It's almost time. I've been looking forward to this day for quite some time now. It's been 10 years since Bart and I began this journey, and we had this dream about electric cars taking people anywhere without polluting the air. Look at where we are today. It's a reality, right? Every fifth car sold in this country is electric, and the charging station is never far away, and we've only just begun. All I need now is just a quick charge-up, and then we can kick off Charging Day. Hey, Linda. Hey, Michiel. Glad you made it. We're looking forward to hearing your story in a minute. But first, let me welcome you, our viewers. My name is Linda. I am Fastned's Public Affairs Manager in Germany, and I am your host today. Let me tell you a bit about the logistics. Our Charging Day will be interactive, so feel free to ask questions during the webcast. Our leadership team will answer them during two Q&A sessions, one halfway through and one at the end of the day. If you are watching via Zoom, please post your questions in the Q&A section. Or if you are watching via the Fastned website, just send an email to invest@fastned.nl. In the next three hours, we will tell you a lot of exciting news about Fastned. In between, we schedule two breaks of five minutes each, followed by the Q&A sessions. If you experience any technical difficulties, please contact our service desk at invest@fastned.nl. I guess that's it for now. Let me introduce you back to Michiel, our CEO, and we're looking forward to hearing from you. Thanks, Linda. Hello and welcome, everyone. I'm very excited to have you all here at one of our beautiful stations. Thank you so much for taking the time to be with us today. Today, we want to tell you everything about Fastned, about where we stand today, what we've achieved in the 10 years since Bart and I started this company, and more importantly, we'll tell you all about our plans for the future. How has the EV market developed in Europe? What are the opportunities for Fastned, and how do we plan to take these on? At this station, we're going to tell you how we will get where we want to go. 1,000 stations across Europe by 2030. Stations that offer the best customer experience. Stations like this one, only then much, much bigger. Let me talk you through today's program. After an introductory story from my side about why we founded the company, our mission, and strategy, I'll introduce you to Maria and Robin. They will explain how we crafted the Fastned customer experience. Maria is our lead architect and runs a team that designs that physical part of the customer experience, our stations. Robin heads up our product and software engineering team that is responsible for the digital side of what our customers experience. Then it's time for Yannick, who heads up the operations and analytics team. He will debunk one of the common misconceptions in our industry that chargers are just a piece of hardware, they're interchangeable, and everyone with money can put them down and sell charging services. After Yannick, we'll move over to Georg, our director of construction, who will talk about how we built our stations. We are deeply involved in this process since we, 10 years ago, started to build something out of the ordinary, large charging stations with solar roofs. We aim to build and operate 1,000 stations, so we need to roll out our network throughout Europe. Sarah, our Head of New Markets, and Pierre, our Country Manager in France, will tell you how we grow our network. Finally, Victor, our Chief Financial Officer, will give you the rundown on Fastned's business case and financials. Together with Victor, I will talk you through an update on our future guidance. I can imagine you'll have questions. Please save them for the two Q&A sessions, so let's get started. I would like to start with an answer on why. Why am I here? Why are we investing in this company? Why that is a good idea? In 2012, Bart and myself were convinced that electric mobility was the future and that Europe needed a covering network of fast charging stations. Not many people were as convinced as we were at the time. They didn't want to invest in charging infrastructure until the amount of EVs on our roads would be much and much bigger, the chicken-and-egg problem. We did. Fastned was founded to build the fast charging infrastructure that is needed to allow people to start driving electric cars. Our thinking was that if an early investment in a charging station allows you to secure a great location for years to come, that has a very significant value. Today, it seems very logical that locations are the stronghold of a successful charging business. At At the time, that was a revolutionary thought. It became our mission to give freedom to electric drivers and accelerate the transition to electric mobility. Our horizon is the milestone of reaching 1,000 stations across Europe, where we sell only sustainable energy from the sun and wind. That is what we work on day in and day out. Freedom means that you can drive anywhere. Think road movies. That is what driving is all about, and that is the freedom that Fastned delivers to its customers. Why is it important to accelerate the transition to electric mobility? Climate change is one of the biggest challenges that humanity faces, and the consequences of climate change on our societies are devastating. What is the root cause? It is the rapidly increasing CO₂ concentration in the atmosphere. An important part of these emissions is created by people driving cars with internal combustion engines. Our core business is to sell electricity to electric drivers, electricity that's derived from the sun and wind. With every kilowatt-hour we sell, we displace roughly one-third of a liter of fossil fuel that would otherwise burn up in our atmosphere. With the number of electric vehicles on the road and therefore the charging demand growing exponentially, the amount of carbon dioxide emissions avoided will grow exponentially as well. Bart and I founded Fastned with the aim to solve the chicken-and-egg problem of electric cars versus charging infrastructure in order to enable people to start driving electric cars and contribute to the battle against climate change. The environment part of the acronym ESG is therefore a key part of the DNA of Fastned. It is the raison d'être of the company and the big driver for everyone working at Fastned. Logically, you can expect us to continue to report on our progress on this topic. When I started this company, many people were questioning whether or not electric cars were the future. If so, would these then use fast charging stations? What I find incredibly important today is to signal the massive scale of what is coming. Manufacturing is scaling up. The number of car models offered to the public is growing rapidly, and brand by brand, car makers accelerate their EV programs. It's not enough to just add more places to charge on a map by adding a charger or two to a petrol station. The massive scale at which this is happening means that we need big charging stations that can handle hundreds of vehicles a day. We're not the only ones saying this. Just look at Tesla, that is constantly growing the number of Supercharger locations, as well as adding existing chargers to these existing sites. It's incredible how the battery electric vehicle market is consistently able to break its previous records. 2021 was the best year. The first quarter of 2022 was another record. In almost all our markets, 10%-20% of new cars sold were fully electric. Car maker by car maker, the messages are coming in of being sold out for the season. Production is scaling rapidly, but customer demand is scaling even faster, and it has only just begun. All these electric cars that people buy, they need electricity to drive around. That is our market, the charging market. This market is growing exponentially for many, many years to come. Today, between 1%-2% of cars in our markets are electric. Around 2030, all new cars sold will be fully electric, peu à peu. From that moment onwards, it will take roughly two- decades before the entire car stock on our roads is electric, as cars are used for around 15-20 years. This is why the charging market will be a growth market for several decades to come. That's why we take a long-term perspective on it. In the first years, most of the EV drivers were affluent Tesla owners, and most of charging was at home. When over time all cars become electric, the majority of drivers will not have a driveway. They will require public infrastructure to refill their batteries. Just to provide a bit of perspective on the various countries we operate in the Netherlands, we're talking about close to 70% of people not having a driveway to install their own Wallbox. In Germany or the U.K., it is around 50% of people that do not have private parking, research shows. We believe the answer to that is large, scalable fast charging stations, where hundreds of vehicles can charge per day. This is in contrast to some that believe that municipalities are responsible for scaling the number of AC poles on our streets. Yes, this was possible with only a limited number of drivers that needed charging. Only given that one slow charging pole can only service a handful of EVs, it is very difficult to scale. Therefore, we will see that in the coming years, the number of public slow charging poles will start lagging the demand for charging. The need for fast charging is accelerating even faster than the charging market as a whole. Luckily, new electric car models are charging faster and faster. When we started 10 years ago, the charge speed of the fastest charging car, the Nissan Leaf, was 50 kW. Today, it is cars like the Porsche Taycan with 270 kW, the Tesla Model III with 250, and the Hyundai-Kia platforms with 230 kW that lead the pack. This development makes fast charging more attractive every year, for example, when driving longer distances, but also to enable owning an EV for people that do not have a driveway. Higher charge speeds, therefore, also accelerate our market. Data also shows that cars with larger batteries and higher charge speeds go to our fast charging stations more often. That's something not everyone expected. Market consultants like the Boston Consulting Group and McKinsey & Company have also looked at this, and we think it's worthwhile to share some of their thinking. They agree on three points. The European charging market will grow exponentially in the coming decade, moving from roughly 4 TWh in 2020 to roughly 90 TWh by 2030, scaling the market by roughly a factor 20, and powering up more than 20 million EVs. Home charging will continue to be a popular means of charging, but its share in the total charging mix will decrease. Public fast charging is going to be the fastest growing means of charging, capturing most of the growth. This segment will grow from roughly half a terawatt-hour in 2020 to more than 25 TWh in 2030, scaling the segment by a factor 50. They also agree on the forces driving these developments. I mentioned them before. New cars can charge faster, and less drivers will have the ability to charge at home. The rollout of public slow charging is difficult to make profitable, when the aim is to roughly sell the electricity at purchase price, hence not making a margin to recoup infrastructure investments. The result of this is that fast charging, in terms of euros, is expected to take the lion's share in the charging market. Moreover, investing in fast charging stations brings perpetual exposure to kilowatt-hour sales. This is in contrast to selling Wallboxes or slow charging poles. Now that we know fast charging is key to the charging market, we need to ask ourselves the