olivLaw · European equity research
Fastned B.V. FAST.AS
Netherlands · Euronext Amsterdam · Vertical: Listed companies from Netherlands
Fastned B.V. designs, builds and operates fast-charging stations for electric cars across Europe. In fiscal 2025 total revenues reached 139.2 million EUR, while charging revenue grew 47%, supported by rising electric vehicle sales and an accelerated pace of station openings.
At the close of 03 Nov 2026, Fastned B.V. (FAST.AS) stock was 33.20 EUR (+1.84% on the day), with market capitalisation 647.4 m EUR, beta 0.78, 52-week range 19.98–47.20 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 32.0
- weak (30–45)
- Bollinger (20, 2)
- 28.20 – 45.19
- in the lower half of the band · %B 0.29 · band width 46.3%
- SMA 50 / 200
- 39.75 / 30.84
- mixed trend
- MACD (12, 26, 9)
- -2.39 / -2.08
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −27.9% | −1.0% | −26.9 pp | — |
| 3 months | +4.4% | −3.9% | +8.3 pp | — |
| 6 months | +15.9% | +7.2% | +8.7 pp | — |
| Year to date | +62.7% | +6.6% | +56.2 pp | — |
| 1 year | +55.5% | +9.1% | +46.4 pp | −0.8% |
| 3 years | +22.5% | +47.9% | −25.4 pp | +0.5% |
| 5 years | −36.6% | +43.3% | −80.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 60.5 m | 83.8 m | 139.2 m |
| Revenue YoY | unavailable | +38.4% | +66.1% |
| Net income | -19.3 m | -26.6 m | -30.2 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.00 | -1.38 | -1.55 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -31.8% | -31.8% | -21.7% |
| Free cash flow | -70.0 m | -75.7 m | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 69.9 m EUR
- Financial debt
- 282.7 m EUR
- Net debt
- 212.8 m EUR
- Equity
- 91.9 m EUR
- Total assets
- 501.8 m EUR
- Debt / equity
- 3.08x
- Current ratio
- 2.74x
- ROE
- -28.2%
- ROA
- -6.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 60.5 m | 83.8 m | 139.2 m | esef· 24 Mar 2026verified |
| Cost of revenue | 15.6 m | 15.2 m | 36.3 m | esef· 24 Mar 2026verified |
| Gross profit | 44.9 m | 68.6 m | 102.8 m | esef· 24 Mar 2026verified |
| Operating income | -12.1 m | -16.1 m | -13.6 m | esef· 24 Mar 2026verified |
| Interest expense | 9.6 m | 15.0 m | 18.4 m | esef· 24 Mar 2026verified |
| Pre-tax income | -18.9 m | -27.0 m | -30.2 m | esef· 24 Mar 2026verified |
| Income tax | 364.0 k | -359.0 k | 5.0 k | esef· 24 Mar 2026verified |
| Net income | -19.3 m | -26.6 m | -30.2 m | esef· 24 Mar 2026verified |
| Diluted EPS | -1.00 | -1.38 | -1.55 | esef· 24 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 126.6 m | 117.4 m | 69.9 m | esef· 24 Mar 2026verified |
| Receivables | 12.4 m | 16.3 m | 30.8 m | esef· 24 Mar 2026verified |
| Inventories | — | 4.4 m | 9.4 m | esef· 24 Mar 2026verified |
| Current assets | 148.1 m | 151.5 m | 132.8 m | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 186.0 m | 235.4 m | 292.9 m | esef· 24 Mar 2026verified |
| Intangibles (excl. goodwill) | 2.5 m | 2.5 m | 2.6 m | esef· 24 Mar 2026verified |
| Total assets | 357.5 m | 426.7 m | 501.8 m | esef· 24 Mar 2026verified |
| Accounts payable | 15.6 m | 22.0 m | 31.3 m | esef· 24 Mar 2026verified |
| Long-term debt | 144.0 m | 204.5 m | 282.7 m | esef· 24 Mar 2026verified |
| Current liabilities | 34.7 m | 47.3 m | 48.4 m | esef· 24 Mar 2026verified |
| Total liabilities | 211.4 m | 304.0 m | 409.8 m | esef· 24 Mar 2026verified |
| Equity | 146.2 m | 122.7 m | 91.9 m | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 19.3 m | 19.3 m | 19.5 m | esef· 24 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -3.1 m | -7.6 m | -20.4 m | esef· 24 Mar 2026verified |
