from a tougher competitive landscape in europe in the fast-charging cpo space yeah so um i think um that the way we look at it is basically um we see that um when we look at station metrics that um

If you want to create a certain ROI, we assume that all parties want to create a certain ROI, then locations that are having more traffic generally provide a higher ROI in basis. And because of FastNet focusing so much on the A-plus locations in the market, while at the same time pricing is set by, let's say, the lowest common denominator being the B or C or D locations in the market with lower traffic, we don't see so much pricing pressure that's an issue to parties like us operating the A-plus locations. So that is a bit like sort of the location angle. Then secondly, we see that the market currently doesn't have the amount of charging capacity at the right locations available. So we see actually the demand for charging out basis supply, which neither would provide the basis for a significant amount of pricing pressure. Does that give you a bit of more context on how we look at it?

Yeah, it's very clear.

Thank you very much. Thank you, Paul. Thank you, Paul. The next question comes from the line of Mark Esselink calling from ING. Please go ahead.

Yes, thank you. So the first question is actually on the German tender. So clearly a great number to add. However, we're struggling a little bit to get to the economics because if I'm correct, it's different. You get compensation partly for the OPEX and the CAPEX. It's a bit of a price that you have to pay to compensate for that. So maybe to make it easy, if you compare it to your average station, will the return that you can make on the German one, will it be similar, higher, or lower?

Let me take that question. So this is a tender where there was an economic bid component, basically you bid for a certain, say, CAPEX and OPEX. And I think we and other parties probably didn't bid to pull a CAPEX and OPEX. And we looked at it from an IRR perspective. And in that sense, we have our whack in our annual report of 15%. And obviously, we're looking to outperform that whack. And we bid in a way that we do that. I think that's what I could say about that. I don't want to, that we haven't given guidance on what the IRRs are on our other projects. But I think that first part hopefully gives you already the clarity you're looking for.

Sorry, not really, because I think that the ROIs on your current portfolio are very high. So maybe it's risky, right, that the ROIs on that new tender are a bit lower? Or is that too simple?

Yeah, it's good that you see the ROIs at current stations as high. I think that's obviously a positive statement. and uh here they will yeah like i said we we bid in a way that it's it is uh we'll outperform our work um and that is uh yeah i don't want to go further into that i think that is that is quite uh thanks thanks thanks uh second question is on the um on the growth and so

So clearly, if you look at the volume outperforming what you said, outperforming the market, if you try to look at it like volume growth per station, it's actually quite similar to the market growth on the BEVs. Can you maybe explain why that should not be the way to look at it, sort of a like-for-like growth per station? Why is that not higher than the BEV growth?

It is higher. So we look at the BV fleet penetration. That is a translation of how many electric vehicles drive by our stations every day. So growing from 2.7% weighted average in Q3 2022 to 3.3% weighted average this quarter, last quarter. That's a growth of 21%. And then the energy delivered per station increased by 41%. So twice as much. So we do outgrow that EV fleet growth. And what plays into this is that a lot of the new stations we open are in markets that have lower EV penetration than the Netherlands. So that's why our average penetration is quote unquote only 21%. of the fleet penetration in our markets.

Okay, so I got it. So it's related to where your current stations are in the mix between the markets. If you just look for... Exactly. Okay, got it. Thank you.

So the important thing is that we outgrow the markets significantly. Next question, please.

The next question comes from the line of Nikita Lal. calling from Dutch Bank. Please go ahead.

Hi, Michael. Hi, Victor. Thank you for taking my question. I just have one regarding the customer behavior. With the increasing BV penetration rates we are seeing currently, do you see some changes in the customer behavior? Are they more loyal or less loyal? Do you see more prescriptions or less? Yeah, thank you for some color here.

Yeah, thank you for the question. I think that there's, of course, there's sort of a range of things that are step by step slowly changing. I think to mention just one interesting one is that I think over the summer, we saw much more traffic in France on our stations. We've also seen that many more people are willing to take their electric car on their, let's say, holiday destination in that country because of proper charging infrastructure being there along the way. They knew that our network is there. Maybe they've also been able to rely on other networks. And those networks have been built over the last year. So that really changed the behavior of people before they were just choosing to use an ICE vehicle or go by plane or train. And now they were willing to step in their electric car and drive to the south of France because of the ability to rely on that charging infrastructure. And that's just one of the things that we see changing in customer behavior is the willingness to take and many more people to take their car on a longer journey. But that's just one of the things to mention. Maybe that's just one other point, but I don't know whether exactly is what you're looking for.

Yes, and also, I mean, do you track some kind of share of subscription customers versus as you go tariffs?

and is the share they're changing over time now yeah so we do track those kind of things um we don't see a massive change there in behavior so um yeah we've seen a slow trend with more and more um let's say payment options coming available and people adopting that So the internationalization, long distance mobility leads to more payment options being available and more being used. So it becomes more scattered. But that's a very, let's say that's not a fast trend. That's not a switch. That's just slowly continuing its curve.

Okay, thank you. Cool. Any other questions?

The next question comes from the line of Joran van Aken calling from De Groove, Peter Kamp, please go ahead.

Hi, my line cut out in the beginning, so apologies if this question is already answered. I just had a quick question on the pipeline. So could you maybe give us some idea of important upcoming tenders for Q4 and Q1? And maybe also with a focus on Italy, do you already have a view on timing there? Thanks.

Yeah, thanks for the question, Johan. I think specifically on Italy... We've seen the first tenders being published, so there's a tender out for eight motorway locations. We expect more to be published in the coming months and year. Thinking about a hundred or so sites along that motorway network in France. yeah there is roughly let's say 400 service areas in that country so step by step we expect tenders to come out to build infrastructure there looking at these tenders then let's say a timeline of that tender it often takes close to a year to get from publication to some sort of decision so that yeah that is basically some of the key tenders that are out there Denmark, we expect tenders in the coming years. So they basically made a schedule over the coming years. Not a very big number. Denmark is a significantly smaller country with less dense traffic than Italy. So we're talking more about 10 to 20 sites per year in the coming couple of years. And then Germany, well, the results of the Deutschlandbets tender, we talked about that in the call. So we're very happy to have won two prime lots. What is out still is the tender for 200 new motorway locations in Germany. Yeah, that tender is expected to lead to results in, I would say, the coming six months or so. So those are really the bigger chunks on the tender landscape for now. Does that give you a bit of a glimpse into, let's say, the coming year or so regarding tenders?

Yeah, that's super helpful. And then if I may, another one for a Deutschlandnet, for the search areas that you've already won, when would you expect the first location to be operational, let's say?

no news on that in that sense so um we're really happy to see this result now uh but it's really the work is getting started um so um so that's still to be seen i think um yeah maybe to add on that we we expect the majority of those locations to be built in 2025 and 2026

So the first ones, it's either end of next year or early 2025.

Many thanks.

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Thank you very much. Yeah, then I would like to end the call, and thank you very much for listening, and looking forward to see you again in three months' time.

Thanks, all.

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