question: Where should these fast charging stations be located? Something Bart and I asked ourselves 10 years ago. To make a parallel to shopping streets and real estate value, we asked ourselves, what is the shopping street of e-mobility? Where do most EV drivers buy their kilowatt-hours when en route? In our view, great locations have four important characteristics. One, a location contract needs to support us in making a long-term investment. Think 15 to ideally 20 or 30 years. Otherwise, one cannot justify investments in things like a big grid connection, future-proof chargers, a large solar roof, and so on. Two, it should be scalable and high traffic to make our investment in solving the chicken-and-egg situation pay back. Scalability means a large plot of land that is dedicated to charging, capable of housing many chargers, and is well accessible to hundreds of electric cars that are going in and out each day. Three, we're on a mission to accelerate the energy transition, so we want to make the infrastructure we build visible. We want people to know that they do not have to be afraid to go electric. That is also part of the brand we built. This is why sites should allow for a big station with a solar roof and preferably a totem, conveying our brand message. Finally, four, when stopping over for a charge, we want our customers to have the best available charging experience. That also includes offering them coffee, sandwiches, and so on. Having the ability to offer amenities or having them present on site is very important to us. When looking for stations or when evaluating an opportunity, these features are the first that we look for. Which brings me to a question that we often get. But how do you then acquire such locations? Important to answering this question is to understand that among the locations that tick these boxes, Motorway Service Areas are very well represented. In Europe, the motorways and their service areas are most often owned by the government. That is why one of the key routes to acquire great locations is to work with public authorities. We spend a lot of time talking to governments about how they can best develop and accelerate the rollout of charging infrastructure. Often they think they should go for the option on the left side of this slide, to ask existing petrol stations to add chargers. That seems logical, right? Only history has shown it isn't. Because it comes down to asking an oil company to invest in something that accelerates the demise of their own business. That is why we advise these governments to follow a different path, to create a completely new filling station, one for electric cars, and issue that concession via a competitive tender process. What helps us in this case is that all interested parties willing to invest in that energy transition can participate, and that the best bid wins. Moreover, setting up a new station is needed anyway. Just think about it. Take the example of a service area and a petrol station that has 10 pumps. In 2030, that petrol station will have around 20% less fossil traffic, so two pumps can be taken away. But two chargers will never be enough to satisfy the new electric cars that have replaced the old fossil ones. Charging simply takes more time than filling up your car with petrol. This is also confirmed by several research institutes, such as the Dutch TNO and its French counterpart. Again and again, we see that tenders lead to far better results. The stations realized are bigger, with more and faster chargers, a better uptime, and a better customer experience. Last but not least, the infrastructure is being realized at pace. Competitive tenders are better for the electric driver and the energy transition. Over the last decade, we have successfully applied this recipe to acquire great locations in six countries, and Fastned is practically the only party that does this on a European scale. Therefore, we are regularly asked by authorities to provide advice on accelerating the rollout of charging infrastructure in their country and how to shape the necessary tenders to do so. Convincing governments that tenders work best doesn't make you win them. Let me now tell you how we do that. Fastned started a decade ago with building the first stations, developing a software backbone on which we run our infrastructure, acquiring the permits for the first charging stations, and much, much more. Together, all these elements make up one of the best charging concepts in the market. A recent study we did on Google location reviews shows that Fastned ranks best. When it comes to charging infrastructure tenders, governments realize more and more the importance of quality of service and experience, as they find out that competing on price alone simply does not lead to good infrastructure. Having one of the best charging concepts in the market and more experienced than most others allows us to hand in very competitive bids. This not only helps us in winning tenders. It also helps in closing deals with commercial location owners who are in search of a great charging concept to make their location interesting for electric drivers. When we started 10 years ago, there were no off-the-shelf software backends to manage a charging network with. There was no call center specialized in charging services that you could contract. The consequence of starting early is that Fastned internalized basically all these crucial aspects of a charging business, and we did this better than anyone else in the market. For instance, we have more or less acted as our own main contractor when building our stations, because no one had experience with building charging stations with solar roofs. That is why we now know basically every nut and bolt of our stations. As you can imagine, this knowledge gives us a great advantage when negotiating with contractors. Similarly, our customer success agents are sitting next to our software and maintenance teams, and hiccups in the charging experience can therefore often be resolved quickly. Having the know-how and vertical integration allows us to learn, improve, and automate, and therefore scale our business much more quickly. This sets us apart from many others. Based on the many capabilities we've built over the last decade and the assets that we acquired, we see many opportunities to grow our business and deliver another contribution to the battle against climate change, as well as improving our customer experience. Two of these I want to highlight here today. As we speak, Fastned is building its first charging station with its own shop. The service area Brecht on the route Antwerp-Rotterdam will be the first of many more. We opened the station last week, and I'm proud to say we plan to open the new shop before the end of the year. Here, we'll have a barista bar with great coffee and food, such as sandwiches and fresh croissants. In order to make this happen quickly, we plan to work with partners for shop operations. Another opportunity we see coming is electric trucks. Over the past years, we've seen more and more trucks charging at our stations, and this is only expected to continue to grow. Currently, we're working on plans to enable our stations to accommodate these larger vehicles better. For example, we're working with authorities to get permission to create additional space to allow these larger vehicles to maneuver. Our large stations, concessions, and grid connections offer a great starting point to support this transition. Let me now, before finalizing my presentation, walk you through our view on the road to a network of 1,000 stations. First of all, there are 4,000 Motorway Service Areas in Europe. Those are locations that tick all our boxes, as we've seen earlier. Here lies a big opportunity for us. Motorway services are not the only locations that we're after. We already developed a significant amount of locations with location owners of strategic land along roads with a lot of traffic. Take, for example, the picture on the bottom left here. This is a render of the station that we are currently building on the outskirts of the city of Bochum, in the densely populated area North Rhine-Westphalia. The motorway junction close by deals with more than 100,000 cars on a daily basis. This location is being developed with a private landowner and will result in a restaurant and the Fastned station. Our estimates are that there are more than 100,000 of these and similar locations that will be in need for a great charging concept in the coming decade. How do these routes, one public, one private, add up to 1,000 stations or more by 2030? That is what you see on this slide. Three pillars, two public, one private. In order from left to right, Motorway Service Areas, public city locations, and private developments. Let's start with the Motorway Service Areas. We know that there are roughly 4,000 Motorway Service Areas in Europe. In the past, around 30%-60% of the available locations were put up for tender. That would lead to an opportunity of around 2,000 locations for Fastned. Depending on the success of Fastned to scale its concept across borders and win these tenders, that would lead to somewhere between 200 and up to 600 new locations. In a similar way, we can take a look at private developments. There are more than 100,000 private grounds that tick most of these boxes. Many of these location owners will look for a third party that offers a charging concept that is interesting for electric drivers. Over time, and depending on our success in making deals with these location owners, it is expected to lead to 1,000 or more new locations. There's the middle pillar: city developments. An interesting example is the Oxford Superhub, the largest charging station of the U.K., which we currently build together with Tesla and will be opening next month. We expect many more of these opportunities in the coming years. Now, what is the red line through all of these routes to acquire locations? It is our experience and our concept. We believe that we can win tenders and private location deals better than others because we deliver a better charging experience. To come to a conclusion, we believe fast charging is a very attractive segment of the charging market. This is why, over the last decade, we have worked hard to put in place what we believe are the fundamentals for a thriving fast charging business. This makes Fastned uniquely positioned to take advantage of the exponentially growing amount of EVs on the road. Thank you. I would now like to hand you over to Maria and Robin, who will tell more about our winning charging concept. Thank you for your presentation, Michiel. Hello everyone. Fastned offers the best fast charging concept, and yet we keep on looking for improvements to secure our leading position also in the future. Customer experience has always been at the heart of our station design and product engineering strategies. Together with my colleague Robin, we deliver across all touchpoints along the customer journey. My name is Maria. I'm the location design director at Fastned. A decade ago, my plan was to live in the Netherlands for six months. I fell in love with Fastned's mission and with my life in this country, and I never left. Today, I'm leading a team of 16 talented architects and technical designers working locally in six different countries. Our goal is to design stations that score the highest in customer experience. This unique in-house architecture team has made designs for more than 1,000 locations, mainly on Motorway Service Areas. Some of us have more than 10 years of experience designing fast charging stations for electric vehicles, which makes us the most experienced fast charging architecture team in the world. There