Fastned B V

Welcome to the conference call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to Mihiel Longasal for his opening statement. Please go ahead.

Thank you, operator. And I'd like to extend a warm welcome to everyone on this call, as well as to those joining via our webcast. You can find a copy of the presentation used during this call on our investor relations website found at ir.fastnetcharging.com. Moving to the cover page. As always, I'd like to use that cover page to show something I'm really proud of. Looking back on this quarter, I wanted to shed some light on the snow and winter conditions we've seen during the recent holiday season. A time when many people go out and travel long distances. The last two weeks were cold in Western Europe and the Netherlands in particular. The Netherlands in particular received also significant amount of snow. The news was full of messages about trains and our airports struggling to cope with the weather and travelers being stranded. Often communication was also mentioned to be lacking. In the same period, Fastnet delivered. We enabled drivers to reliably charge their vehicles, even on these peak Saturdays en route to their winter sport destinations. Despite adverse weather conditions and station usage being the double of the average for 2024, we continued to deliver the same high quality charging experience. So fast growth on two axes. the network and station usage while delivering in adverse conditions. This is not a small feat if you think about it, a serious challenge and our team has passed this test with great results, which puts Fastnet in pole position for 2026. and please note that this picture is taken by a fastnet team member just after a big snow dump logically snow removal and road salt are on their way so i used it to put our brains here on snow and cold and not to make you think that a road covered in snow is what we mean by great experience Moving to slide two. With reference to the information provided in these slides and discussed during this call, please ensure you take note of the disclaimer. Moving to slide three. My name is Michiel Langezaal. I'm the CEO and one of the founders of Fastnet. Victor van Dijk, our CFO, is with me on this call. And together, we will present this webcast. Today I will take you through the highlights of the final quarter of 2025. We'll present our latest results and update you on our plans for 2026 and release our 2026 guidance. Victor will take you through the top line results for Q4 and as always he will also update you on our station economics. After our presentation, we'll be happy to answer your questions. If possible, please limit them to two questions per analyst, so we can give everybody the opportunity. We've scheduled this call to last for one hour, so let's get started. The Q4 highlights. For Fastnet, slide four, December marked an important milestone. We surpassed 100 million euros in revenue for the year. And the pathway towards this number is staggering. We founded the company in 2012. The market for electric vehicles at the time was virtually non-existent. And EVs were the new, new thing. Six years later, in 2018, Fastnet for the first time surpassed 1 million euros in revenue. In 2021, the company surpassed the 10 million euro milestone. Roughly another four years later, we do it again. We tenfold revenue and surpass the milestone of 100 million euro in revenue. This demonstrates the power of our team to scale and the scalability of our business model. Additionally, this also illustrates our growth path towards our 2030 North Star of 1,000 stations, each generating a million euro in revenue, another 10x. About locations. We are now beyond two thirds of our way towards our goal of a thousand prime A locations across Europe for our great charging stations. This portfolio of locations is the backbone of a great fast charging network that delivers returns. And we are continuing to expand our proven model at rapid pace. Again, This is not a small feat in a market where several others are trying to rationalize their portfolios of charging stations to find a solution for the sizable long tail of unprofitable charging sites. Finally, in the fourth quarter, we raised a record amount of retail bonds, totaling 110 million euros for the 2025 combined. This reflects the continued confidence of our investor base in Fastnet. The strong cash position of 70 million euro at year end 2025 and continued retail bond funding is expected to fund the 2026 rollout. Also, bank financing for further scaling of our growth is under development. Moving to slide five to update you on an important piece of industrial policy that drives the electrification of transport in Europe. On the 16th of December, just before the end of the year, the Commission published the long-awaited 2025 automotive package. To keep it simple, there are three things I'd like to say about it. Let me start with the negative, but also the smallest item. Originally, the Commission's automotive policy was targeting a 100% reduction of tailpipe emissions by 2035. This has been diluted to 90%. Up to 10% of cars can now still have tailpipe emissions if fully offset by green low carbon steel and sustainable bio and e-fuels. Logically, we would have preferred the 100% to stay in place, but we understand the political need for the commission to provide some flexibility. Two, and this is the more important one, with this package, the Commission sends a clear signal. The future is electric and delivers a package of measures, including the battery booster, the green fleet initiative and the small affordable European car initiative, all expected to drive Europe's automotive industry towards electrification. Of course there is the knowledge that the electric car is the technology of the future and that technology is on a pathway to segment by segment become cheaper and better deliver cheaper and better cars with