Fastned NV said first-half revenue rose 52% to €52.3 million, beating analyst estimates, as electric vehicle charging demand accelerated across Europe. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached €12.7 million, up from €7.1 million a year earlier, driven by higher utilization rates and new station openings.
The Amsterdam-based operator raised its 2024 revenue guidance to €130-140 million from €110-120 million, citing faster-than-expected adoption of EVs and government incentives supporting charging infrastructure. Fastned also increased its EBITDA target to €30-35 million from €25-30 million, reflecting improved operational efficiency and cost controls.
Shares in Fastned surged as much as 15% in early European trading, outpacing broader European utilities and renewables peers. The stock has gained nearly 40% this year, reflecting investor confidence in the company’s expansion strategy and margin improvements.
Analysts at ING and ABN AMRO noted the upward revision as a positive signal for the EV charging sector, though they cautioned about potential execution risks as Fastned scales its network. The company operates over 900 charging stations in six European countries and plans to add 200 more by year-end.