are various reasons why Fastned has internalized a team of architects. Architecture and design are part of Fastned's DNA, and I will tell you why. One. Through our iconic stations, we have established our brand. Two. At those stations, we offer the best charging experience. Three. The layout of our stations allows us to maximize the utilization per charger. Four. Our stations are future-proof and fully scalable. Now, let me go into detail in these four points. First of all, Fastned is an established brand in all the markets where we operate. This is our station. Through our iconic roofs, we have achieved the visibility and recognition that are crucial in our business. Now let's look at the picture. Our solar canopies produce the energy to run our daily operations. The iconic roofs highlight the presence of reliable infrastructure for electric vehicles, playing an important role in capturing new customers. These roofs are seen by millions of drivers a day, acting as a magnet for anyone who's in need of a charge session. Why does this matter so much? Because, as a driver, you feel that you've arrived to a real business instead of arriving to a parking lot with anonymous and almost invisible chargers. Secondly, Fastned offers the best charging experience, which is highly valued in tender criteria and also by private landowners. We deliver on three main aspects. First of all, we design the most comfortable and safest layout, just like petrol stations. Let me take you through that journey. The majority of our stations are visible from the highway. Once near the station, customers enter a dedicated area for charging, with sufficient space to stop by the charger in the most convenient way. As you can see, there is no difficult maneuvering needed. Just stop by the charger in one go, easily connect your vehicle, and continue your journey. Second of all, we create a space that breathes quality. It's covered by a roof to protect people and properly illuminated to feel safe at night. Last, our drive-thru stations are the only solution that caters for long vehicles with trailers, and holiday traffic. Thirdly, the layout of our station allows us to maximize the utilization per charger. Through design, we can influence the performance of our stations. Our drive-thru stations are designed to handle hundreds of vehicles per day, and this is how it might look. Electric cars will soon charge quicker than today, meaning that we need to handle large volumes of in- and out traffic. The way we influence utilization is by making sure that the transition between one customer and the next one happens as quickly as possible. We do it by having one-way traffic flow and by avoiding reversing and maneuvering. A long time ago, gas stations also figured out that this is the most effective and therefore the most profitable layout. A fast-paced traffic flow at our stations will be key to maximize the utilization of the chargers in a world with massive EV adoption. Number four. Fastned builds scalable and future-proof stations. All our stations are modular and expandable. This allows us to grow over time, making sensible initial investments and matching the capacity demand as this market evolves. Look at this. We can increase capacity in two ways. One: we can expand our station by adding more canopies. Two: we can upgrade a station by adding more chargers to it, increasing nominal power from an average of 150 kW per charging spot today to 300 or even 400 kW in the future, whenever vehicles are capable to charge at those power levels. Now that I've talked about the value of location design for our business, there is one more achievement I would like to highlight, which is about our portfolio of standard stations. As you know, we have standardized stations to be CapEx efficient. With these four charging and driving configurations, we can make a suitable design for any given plot of land. Last year, we opened stations with new layouts, such as our diagonal drive-thru and our parking stations. This variety in station solutions is extremely valuable to design high-quality and cost-efficient stations at a fast pace. I want to close by giving you a sneak preview of the station of the future. We envision a future with millions of electric vehicles on the road, where we can secure large and scalable charging areas for passenger vehicles, where we can accommodate trucks and buses under our canopies, and where shops are a reality, providing customers with high-quality coffee and food on Motorway Service Areas. After this presentation, I hope you understand my passion and the importance of a great design. Our world nowadays is not only physical. Next to every physical element, there is a digital dimension, which is managed by our product and software engineering team. Please, Robin, tell us more about it. Thank you, Maria, for elaborating on these beautiful stations. Now let's take a look at how our physical and digital worlds come together for our customers. Hi, my name is Robin. I'm leading product management and software engineering at Fastned. I joined Fastned because I strongly believe in our mission and how we future-proof this world by accelerating EV adoption. We are a tech organization with 11 in-house software engineers, product managers, and product designers. With these experts, we are responsible for Fastned digital products and services used by our customers to get further every day. We believe the best customer experience is created through the combination of stations, digital products, and services. That is because EV charging is much more than just a transactional experience. Instead, what we believe in is to create an ecosystem to, what we call, deliver electric freedom to all EV drivers. It is true this ecosystem drivers benefit in various ways. To make this more specific, let's look at some examples of solutions already delivered as part of this ecosystem. The first one. We have created the Fastned App, which is ranked highly on Google Play and App Store. Customers are using this app to quickly find their next charging stop and plan their trip, this all integrated with key navigation partners. We also invented Autocharge, the easiest way to fast charge. This literally makes charging as simple as charging your phone. Also at Fastned, customers get full pricing transparency. This is communicated through our charging screens, website, and app. Then there's the freedom to choose a payment method, from a wide range of charge cards to many different debit and credit cards. We've learned that this wide support of different payment methods is a contributor to winning locations as part of tender requirements. Additionally, we have successfully rolled out payment terminals to France, and we are on a journey of adding payment terminals to all stations worldwide. Last but not least, we offer 24/7 support, scalable with a self-served knowledge portal, which is also highly ranked on Google Search. This is where our customers learn, for example, about their maximum expected charge speed. All these solutions are created to support the EV driver on their journey. At the centerpiece of this ecosystem, we see a key role for our in-house developed Fastned app. Customers are using the Fastned app every day to discover fast charging, find out where to charge, follow their charge progression, and we're also exploring the best ways to engage with them while charging. With all of this, we are just getting started in this growing EV market. Now, these products, like the app, are almost visible on the front stage. We are able to deliver the best experience because the efforts are also spent backstage. Let's take a look at that. At the heart of operations, we heavily rely on our in-house developed technology backbone, which we call Revolt. This backbone is fully tailored to our business, and it facilitates all communication between our chargers, partners, and our backoffice. This backoffice, what we call Revolt Admin, is our EV management platform used by our network and customer operations teams to guarantee reliability and performance at scale. All these solutions are carefully crafted by our in-house tech teams. Our in-house product development is based on Silicon Valley best practices and follows Lean Startup and Agile principles. Meanwhile, these teams also carry the responsibility for the quality, scalability, and security of our technology, while also deeply caring about our customers' privacy. To give one example of how we deliver best products, is the improved app onboarding, which we released earlier this year. Through testing and validation, we delivered a solution which is loved by our customers, leading to an increase in how quickly people charge after their registration. We are able to deliver these improvements by following a modern and industry-leading product practice, with a high level of engineering excellence and having this expertise in-house. That's not all. It is how the voice of the customer is embedded at our core, how customers share their feedback with us on these various touchpoints of the customer journey, and how this all feeds back into our product development lifecycle to deliver them the best experience. It is this strong combination of stations, products, and services being customer-centric at our core and the focus and expertise in-house that makes Fastned unique in this industry. Once again, we are just getting started. We envision a future where Fastned continues to play a key role in supporting the EV driver on their journey by connecting customers, their devices, and vehicles with charging infrastructure, and this all to help them experience the best electric driving experience. This is where reliability, transparency, and freedom to choose all come together, leveraging the strengths and uniqueness of having this focus and expertise in-house. EV drivers choose to charge at Fastned every day, and we deeply care about providing them with the best experience in everything that we do. We have today shared with you how the best concept comes together in stations, products, and services. We look forward to sharing more about the other aspects in our business that make Fastned the preferred stop for all EV drivers. I'd now like to welcome Yannick on stage to elaborate on the third pillar of how we deliver the best possible customer experience, operational excellence, to make sure our charging network works like a charm 24/7. Thank you, Robin. Hi, I'm Yannick. I lead our operations and analytics team at Fastned. This is a highly international team of over 30 exceptional talents in the field of technology, operations, and data. Jointly, this team works 24/7 across six different countries to deliver the best possible customer experience. In our previous sessions, Maria and Robin told us all about the roles of architecture and digital products in delivering this experience. Well, there's one thing we need to add: operational excellence, making sure our stations work, making sure we have the best possible technology at our stations, and getting our customers the customer support they deserve. While doing so, collecting data, learning, and continuously improving. This is what I'm going to talk about today. First, let's look at what this means in practice, starting with the left. Unfortunately, all EV drivers have been there, driving around endlessly only to find a charger at the back of a parking lot, more often out of order than actually working, and remarkably hard to get going. This is not what we do at Fastned. What we do at Fastned is different. We deliver real electric freedom by building stations that are highly visible, both in the real world and in the digital world. Our stations are extremely reliable, and we make it