internal combustion and to become cheaper and better than cars with internal combustion engines. Still, this industry policy provides additional important long-term certainty about where the market is headed and knowing it can count on continued support from vital stakeholders, national and international governments to drive adoption. Three, the package sets important directions for incentives to drive BEV adoption that are to be adopted by all member states. Most important to mention here is the corporate fleet requirements. Here, mandatory targets will be set at the member state level to support the electric vehicle uptake by large companies. And this brings me to the right side of the slide. It is industrial policy on electrification that puts the industry on a learning curve. This has happened in two areas in the world, in Asia or China to be specific, and in Europe. The learning curve that resulted has now more or less brought most car segments to parity. And the industry is on an unstoppable trajectory of lower battery and car prices. This will result in all cars becoming electric. This is what we see on the right. This is what we see on the right side of the slide. The majority of the market analysts expect this market to grow rapidly by some 30% year on year until 2030, almost quadrupling today's electric car fleet and therefore quadrupling our charging market. And this brings me to have a quick look at the development of BEV sales. Moving to the next slide. In the fourth quarter, the battery electric vehicle market continued its strong momentum, with battery electric vehicle sales once again reaching all-time highs. The Netherlands, Belgium, the UK, France, Germany and Switzerland, in all these countries, we have a significant presence. And in all these countries, we have seen strong growth of electric vehicle sales shares. In the Netherlands, full BEV sales even surpassed 40% of all new cars sold for this year. underlying how the market continues to scale and accelerate. Please note that the graph on this slide shows a slightly lower number because it is a full year best estimate based on data up to November, as we are still awaiting the final figures for some countries. Nevertheless, we felt it was important to already include this recent news from the Netherlands about the full year BEV sales for 2025 surpassing that 40%. Over the past years, we've often discussed the gradual weakening of EV incentives in markets like the Netherlands, where EV sales start to become significant. That trend has continued. But, and this is confirmed again by the numbers on this slide we show here today, the underlying fundamentals of electric cars have more than compensated for this. Total cost of ownership has structurally improved. Model choice keeps expanding across price points. Purchase prices continue to come down. Range and charge speeds are getting better at the same time. Charging infrastructure has scaled rapidly in both quality and density. And societal and regulatory pressure to decarbonize road transport continues to increase. Put together, these factors mean that even with reduced incentives and subsidies, the overall value proposition for drivers to choose electric is stronger than ever. And this is a structural tailwind for Fastnet's growth. Moving to slide seven to look at how the sales of electric vehicles has grown the electric car fleets in each of our markets. On this slide, you can see how the EV fleet is growing decisively across our key European markets. The Netherlands, where we started, is now at an adoption level of around 7%, one of the highest in Europe and only surpassed by the Nordics. Belgium has accelerated strongly in recent years and has now caught up to a similar adoption level. Large transit countries like France and Germany are moving a little slower, but they are clearly catching up and are at the beginning of a steep growth curve. In markets like Italy and Spain, we are just getting started. EV adoption is still slower, is still lower. But as the car industry approaches prosperity between EVs and cars with internal combustion engines, These countries have the potential in the end to catch up faster than the early adopter countries did. And this may be contrary to what many people might assume based on income levels or macroeconomic conditions. The key takeaway is that most mature markets of our network are still below 10% BEV penetration, implying a tenfold market scaling ahead of us and a threefold increase expected in the medium term up until 2030. In France and Germany we are effectively still at day one of an exponential growth curve and the scaling factor towards 2030 and even 2035 is higher. So Fastnet operates in a market that is growing by roughly 30% per year and our strategy is to both drive that growth with great charging infrastructure and to at the same time profit from it by using our great charging concept to continuously capture an outsized share of this rapidly growing market. And as you'll see later in the presentation, we continue to do so every year. Moving to the next slide. As we look at this slide, the story is very clear. We are at the tipping point for price parity between battery electric vehicles and traditional combustion cars. And we've been saying this for years. Parity already arrived earlier in the larger, more expensive segments. For example, when the Tesla Model 3 came to market and could compete head on with premium fossil sedans. That was the first wave. What we're now seeing is that this shift is moving segment by segment through the market. And today the medium and smaller segments are starting to hit that same tipping point. BEV prices are falling rapidly and are on track to become cheaper than their fossil counterparts. This is driven by powerful forces working together, falling battery prices, continuous technology improvements, massive industrial scale up and a regulatory environment in