| Capex | 66.8 m | 68.0 m | — | esef· 15 Apr 2025verified |
| Free cash flow | -70.0 m ≈ | -75.7 m ≈ | — | esef· 15 Apr 2025derived |
| Investing cash flow | -66.8 m | -68.0 m | -86.3 m | esef· 24 Mar 2026verified |
| Financing cash flow | 47.1 m | 67.0 m | 59.3 m | esef· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 647.4 m EUR
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -4.4% | 15 (vs peers) | 29% |
| Net margin · Quality | -21.7% | 8 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.7x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -13.7% | 0 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality13/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Fastned B.V. (FAST.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 139.2 m EUR in 2025; YoY growth 66.1%; net margin -21.7%; ROE -28.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.7x
What contradicts it
- ROIC: -4.4%
- Net margin: -21.7%
- Interest coverage: -0.7x
- FCF yield: -13.7%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 538.0 bn | 52.7 | 44.2% | 31.3% | +15.6% | +53% / +122% |
| ASM.ASASM International N.V. | 35.3 bn | 49.0 | 18.7% | 22.8% | +8.2% | +52% / +53% |
| DSFIR.ASDSM-Firmenich AG | 31.5 bn | 112.4 | 1.2% | 2.2% | +20.4% | +49% / +22% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 29.0 bn | 12.9 | 15.3% | 2.5% | +3.4% | −10% / +21% |
| ADYEN.ASAdyen N.V. | 26.1 bn | 24.6 | 22.3% | 40.1% | +18.9% | −38% / −23% |
| HAL.ASHAL Trust | 15.3 bn | 9.6 | 10.5% | 12.8% | +1.2% | +21% / +46% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 12.4 bn | 94.0 | 28.7% | 22.3% | −2.7% | +20% / +22% |
| AKZA.ASAkzo Nobel N.V. | 10.5 bn | 16.6 | 13.8% | 6.3% | −5.2% | +9% / −13% |
| AALB.ASAalberts N.V. | 4.7 bn | 26.1 | 7.2% | 5.7% | −5.3% | +53% / +17% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +23% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.7 | 343.8% | 5.1% | +1.6% | −12% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.4 bn | 42.4 | 9.1% | 1.3% | +2.9% | +49% / +407% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 136.8 | 3.6% | 1.0% | +16.9% | +6% / +15% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.4 | 10.2% | 6.5% | +1.7% | +23% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +39% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.0 | 5.9% | 45.4% | +4.2% | −6% / +17% |
| FUR.ASFugro N.V. | 940.4 m | — | -1.5% | -1.1% | −18.8% | −5% / −51% |
| ACOMO.ASAcomo N.V. | 677.0 m | 15.0 | 10.7% | 3.3% | +7.6% | −4% / +35% |
| FAST.ASFastned B.V. | 647.4 m | — | -28.2% | -21.7% | +66.1% | +56% / +22% |
| FFARM.ASForFarmers N.V. | 502.6 m | 10.1 | 14.5% | 1.6% | +14.8% | +28% / +134% |
| BRNL.ASBrunel International N.V. | 380.6 m | 124.7 | 1.0% | 0.3% | −10.8% | −7% / −30% |
| ALFEN.ASAlfen N.V. | 227.0 m | — | -0.1% | -0.0% | −10.7% | −1% / −77% |
| ENVI.ASEnvipco Holding N.V. | 220.8 m | — | -12.7% | -11.9% | −20.8% | −26% / +45% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for FAST.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Fastned B.V. designs, builds and operates fast-charging stations for electric cars across Europe. In fiscal 2025 total revenues reached 139.2 million EUR, while charging revenue grew 47%, supported by rising electric vehicle sales and an accelerated pace of station openings 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Network developmenthigh
Grid capacity limits, competition and complex permitting could slow station openings. The company rates this risk higher than in the prior year 1.