easy for everyone to start a session. Now, let's factualize this by inviting Sören from elvah on the virtual stage. For those of you who don't know elvah is a leading German electric mobility provider, and they made a name for themselves as a digital-first, data-driven company that makes it easy for EV drivers to find reliable stations. Over to Sören. With elvah, we already provided hundreds of thousands of app-based charging sessions and are the number one fully digital solution in Germany only a year after public launch. Our data shows that charging on Fastned chargers is 10% more reliable than on comparable chargers. To measure this, we not only use data of our clients, but also data for monitoring every charging process in Europe on any charger at any time, no matter which EMP supports the charging session. With over 20 million processed data points every month, we can make a true and comprehensive statement how good a charger works. Our customers love charging at Fastned locations because it barely fails. Fastned chargers show a success rate that's best in class compared to our top five CPOs. This is remarkable. The good thing is, not only elvah sees this, so do our customers, which is why we have a Net Promoter Score of 42 and an average Google Review rating of 4.4 out of five. Both are best in class. We achieve this by doing two things. We choose to do the difficult stuff in-house and learn from it. We internalize and master key capabilities. Second, we operate like a tech company. We put data and technology at our core. More importantly, we deliberately accelerate the feedback loop between the two. Now, let's look at what this means in practice. Why do we internalize? Why do we do stuff like customer operations, network operations, and upgrades in-house? It is because we believe that at this stage of our nascent industry, at this stage of our company's development, it pays off to know the ins and outs. It pays off to collect the data and develop the capabilities to scale. This is why we internalize. Second, we collect data on literally everything we do, ranging from raw charger data to customer feedback to spare part consumption, external data sources, and all the data flowing to our Revolt backend. All this data is funneled to our cloud-based Databricks platform, where we manage and store the data, as well as build and train our models to, for example, optimize charging experience. Let's look at what this means in practice. Let's look at how we use it to deliver our industry-leading reliability. Over the course of our 10 years of existence, we collected enormous amounts of data on charger failures, the preceding charger data, the spare parts needed to fix it, and the customer complaints associated with it. All this data is funneled into our data lakes. Thanks to the models we developed, we are now able to detect charger issues before or the moment they happen. We then automatically dispatch one of our experienced field engineers with a detailed briefing and exactly the spare parts needed to get the job done. This is what makes the difference between the top five CPOs as referred to by elvah and the superior numbers we manage to deliver. We apply this way of working in many other areas. We use it to drive network expansion, to identify at which stations to add more chargers and where to build new locations. We use it to drive cost efficiency, and we use it to drive our commercial offering, think, loyalty, price plans, and subscriptions. The cool thing is, we're only getting started. What I shared with you today is how we run our operations and how it contributes to the best possible customer experience. I'm now passing on the word to Georg, who will tell you more about the way we build our stations. This is how we build a Fastned station. The video shows a time frame of four- weeks. About two- years ago, we finalized one station every two- weeks. Last year, we completed one station every week. In the next 18 months, we will scale this up in order to open two stations every week. Let me tell you what we do at Fastned in order to allow for an efficient scaling of our construction activities. Hi, I'm Georg. I'm based in Cologne, and I joined Fastned in summer 2018. I have a background in engineering and procurement, and I'm very passionate about sailing. I'm serving as the Director of Construction Management, and my team consists of 13 people across all Fastned offices. We're in charge of all aspects around the grid connection and the construction of our stations. We have a team of three who centrally manage the team strategy, our internal processes, the engineering of our products, and all shared suppliers. We have both project managers and construction managers in each of the countries to plan, manage, and supervise our construction pipeline on a local level. To centralize all information with our architects and location developers, we work with a project management platform that is based on Salesforce and is customized to our needs. User-centric charging stations, as built by Fastned, involve a high degree of complexity within the construction process. Over the course of the past 10 years, we have gained a broad set of competencies in this field and developed a streamlined workflow. Most CPOs manage this complexity by outsourcing the whole task to an engineering and construction partner. Fastned, however, deliberately internalized key elements of this process, providing a strategic advantage to the critical rollout of charging infrastructure. The pyramid on the bottom shows the setup of a CPO that outsources the whole rollout to an engineering firm or a large construction company. The top shows the vertical integration of strategically important elements of our supply chain in construction. Individual blocks in this pyramid could reflect things like the design of a station, the tendering of works, supervision of works, and the commissioning of the chargers. What drives our decisions to internalize some of these elements? Internalization helps Fastned in coping with the fast-changing environment that requires a constant level of innovation. It reduces the amount of friction across different organizations, and it maximizes the direct feedback between different departments. An example is the product development process of a new canopy design for stations with a parking layout, as earlier mentioned by Maria. The design was created by our in-house architects, and our team installed the first serial product in just 12 months. In addition to that, we benefit from the direct control, for example, when applying for grid connections. This is because our team is fully aligned with Fastned's goals and passionate about achieving them quickly. We cannot break the laws of physics, but we usually find ways of improving the timelines originally communicated to us by grid operators. We establish an extremely resilient and sustainable network of partners built on trust and collaboration. Obviously, off-the-shelf products and services like the supply of chargers or the civil works are easy to benchmark and ideal to buy on the market. However, we consider the technical engineering of our canopy materials, the tendering and integration of different construction services, or the commissioning of our new chargers as critical to our success. In doing so, we're the knowledge owners of our construction activities, and we can act quickly when required. This proved to be extremely valuable at the current times of material shortages and price increases. During our constant exchange with our suppliers, Fastned decided early this year to procure certain raw materials such as wood and steel in advance. This gives us certainty in our supply chain and independence from the price volatility of the market, a great example of entrepreneurship. Last but not least, we see a big cost advantage in our strategy. Two years ago, we ran a tender for a batch of locations and invited a number of large construction corporations to quote the projects. On average, we saw a factor of two-three in their price for managing the entire program compared to when we directly worked with the subcontractors. Setting up the system takes time and effort, but it results in lower costs when scaling up. When building 1,000 stations across Europe, this is highly beneficial. In terms of cost, our market intelligence indicates that our competition already has higher investments for their stations without drive-through and canopy. In their ambitions to build bigger stations, they will need to find answers to their respective challenges. It also gives us speed and scale. When entering France in 2021, we opened our first stations within nine- months with no prior experience in France and only one additional headcount. We can rely on our processes and focus on selecting the right partners. Finally, it's the basis of our continuous improvement. We constantly implement feedback from operations into the design and construction. In Fastned, all relevant stakeholders sit around the same table. You might ask yourself why we go to this length. We want to build charging infrastructure with the best customer experience. In order to do this, we need to be extremely cost-efficient. This brings me back to Michiel's introduction earlier today. To sum it up, we have built 50 stations during the past 12 months, and we will double this in the next two- years without sacrificing in quality or cost. Thank you. Now, let's hand over to Linda. Thanks, Georg. We will now have a five-minute break. You can use this time to share your questions via Zoom or email to invest@fastnedcharging.com. Before we head out into the break, we want to introduce you to our friend Tom. Tom thinks he might have missed the boat on electric mobility. Of course, we are here for him when he needs us. Enjoy. I will see you back after the break for our first Q&A session. I'm Tom. I still drive a petrol car. I remember my first car. I was hooked immediately, drunk on horsepower. I guess the whole electric car takeover just passed me by. I always saw them as these vegan city cars, really. Since when can you actually drive one to another country? You know, there were none, zero. Now, boom, they're everywhere. The last time I checked, you needed a house in the suburbs, one of those special wall chargers, and a spare eight hours to charge. Nobody told me you can keep living in the city and you'd only need 15 minutes to charge them at one of those fast charge places. You know, the yellow charger tree-shaped things on the highway. What do you call them? Solar trees? I mean, they don't look like petrol stations to me. The moment I knew I had a problem was when my eldest, he walked up to me and he looked me in the eye and said, "No thanks, Dad. We're taking Emma's dad's car. It's electric. Just don't do that to your father." You know what I mean? Should I write just Tom or Thomas in the forum? Great. Welcome back to our viewers. We've seen some great presentations so far, and I know there are quite some questions lined up for our presenters. As you can see, Michiel, Maria, Robin, Yannick, and Georg are here with me to answer them. Our CFO, Victor, also joined us. Welcome to you. All right. I would say we get started with the first question. The first question is from Marc Hesselink. Marc, I can already see your video. Please, can you make sure that you unmute yourself? Please go ahead and ask your first question. Hi. Thanks. Good afternoon. Thanks for hosting today. I have three questions now. First, to get to the goal of the 1,000 stations, you need about 650, a bit slightly less. You explained all the opportunities you have seen in the market. I think that was clear. Could you also explain how much of that is already