Europe that clearly favors zero emission vehicles. At the same time, ice volumes are collapsing. In many segments, they are already down by 50 to 80%. That destroys the scale advantages that used to make combustion models affordable. Maintaining something like a €33,000 VW Golf becomes very hard when you no longer have the volume to support that platform. On top of less scale advantages, one has to add the additional costs to make such cars compliant to very strict emission regulations. So when you compare price, range, and charge speed in this table, you're not just seeing where we are today. You're seeing a snapshot of when the lines are crossing. The economics are shifting decisively towards BEVs, segment by segment, and that shift is permanent. So that is what I wanted to say about our market. Moving on to talk about how we developed the company. Here I wanted to mention in slide nine four important highlights from last quarter. Germany, we've now reached an important milestone, 50 charging stations in the country, and our team is working hard on further rollout of stations and on delivering the early tender wins for both the regional and motorway tender lots, which together form part of the Deutschlandnetz framework. These standards put us on a clear trajectory to roughly four-fold the network to around 200 stations in the coming years in the country. What's more, these stations are not just anywhere. They are at A locations along key transport arteries and in fluent densely populated areas, which are also the most BEV dense parts of the country. This is the direct result of Fastnet having secured the right tender lots. And it positions us very strongly for future growth. Belgium. Our team in Belgium delivered on the same milestone, 50 stations. And with them being on A locations along key transport corridors, it is these 50 stations that make Fastnet the leading charging company of the country. Moving to Saint-Evie, the first zero-emission service area in France. Well, we almost couldn't believe it. The first tender for an all-electric service area in France is issued for the location Saint-Evie. That's funny, right? Well, the news gets even better. Fastnet has been selected to build and operate France's first all-electric service area at this location in Brittany. This is a major milestone for electric mobility in France and a big win for Fastnet to continue to drive our advocacy on the need for tenders. The site will feature six 400 kilowatt chargers, a shop and proper restrooms. After pioneering this vision in Gentbrugge, Belgium, France now becomes the second country to adopt all electric service areas, underlining the shift in thinking of policymakers. On retail bonds, I mentioned this one before, Fastnet raised over 39 million in its third bond issue of 2025. The largest single bond race in the company's history, bringing total funding from its 2025 retail bond program to approximately 110 million versus about 82 million in 2024. The scale, repetition and rollover in the program underscores Fastnet's ability to consistently access retail debt markets to support our high-growth CAPEX investment plans. We've also installed the first megawatt charger in the Netherlands at our Aalscholver station on the A6 motorway. This shifts the technical frontier of public fast charging from hundreds of kilowatts towards megawatt level. This is an important development for several reasons. First of all, to learn and test. Secondly, to ready ourselves for trucks and cars coming to market with higher charge speeds. Just look at announcements from BYD on flash charging or CATL. This technology will soon find its way into European cars and onto European roads. And we want Fastnet to be ready to deliver and profit from this development. Moving to slide 10 to update you on our network expansion. What I would like to say about network growth, three things. One, I'm very proud of our team and how they delivered on our network expansion plans last year. At year end, we had 406 charging stations operational, which means we have opened 60 additional new charging stations in 2025 within our guidance range for the year. You can see this number in the box on the top left. Two, we have been significantly ramping up the number of construction projects. This is more than just new stations. We expanded existing stations to accommodate more chargers. We have been adding shops and kiosks to our charging stations to make sure customers can enjoy a coffee, sandwich and toilet break. These are works that are incredibly important to deliver a great customer experience. This number is not on the slide, but in total, we delivered more than 92 construction projects in the year. Three, looking ahead, I see that the team is making good progress on increasing pace and smoothening the delivery of stations from a, let's say, a push year end mode to a more stable quarter by quarter delivery of stations. Making the calculation using the numbers on the slide here, in 2025, we in total built 60 new stations. In the last three quarters, we've built 53 charging stations. And currently, we have 26 stations under construction, of which we expect the far majority to open before the end of this quarter. Digging a little deeper, Last quarter, we reported to have 30 stations under construction. We delivered 26 of that. So that's more than 80%. Today, we have 26 locations under construction for Q1. To compare, in the first quarters of 2024 and 2025, we opened 10 and seven stations respectively. So pace is increasing and the curve is smoothening. This brings me to our guidance for 2026. We expect to build at least 70 new stations while pushing to grow by 100. The latter would bring the network to 506 stations at year end 2026. And this brings us to the financial insights for this quarter. And therefore, I would like to hand you over to Victor van Dijk, our CFO. Next slide, please. And the word to you, Victor.