- Market competitionmedium
New entrants and price pressure could reduce margins and access to attractive sites 1.
- Fraud and physical securitymedium
Rising cable theft and card fraud could generate losses and extra protection costs 1.
- Contractual and third-party liabilitiesmedium
International expansion could increase exposure to complex contracts and supplier risks 1.
- Funding and liquiditymedium
Net losses and large investment needs could make the company dependent on access to bond financing 1.
Investment thesis
What would need to be true (bull case)
- If electric vehicle adoption continues, revenue per station and volumes could keep rising, and operating margins could improve as the network matures 1.
- Public-authority contracts and station construction could add revenue and strengthen the company's position in some countries 1.
- Liquidity at the end of fiscal 2025 could support rapid network expansion in the short term 1.
What would break the thesis
- Net losses and modest underlying EBITDA show that costly expansion has not yet produced durable profitability 1.
- Grid constraints and rising competition could slow station openings and add pressure on prices 1.
- Reliance on external funding and negative operating cash flow could leave the company exposed if market conditions tighten 1.
What to watch
- Trend in gross margin on charging and network costsQ1 2027
- Pace of new station openings and growth in charging sessions2027
- Bond financing terms and the level of liquidity2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company's statutory mission is to give freedom to electric drivers and accelerate the energy transition. Fastned designs, builds and operates fast-charging stations across several European countries, activities it classes as infrastructure for low carbon land transport 1. Charging-related revenue was 122.4 million EUR in fiscal 2025, while total revenue also included station construction for the German highway authority 1.
The business model combines electricity sales with a station-and-shop concept aimed at prime locations and recurring revenue. Annual revenue per station rose 27% in fiscal 2025 and annual volume per station rose 13% 1. Network operation and expansion costs remain significant, and underlying company EBITDA is still small 1.
Expansion is funded through bonds and existing cash. Fastned issued three bond issues in 2025 and ended the year with liquidity that, according to the company, ensures funding for network growth in the short term 1.
Segments
Charging
The charging segment generated most of the operating revenue. Gross profit related to charging rose 41%, while the gross margin eased slightly from the prior year, mainly because of higher network costs 1.
Station construction
Total revenue was supported by construction for the German highway authority under service concession arrangements. This segment lifted EBITDA in fiscal 2025 but is less recurring than charging 1.
Market context
The European fast-charging market grows with the number of electric vehicles. According to the company, electric vehicle fleet penetration in its markets reached 5.7% in fiscal 2025, up 22% on the prior year 1.
Network utilisation held at 13.2% as the number of chargers grew faster than the electric fleet. The company points to grid capacity constraints and permitting processes as factors that slow its development 1.
Trends
- Growth in electric vehiclestailwind
A rising number of electric vehicles generates demand for fast charging and supports revenue per station. If adoption slows, this tailwind could weaken 1.
- Grid capacity constraintsheadwind
Limited grid capacity and higher grid fees raise operating costs and delay station openings. The company rates network development risk higher than in 2024 1.
- Intensifying competitionheadwind
More players entering public fast charging could pressure prices and access to prime sites. The company flags this trend as increasing 1.
- Public infrastructure supportmixed
Regulation and public-authority agreements, such as the German highway contracts, can open construction and concession opportunities. The effect depends on how these programmes are implemented 1.
Competitive position
Fastned operates in a sector where competition is rising through new entrants and expansion by existing operators. The company cites more crowded tenders, better-capitalised competitors and consolidation in parts of the value chain 1. Its strategy relies on prime locations, operational excellence and its own station and shop concept 1.
Differentiation depends on securing good sites and keeping prices competitive for both B2B and B2C customers. If price pressure grows, margins could be affected 1.
- European fast-charging operators
Companies competing for sites and customers in the same European countries, as flagged in the company's competition risk 1.
- New market entrants
New investors and operators extending charging networks, increasing the offer available to the same customers 1.
- Better-capitalised operators
Competitors with greater financial resources who can take part in more expensive site tenders 1.
- Consolidating value-chain players
Companies widening their position through acquisitions or partnerships, which narrows room for smaller operators 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Fastned B.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.