in your funnel? Where did you scout the locations out of the 650 that you need to get to the 1,000? Thanks, Marc. Oh, should we answer that first? OK, yeah. Let's answer that one first, and then I'll come back to you. Thank you for that. Michiel, is that one you want to kick us off with? Yeah. Thanks, Linda. Thanks, Marc. Yeah, I think if we look at it, as I explained, I think in my presentation, we know where the opportunities are, right? There are 4,000 Motorway Service Areas, for example, in Europe. That's definitely something that we work on with our public affairs teams to shape towards tenders and, in the end, to winning them. There are thousands of these private areas. We're really working on getting sight of them and one by one winning deals with them. That's how we built that pipeline. We don't give guidance in that sense on, let's say, the actual non-wins, so the things that we haven't won yet. Thanks, Michiel. I think, yeah, Marc, you had more questions. Why don't you go to your second question? Yeah, thanks. The second question is actually on the service area. I think in the past, you said that you maybe were looking to find a partner for that. For me, it was not 100% clear if you're now going to do it with a partner or maybe you start with yourself and then over time find a partner. Also, I would like to grasp a little bit the size of that opportunity. I know that for a lot of the normal petrol stations, this is a quite big part of their revenue. How much is it in your expectation of the revenues that you guide for 2025 per station? Great question. I think there's two parts to it. One is mainly about the shop concept as such. Then there's also the financial opportunities. Actually, Maria, do you want to explain a bit about the ideas behind the shop concept? We ask Victor to comment on the financials. Yeah, we can do that. We are currently developing the shop concept that we will deploy in the coming years. We, of course, start with Brecht. By the end of the year, we will open that shop. On the financial aspect, Victor? Yeah. We're developing that concept. We're piloting it in the second half of this year in Brecht, as Michiel explained. There, we will work with a partner. That could be a model going forward, a partner that operates the shop and providing an income stream towards us. We haven't given guidance on how much that is yet. Also, the 2025 number we've given guidance on today, this morning, excludes any revenues from shops. All right. Your third question, Marc. Yes. That's actually what I always find a bit of the most difficult question I have when I have conversations with investors. I think it's very clear that a much larger part of the charging needs to be from public fast charging. I always get a lot of pushback on why it needs to be on the highway. Why is it not on a location like a supermarket where people already have to spend some time or, I don't know, an entertainment area or something like that? Why is the highway always the solution? Why is it? Why is it? Because then I get a bit of the pushback. The highway is more like the stopgap solution. You have to go a pretty long distance. You use the highway to fill up. Again, there you go from there. If you don't have to go a very long distance, why do you need it? Great question. We get that a lot. Victor, do you want to answer that? Maybe, Michiel, you want to add something to it? Yeah. Actually, in my presentation later on today, I will go into that and show actually some data on, for instance, in the Netherlands, what we see on highway versus off-highway or retail locations or, for instance, McDonald's locations. Yeah, I would say please bear with us on that. We'll give a more exact answer. Yeah. I think I would refer as well to that. We're coming back to it, Marc. I think, in general, I think it's definitely true as well that MSAs are, let's say, first on the agenda when it comes to the rollout that governments want to see happening to make sure that there's a rudimentary infrastructure in the country. These opportunities for us are the once-in-a-decade opportunities, right? You want to grab them. That doesn't say that we're not willing to densify out the network into cities, into other high-traffic areas. Of course, you can ask yourself whether a supermarket is the best location. I think it definitely says we're not stopping with the motorway locations. All right. Thank you. Marc, does this answer your question? Do you have anything else for us, or? No, I'll stick with it. Thanks. All right. Brilliant. Thanks so much. Next on my list, I have Emmanuel Carlier from Kempen. Emmanuel, we can already see you. Please go ahead, share your question with us. Nice to meet you. Yes. Thank you. Nice to meet you all. Thanks for the Capital Markets Day. I have three questions. We'll also do them one by one. Brilliant. The first one is on the tender service rate. I think you kind of mentioned that you expect to win something like 10%-30% of the service areas in Europe. In some countries, you're not active. I would like to understand a little bit better how you arrived at these pretty high numbers because I would assume that competitive intensity will probably go up going forward. OK. Thank you for this question. Michiel, I think that's one for you. Yeah. Thanks, Linda. Yeah, I think we'll come back to it later in the presentation. I think that's the first thing to say. We'll hear more about it from Sarah and from Pierre later today. I think if you look at it's, of course, about the market that we find interesting, which is high-traffic locations. If you take the whole market, if you would include, for example, tenders for AC poles in streets in cities, then the win rate might be lower. We really look at the market of locations that provide a decent business case, provide the opportunity for us to deliver infrastructure to a lot of people. If we look at those locations, so for example, what we did in France over the last year, there's roughly 100 sites that went to the market. We won more than 25% of that. That also leads to winning more than a 10% market share on the toll road network in France for more than a decade to come. That's simply the numbers. I think that's a consequence of a great concept and that there, in the end, are maybe 10 parties active in the European market combined with some local ones. You had a second question, Emmanuel? Yes, indeed. The second question I had is on the competitive landscape. Maybe there are a few slides on that in the presentation as well. I don't know. If not, I would just be happy to hear your thoughts on how the competitive intensity is today and especially how you expect it to evolve because we see more and more players willing to enter this market. I receive a lot of pushback from investors on that as well. All right. Interesting. Let's hear from Victor maybe on that. Yeah, sure. I think competitive landscape. I think Michiel already mentioned it. Maybe around 10 players that are active in this space with some local players. What we see, actually, is that it's really localized. In France, we see, for instance, a local oil major and a couple of local utilities. In Germany, it's different players again. There's different players across markets. Fastned is practically the only one active across Europe. I think that's an important remark. I think going back to Michiel's statement, whether it's France or Belgium or Switzerland or Netherlands in the past, we just have shown that we're able to win very high win rates. We don't see that going down from competition. Michiel, do you? You can comment a bit on tenders recently? Yeah. What I can say on tenders, and that is going to be a key competitive advantage for Fastned, what we see is tender requirements becoming more and more strict. We see them putting more and more demands on uptime, repair rates for chargers, and even penalties associated with it. If you then look back at the presentation I gave on operational excellence, you really see that we hit it out of the park there. We're significantly better than the top five competitors. This is really recognized by the tendering authorities and gives us also the confidence to come in with an aggressive financial bid for these locations. I think this operational excellence and how we manage to scale this with our exceptional team across Europe is really going to contribute to Fastned being a dominant player in this market. All right. Thanks, Yannick. Emmanuel, did you have another question? Yeah, maybe one last, if I may. This is about the position you have in the Netherlands. You're, of course, a very dominant player in the Netherlands. The concessions that you have there, they still run for quite some years. Another question I often receive from investors is also how the market will evolve when these concessions end. What makes you quite certain that you will continue to have that dominant position in the Netherlands? Thank you. Interesting question. Michiel, do you want to answer? Yeah, I can say something about it. I think maybe it starts with, yeah, let's say, the idea that the government has with this, right? They manage the policies related to these service areas and the tenders that are issued to the market related to the concessions on these service areas. I think what we see there is their idea is basically that it will evolve towards a similar system as they have with restaurants and petrol stations, that they will issue 15-year concessions. At the end of the concession life, they will have basically a rollover system with a bidding system where parties, again, bid for these concessions. In the end, that leads to the same sort of situation as we currently have with oil majors and other parties active on petrol stations. They will bid for these locations. In the end, yeah, you decide if you bid more or less for these locations and whether you want to retain your position. Thanks, Michiel. OK. Thanks a lot. Thank you, Emmanuel. Great questions. All right. We have one more dial-in on the line. That's Johannes van der Ohe. Johannes, we can see you. I hope we can also hear you. Please go ahead and share your question. Yes. Hi. Yeah, thank you for the Capital Markets Day. I have two questions in total. Maybe the first one to stick with competitive landscape. First of all, I would like to know, Tesla has been opening its stations to non-Tesla drivers as well. Do you see that impacting your stations in terms of the number of visitors in locations that are close by to Tesla stations? How do you, in general, view that? All right. Thank you for that question. Yannick, I think that might be one for you. Yeah. Very interesting question. We kind of expected these questions to be raised. We did quite an extensive analysis of the impact of Tesla opening up and comparing stations within the proximity of 5 km of an open Tesla station, 2 km, and then a control group. What we saw is that Tesla stations opening up had no impact at all on the performance of our stations. That is really interesting, like literally no impact. All right. Johannes, did you have another question? Yes. Yeah, that's good to hear. The other question would be on the shop concept that you've presented. You're building the first shop now, so this year. How long will you trial that for until you decide to expand, let's say, and then maybe also get an understanding of the size of the opportunity? At how many of your current, yeah, roughly 200 locations are you able to build such a shop, or would you be able to? Yeah. Very good question. Maybe I think Michiel to start. Maria can potentially also chip in on what the impact on our locations would actually be. Yeah. Yeah. I think if we look at the opportunity, Fastned has a pipeline of more than 