Thanks, Michiel, and welcome all. On this slide, I wanted to put revenues per station growth in perspective versus the overall public charging market growth and infrastructure build-out. As discussed during the H1 results, we have seen a very strong build-out of charging infrastructure in the market, especially in 2023 and 2024, where infrastructure grew faster than the growth in the BEV fleet. What we saw starting in 2025 and expect to see in 2026 and the coming years is fleet growth above infrastructure growth again, which provides for a better market dynamic than in 2023 and 2024. So that is positive. Fastnet has outgrown these market dynamics throughout these years when looking at revenue prestation growth, as you can see in the graph, and we expect to continue to do so. With this, we also expect to outgrow the public charging market in 2026 and guise for average revenues per station of €350,000 to €400,000 in 2026. That is a 12% growth at the midpoint. Next slide, please. Here I wanted to shed some light on the performance of our stations in countries at different stages of the transition. Dutch and Belgian station revenues are around €450,000 annualized Q4 2025, and we expect other countries to grow to this over the coming years, with BEV fleet penetration growing. What this slide shows is that sales per station in our less mature markets follow almost the exact same path as they did in the Netherlands over the last seven years. which we added in slide 17 of the appendix. In 2019 in the Netherlands, at a 1% BEV fleet penetration, we did around 100 MWh of sales per station annualized, like we do in Spain and Italy right now. In 2023 in the Netherlands, at a bit over 4% BEV fleet penetration, we did around 370 MWh sales per station. like we do in the UK, Germany, France, and Switzerland on average now. Belgian sales per station are comparable to Dutch station sales right now at a comparable BV fleet penetration. This shows the dynamics in newer markets are very similar to historic dynamics in the Netherlands. And it shows that FastNet's model is fully replicable in these markets. And this gives a lot of confidence in the growth potential in these markets, as we know that BV fleet penetration will go up. Therefore, we expect that over the coming years, the station revenues in less mature markets will grow to the current Dutch level of €450,000 revenues annualized and beyond, driven by an increase in BV fleet penetration. Going to station economics on the next slide. We grew energy sold per average station by 10% last year. So that is the combination of organics growth of selling more at the existing stations, plus the sales at newly opened stations in 2025. Organic sales growth, so the sales growth only at the existing stations, came in at 18% for the quarter. This tracks very nicely again with fleet penetration growth, which was 20% for the quarter. Note that building stations in less mature markets has a dampening effect on our overall average station sales growth. We estimate this effect at minus 2% in 2025 and minus 4% in 2026. But of course, building in less mature markets is valuable, as we are convinced those stations will follow the same revenue growth path as in the Netherlands and Belgium, as explained on the previous slide. Gross margin per station increased by 21% year-over-year to €300,000 due to volume growth, a price increase and lower energy costs. These station economics are quite unique for our sector, with sales per station close to four times higher than the average of the market and utilization at around two times the average of the market. They are a testament to our high traffic locations, our best concept and customer experience. With that, we haven't felt pricing pressure. The majority of the fast charging locations of competitors are deeply and structurally unprofitable due to poor location choices and or a poor customer concept. Lowering prices won't fix that. Actually, it will deepen losses. So we haven't seen that happening in any significant way. Our proven concept, replicable across markets at different points of EV adoption, gives us a lot of confidence in continuing to expand our network. We will build the capacity to cater for the strong growth in BEV fleets across our markets in the coming years. That brings us to the final slide of the presentation on our guidance.