350 sites signed, some of them sort of more than 200. We've already built charging stations on them. If we look at sort of that pipeline, not all sites allow for a shop, either it being contractually or it being space. On the other hand, it's several hundred sites that do offer that opportunity. It also improves our customer experience to realize these shops there, right? On the one hand, we will make more revenue by selling things. On the other hand, it's also a more convenient place to be. What we see in the data is that a charging station with more amenities present just attracts more traffic than a location without amenities. There's a very good reason for us to do so. Yeah. OK. Maria, maybe on the side itself, what is? Yeah. I would like to add that so we are working on the very first prototype of our shops. We are currently already working on permitting a number of locations where we can build a new concept of the shop without giving numbers of how many there will be. Next year, we are going to open several shops that we also aim to improve or learn from the first prototypes and then roll out at a larger pace. All right. Thank you. Johannes, did you have another question for us? No, that's it for now. Thank you. Thank you so much. I have a few written questions for you all. It's going to be a bit of rapid fire. Those are from Axel Stasse at Berenberg. They're a bit in line with what we discussed. Maybe we can stick to the shops, to the shop concept a bit more. The question is, all of these amenities that we've been talking about, who is putting the CapEx on the table? Is this going to be a third-party operator? Is this going to be Fastned? Then back into the line of how much of revenue could it represent for Fastned and how we are managing the contracts and how long-term those contracts are. Maybe, Michiel, I think there's a lot of interest in the shop concept. Yeah. I'll try to sort of keep it short. I think if we look at it, the idea that we're currently having is that Fastned will put any CapEx to realize, let's say, the building but not really putting the furniture in there in that sense. Working with partners that finance that and, in the end, pay a certain rent into a certain percentage of revenue as well, that's largely sort of the outlook that we're having at the moment. Of course, we'll have to see how that plays out after our first pilots, et cetera. I think if we look at that, we do that because we want to maintain control over that site. We find it important to deliver a great charging concept. We do want to build it in the way that we think it's right. Gotcha. Then Axel has more questions, again, about the competitive landscape. We talked about it earlier and also that we have a high win rate for new locations. Talking about the big competition, he's asking about the large oil players coming in who already have locations and whether we're not worried that they will expand on those locations and go into fast charging. How do we look at that? Maybe, Victor, you can say a few words about this. Yeah. Maybe to shed some light on how it is for the oil majors. They will have their own difficulties. One is, for instance, space. Michiel explained that to do fast charging properly in 2030, you need charging stations that are actually bigger than the petrol station. Often, very, very often, there's actually very little locations that petrol stations have where they have space to do that. They would have to take away the full petrol station, which is difficult for them. Secondly, they don't always have the legal ability to put in charging. If we look at the French situation, the petrol station has the ability to sell fossil fuels. The charging station has the ability to sell electricity. That's just some of the difficulties they will have to deal with. They have another strategic aim, right? They want to sell oil and petrol. For them, charging can't be the focus as much as it is for Fastned. Michiel, do you want to complement that maybe? Yeah. I think from my side, I think what's also important to recognize here, we're at day one of an exponentially growing market. On the one hand, I think it's completely clear what Victor says. That is how the competitive landscape is made up. On the other hand, we will need basically every initiative there is to develop that charging capacity to the exponentially growing demand for charging services. We're accelerating that. We're growing basically faster than anything else. All right. Thank you for that. I have one last question from Axel. I think we will actually hear much more about this. Let me read it out to you. He's talking about countries such as Italy, Spain, Denmark, and other countries in Scandinavia and asking how we look at those and what our strategy is for them, whether we have a pipeline secured, and whether there's any other specific country that we might be looking at. What's our take on that? I think our take should be that we'll talk about that later in the presentation because we have Sarah and Pierre here today. I think we'll leave it up to them. All right. Axel, you will hear more about this from our colleagues, Sarah and Pierre, in just a minute. I have a few more written questions. Maybe that is one also for Robin and Yannick to think about. We heard a lot about data and how we handle that and how important it is for us and also for improving our operations. What does data mean to us? And are there maybe plans for us to monetize that data? I think there's a lot of thought about that in the market. Robin, do you want to start? Yeah, absolutely. It's a very good question. Also a very fundamental question, I believe. Talking about data, right? What data are we actually talking about? We believe there's different types of data. There's customer data. There's also then the more functional operational data. If we then think about the ownership of that information, customer data is also referring to my presentation. We deeply care about customer privacy. Shortly put, no, we're not planning to monetize on the information that customers provide us with. Even if we would consider that would only be with the explicit consent of that customer. Meanwhile, there's tremendous value in the data that we're collecting. Think about the knowledge we have about the customer journey and how every day we are talking with customers, doing interviews with them to deliver the best services and products to them. That's something really that's valuable to Fastned together with the operational data itself. For the operational data, I would like to pass that on to Yannick. All right. If we look back at the presentation on operational excellence, I think there we show that we actively operate like a technology company, right? We operate as much data as we can because we believe it is highly valuable in improving our operations. That is what we currently use it for. Because of where we're working and this laser focus on data, we manage to deliver a superior customer experience. That is where the value lies at this point. That is what gives us a competitive advantage. Of course, there are opportunities for monetization. Sometimes we get asked for it. At this moment in time, the focus is really being on delivering superior customer experience, not on monetization. That being said, it could be an option for the future. All right. Thank you for that. Next question is one for Georg and potentially also for Yannick because both of you in your presentations talked about how we have insourced a lot of the construction and also the operations. People are asking whether we don't think we might be much more scalable if we would outsource some of that. What's your view on that, Georg, from a construction perspective? Yeah. Thank you. I think to some degree, I already talked about that. It's true. I think if you start from scratch, the easiest is to just find a big partner that knows this. You lose a lot of potential in the long run. That's where we try to excel. With that system in place and we have been fine-tuning that system over the course of 10 years, with that system in place, you are very well able to scale this up simply by adding additional suppliers, by deploying the processes that you have, yeah, by internally growing the number of resources that you have on an existing framework. That's where we feel very confident. All right. Yannick, what does that look like for operations? Yeah. To add to that, I think Michiel said earlier on that this is an exponential industry. It's also still quite nascent. What makes still a lot of sense for us is to learn the ins and outs of what we do. It makes a lot of sense to have our internal mechanics servicing chargers so that we know which chargers are good and where to improve. It makes sense to have our customer agents reply to customers themselves to learn where we need to improve our processes. That is, at this moment in time, creating tremendous value. That being said, it doesn't mean that we won't externalize stuff in the future. At this point of the industry, we believe it is critical to learn as much as possible. All right. Thank you, Yannick and Georg. We have one more question from Axel at Berenberg Bank. It's all about increasing utilization rate, as we know, at our stations. He is asking us whether we have discussed with some OEMs, with some car manufacturers, whether there's a chance to collaborate and to improve that utilization rate. Michiel, maybe that's one you can start us off with. Yeah. Thanks for the question. I think it's definitely something that sort of the whole industry is working on, right? If you look at sort of charge cards, we work on adding as many payment methods as possible, so ways for customers to make use of our network. That could come out of OEMs. It could come out of leasing companies, fleet owners. We're looking at all these channels. What we, I think, more or less see is probably that the capacity to build all these connections, the technical needs to do it, that's, I think, where often sort of the bottleneck lies. I think that's a lot of work, bringing these people together, putting the protocols in place. That's what we're doing. We're probably one of the most connected networks in that sense in Europe. That's because we want that to be. That's our mission, right? Freedom for the electric driver. That's what we want to create. We want to be as open as possible for all these customers to make use of our network. That's also where we've been adding payment terminals to our stations, just to mention another example. Yeah. Thank you for that. Another written question that came in, it's on prices. Of course, we've all seen the developments of the electricity prices over the last few months. Victor, maybe this is one for you to start with. Michiel, you can chime in. The question is, the price of electricity at home is heavily regulated, whether we expect that charging prices will be similarly regulated in the future. Yeah. I think there, by and large, across our markets, we don't see regulation on prices, be it in the Netherlands, Belgium, Switzerland, U.K., also in France. There are some mechanisms to make sure that we don't increase prices after we win a tender. We're able to put through cost increases. That works for us. By and large, we don't see that. We do see it in Germany now. The government is working on a highway tender, on a regional tender, where they're indicating they want to have a price cap. I think discussions are still ongoing there. How it will look like in the end, we don't know. We can't know for sure. That's one area where you see it. To us, it doesn't make sense to have price caps because for petrol stations, there's also no price caps. We think governments should regulate this by maybe spreading out locations through tenders, creating competition. That will secure fair pricing. That's something we would definitely very much support. Michiel, is there anything for you to add to that? All right. If not, then we have time for one more question. Maybe we can answer this very, very quickly. Maria, it's about trucks. Because it was mentioned that we are thinking about how we can serve trucks at our station. Very specific question: How could having trucks charge at our station impact the customer experience for passenger cars? What's your take on that? Yeah. Good question. Well, what we are doing today is investigating ways of allowing trucks to charge at our stations. First of all, our current canopies are already ready to host large vehicles and trucks at the station. We see that with minimum changes in the layout of our stations, meaning the entrance and the exit, we can very easily accommodate for that in a way that passenger vehicles and trucks are separated and they don't influence the customer experience. All right. Thanks for being sharp on answering that question. All right. This concludes our first round of Q&A. I realize I still have a lot of questions on this list. We haven't been able to answer all of them yet. At the end of today, there will be another Q&A session. Please continue sharing your questions via Zoom or via email to invest@fastnedcharging.com. Now it's time for the second half of the program. We will start with Sarah and Pierre, who will talk about our location acquisition strategy. After that, Victor will explain our business case financials. Then jointly, Victor and Michiel will give some future guidance. Let's go. Good afternoon, everyone. I am Sarah Pasquier. I've spent more than 15 years advising governments on low-carbon technologies and policies. I joined Fastned almost two years ago to help bring high-quality, fast-charging stations to the French market. I have been tasked now with leading our efforts to replicate our success in other European countries as head of new markets. I am joined today by my colleague Pierre Courgeon, Country Manager for France. Our colleagues have led you through our concept and how we can execute on it efficiently, both in terms of operations and CapEx. Pierre and I will now share with you how we transform markets in order to win tenders. First, a word on our team's structure. Fastned has internalized the entire development process. We have hired public affairs and network development teams in each of our country offices and in our headquarters. Our public affairs teams seek to develop a favorable environment for our business to be successful and to create opportunities that our network development colleagues then follow up on to develop our business. We are 100% focused on our mission, which is to accelerate the transition to sustainable transport by securing land to build large, fast-charging stations capable of charging hundreds of vehicles a day where customers need it most, along high-traffic corridors. High-traffic locations, such as Motorway Service Areas, are often owned or regulated by governments and closed to competition due to longstanding concessions with incumbents. To access these sites requires extensive engagement with stakeholders. Whereas our competitors often try to carve out business where they can, we do not compromise on the long-term profitability of our company or the quality of service by selecting poorly designed locations or unfavorable terms. Instead, we proactively engage stakeholders to push for open and transparent tenders. Competition is a key pillar to a thriving fast-charging market. It leads to innovation, price transparency, customer service, and quality of service requirements, as well as penalties for bad service. In addition, we advocate that fast-charging should be treated as a standalone market, given its specific requirements, expertise, and investments, and because bundling with other services reduces competition and quality of offer. We also advocate for large drive-through stations on motorways and city hubs. Finally, as fast-charging is a new market, we see many new regulations appearing. We show leadership by sharing our 10 years of experience with stakeholders on topics ranging from payment methods, permitting, grid connections, and uptime requirements to metering. Since winning our first stations in the Netherlands 10 years ago, we have steadily and strategically expanded our network to new countries, all the while advocating for the key pillars to a thriving fast-charging market. This slide includes a map with our current network highlighted in yellow and our priority new markets highlighted in gray. It also includes a graph showing the percentage of EV sales in each country and another with the number of core European motorway system kilometers per country. European regulation requires charging infrastructure every 60 km, which means that there is a huge potential to grow our core business on the more than 4,000 service areas along these motorways. We will expand our network to new countries, starting first with those neighboring our six current countries, targeting large countries with extensive motorway networks, such as Spain and Italy, and those with a high percentage of new car sales, like Denmark. We also keep our ears open for opportunities that might arise in other countries, for example, Poland. When interested in a new market, we first send in public affairs teams to actively speak with stakeholders, including governments and motorway operators, about the criteria needed to ensure high-quality fast-charging infrastructure. Our public affairs teams offer our decade of experience and expertise and provide proven practice examples for motorway tenders in our other countries of operations. We see that governments want to talk to us as a very knowledgeable and independent party. Once tenders are made available, our network development teams respond, drawing on expertise from across the company and working closely with the design, operations, and finance teams to ensure we put together quality offers that reflect our unparalleled offer in this market. Once the tenders are won, our construction teams put in place supply chains and build our stations, while our maintenance, operations, data, and customer service teams ensure our 99.9% uptime and lead to customer satisfaction of 4.4 on Google, which is unparalleled in this market. Once motorway stations are secured, we ramp up our activities to develop off-highway locations, including city tenders and private land. Public affairs teams are active throughout the process to make sure that execution is as smooth as possible. I will now turn the presentation over to Pierre, who will present a case study of how we've implemented this approach in France. Pierre, please join me on the stage. Thank you, Sarah. Hello, everyone. I'm Pierre, Fastned Country Manager in France. France is a prime example of where we implemented this strategy. When I joined Fastned back in 2018, the French EV market was growing very fast. EV charging stations were needed. There was no opportunity or business case for implementing stations on the highway. No open tenders, only short-term contracts to operate on those highways, and only space for one or two chargers. Our French Public Affairs team started actively engaging all different parties, including six industry associations, two consumer groups, one standard authority, two regulatory authorities, and a lot of elected officials at all levels of government. We shared our 10 years of experience and expertise building high-quality charging infrastructure across our European network and pushed for competition to allow the best service for customers. The results? In 2020, the first tender was opened for nine locations on private highways, with terms and requirements in line with what we promoted, long-term contracts for at least 15 years, space to build large drive-through stations capable of charging hundreds of vehicles per day, room to add chargers as the demand increases, ad hoc payment systems such as credit card terminals, and, of course, roofs to protect customers from the elements. Guess what? We won this very first tender, putting our first step in France. Things moved even faster. In 2021, the government issued a new regulation for making EV charging mandatory on all service areas by the end of 2022, resulting in many locations to be open for tenders. Of course, once again, we won a large portion of those tenders. As I said, as of today, we have won almost 25% of those tenders, which is a huge success considering the fact that we competed against more than Eight competitors, including big French oil companies and German car manufacturers. As mentioned, we won the very first public tender in France for fast charging on highways. We managed to build those stations in less than 12 months. We continue our success with a few locations on VINCI network, south of France, and 18 locations in the north of France. The quality of our offer for customers, our design, and the commitment we have on operability have definitely been key factors in this success. It's also due to our track record, both for construction and operation in other countries. It allows us to enter a highly selective market with a very high barrier to entry. On the long run, there is a significant advantage for already operating players in winning tenders. Fast charging services on the remaining 200 private service stations have been developed by our competitors through amendments with concession holders. As these contracts expire over the next decade, we will be again able to compete to offer our services on these sites. The public effort strategy and the network development success on private highways has been the very first step of our overall development in France. It allows us to build on three important pillars. First, we position ourselves as a key player and a major player, bringing the attention of both public authorities, such as municipalities, and private real estate owners. Second, it sets up the basis for a nationwide network, leveraging our operational presence. Third, it sets the regulatory basis to acquire sites according to our standards. It's now time to enter the second phase of development, which is focused on two axes. The first one is public land with municipalities. The second one is commercial locations, real estate partners, or private landowners. For cities, the strategy is comparable to what we achieved on highways. First, we explained the need for fast charging and its role in the energy transition. Second, we identified with municipalities the land available and helped them organize tenders with good selection criteria. Finally, of course, we will win those tenders. For commercial sites, could it be in a retail park or a location next to a national road? We are currently building on the momentum and credibility we gained from winning tenders. We have, for example, since the announcement of the tender results, been more and more contacted by real estate owners. Of course, we also proactively engage with as many real estate owners as we can. It's all about finding the perfect location. For that, we started using data to assess the quality of locations and automate the process. We are building, with the operations team and the data company, a tool to predict the attractiveness of locations based on traffic, drivers' behaviors, points of interest nearby, land availability, and local purchase power. This is our first result. This is what a good location outside of the highway looks like. It's nearby a large city, next to the commuting traffic from and to Paris. The station is very visible from the main road. It has a lot of good amenities nearby. This is the first one, but not the last location we signed in the urban area. Those locations will complete our French mapping, allowing EV drivers to really have the freedom to drive across the country. Thank you. Now, let's send over to Victor. His presentation, you will all be especially interested in. Hi. I'm Victor van Dijk. I've been the CFO of Fastned since 2019. I joined Fastned then because I wanted to contribute to the energy transition. I really liked the way that Fastned had set up its business and was convinced that Fastned would really be an important driver of the energy transition. Our team today has talked a lot about our business case, how we're going to grow, and how we will drive the energy transition. How does that translate into financials? Well, let me take you through it. I'll start with some key metrics. Currently, we have 207 stations operational. We have grown the network by close to 40% on average over the last six years, obviously a key driver to overall revenue growth. Revenues per station have grown at more than 90% on average over the last six years. Each station, when it's added to the network, quickly ramps up sales to its current revenue potential. Its revenues grow further based on more and more Electric Vehicles on the roads, doing more and more fast charging. Overall, network growth and revenues per station growth translate into very fast overall revenue growth. Revenues related to charging doubled from 2020 to 2021 and already doubled again in the first quarter of this year. On operational EBITDA, this has even faster growth potential than revenues due to currently spare capacity and due to increasing charge speeds. With increasing charge speeds, we can deliver more kilowatt-hours in the same amount of time. This means that operational EBITDA will normally outgrow revenue growth, which will quickly accelerate our profitability. We'll get to that later. We've been doubling sales year-on-year. The question is: what is the revenue potential going forward? What are the key drivers? Well, this is how we think you should look at it. In the first bar on the left side of the graph, you see our 2021 revenue. The second bar is illustrating the electric vehicle fleet growth that is expected to be realized this decade. This is expected to 10- to 20-fold from current levels. So that is a 1,000%-2,000% increase. All those cars will need charging. Part of that charging will be fast charging. That fast charging share will actually increase two- to four-fold, as researchers have forecasted. Michiel talked about it. This is driven by later EV adopters having less ability to charge at home and fast charging becoming more and more convenient. The consequence is that the addressable market for Fastned is growing very, very strongly. To be able to capture this market growth, we firmly believe that you need to have the right locations, high traffic, visible, scalable, and with long-term contracts. As Michiel and Sarah have explained, we see a clear potential for growing to 1,000 stations, five-fold our current number. The revenue potential for Fastned that we foresee is the multiplication of each of these drivers, more electric vehicles, more often choosing to charge quickly on the go, and more Fastned stations welcoming these electric drivers. This leads to a very high revenue potential. Now, I think most people see the growth of electric vehicles. I can imagine you think: will fast charging indeed grow versus other means of charging? Will high-traffic locations indeed capture that growth? Well, let's look at some data. We can draw some lessons from the Netherlands, as it is the most advanced charging market in Europe, with the most chargers per electric vehicle available, and with probably the largest public slow-charging network in Europe, and with a countrywide fast-charging network. Hardly any country has both. Fastned has operated the largest fast-charging network in the Netherlands for years, so that we have a lot of data. Now, from our data over the years, we see that the fast charging share has indeed grown. In the graphs, you see the electric vehicle fleet in the Netherlands in black, having grown from a small number to hundreds of thousands of electric vehicles on the roads by now. In yellow, you see Fastned revenues in the Netherlands growing faster than the growth in electric vehicles. This means that those electric vehicles fast charge more and more. Again, this is because newer adopters have less ability to charge at home and because fast charging is becoming increasingly convenient because of higher charge speeds and more availability of fast charging. All these factors will become increasingly pronounced in the coming years, driving further fast-charging share growth. The question is: where do these electric vehicles fast charge? We firmly believe that people want to charge while they drive because it's simply convenient. It's the same reason as why petrol stations on motorways sell way more volume than petrol stations off motorways or in villages. Again, let's look at some data. If we look at fast-charging locations in the Netherlands, the top-right pie chart, Fastned operates about 130 stations, about 20%-25% of the total fast-charging locations in the Netherlands. There are also others that operate fast-charging stations, either off highway, at hotel locations, at McDonald's locations, or at gas stations on and off highways. Fastned has 20%-25% of the fast-charging locations. We actually do more than 60% of the fast-charging volume in the Netherlands. This means that Fastned locations do around 5 x more sales than the average locations of others. This is, to a very large extent, driven by the fact that we operate the highest traffic locations in the Netherlands, which are the Dutch highways. With our canopies, we are visible to millions of drivers passing by our 130 stations each day. We are very easy to reach. Of course, we also offer an outstanding charging experience, as my colleagues have previously explained today, which enables and amplifies sales. People want to charge while they drive. That is why we firmly believe that you need high-traffic locations with visible stations and a great concept to capture this market. How does this all translate into station sales? Station sales are driven by electric vehicles driving by. The Dutch stations in our network have, on average, more than 30,000 cars driving by each day. In 2014, 0.1% of those cars were fully electric, so about 30 cars, 30, electric vehicles driving by each day. About 5% stopped and charged, leading to one-two sessions a day. What we have seen is that more and more cars became fully electric, and still about 5% stopped and charged. The number of cars charging per day went up accordingly. We were at 22 sessions per station per day in 2021, 10 x more in a Corona year. By 2030, 20% of those 30,000 cars should be fully electric, so 6,000 cars, electric vehicles driving by each day. With similar capture rates, that leads to 250-300 sessions a day. Again, more than 10 x more than last year. For 250-300 sessions a day, you need an eight-10-charger station, which is running at a very high utilization rate. We are convinced the demand will be there. Where does this lead us in terms of profitability at station level? When looking at the station economics, we clearly see the effect of demand growth. Annualized revenues per station for Q1 2022 were at around EUR 120,000 for the average station and at around EUR 360,000 for a top-five station. Also here, you see that station sales are driven by Electric Vehicle traffic. Our top-five station has three times more general traffic, meaning that it has three times more electric vehicles driving by, meaning that it has three times more sales than our average station. Looking at profitability, this top-five station has an operational EBITDA margin of close to 40% due to a higher utilization. Our top-five station actually shows the potential for our average station at three times more electric vehicle penetration, which is expected by 2025. Note that increased session sizes, due to increased charge speeds, will increase this potential further. With revenues going up, driven by electric vehicle growth, and larger charging sessions, we expect all of our stations to show similar numbers in the not-too-distant future. We'll get to that later. What is the long-term potential? We think our stations should be able to do more than EUR 1 million revenues by 2030. Looking at these numbers, to us, it's very clear that the potential is there. In the first quarter, around 2% of the vehicles on the roads were fully electric in our markets. By 2030, this should be around 10 x higher. This tenfold increase should directly drive station revenues, which are currently already above EUR 100,000 annualized. Just quickly looking at this forecast from Dutch research agency TNO. They were commissioned by the Dutch government to assess fast charging demand on the Dutch Motorway Service Areas for planning purposes. With a 20% fleet penetration by 2030, they forecast 2.5 kWh fast charging demand on average across the Dutch Motorway Service Areas. This amount is in line with more than EUR 1 million revenues per station. Note that operating costs and investments of a station are driven by the number of chargers. The number of chargers does not grow as much as revenues due to spare capacity and increasing charge speeds. Also quickly on electricity prices, they have obviously increased substantially over the last quarters. We have responded by increasing our pricing. We saw little to no effect on our sales, proving we have pricing power. Going forward, we can and will adapt pricing further, if need be. Where does this lead us in terms of financial results going forward? Let me break down the main components of the P&L, cash flow, and their drivers for you. Please bear with me. Revenues going forward will be driven by the number of stations and the revenues per station. We will provide guidance on that later on. As explained, revenues per station will be mainly driven by the general traffic on the locations we secure, the electric vehicle fleet penetration developments, and session size and charge speed developments. Gross margin we expect to improve over the medium term, based on an expected decrease in electricity prices and an expectation of a shortage of fast charging capacity at the right locations, that is. Network operation costs are driven by the number of chargers per station, which will grow less than the revenues, as we have spare capacity and charge speeds will increase. This means operational EBITDA will normally grow faster than revenues. Network expansion costs relate to the people signing new locations, designing them, and building them. They create a lot of value by securing very valuable locations. We expect these costs to be relatively stable on a per-station builds-per-year basis, with a level of EUR 154,000 per station built in 2021. CapEx is obviously driven by the number of stations built per year, but also by the size of the stations. We are now building bigger stations to cater for increasing demand, with six-eight chargers per station on average in the current budget, leading to a CapEx per station of EUR 750,000-800,000. With a cash level of EUR 128 million per year in 2021, we are able to grow the number of stations operational to around 300 stations, 50% more than we currently have. We aim to build more than 400 stations before the year-end 2024. We will get to that. We expect a EUR 50-75 million funding need for that. That concludes my presentation. Michiel will join me for future guidance and wrap-up. Thank you. Thanks, Victor. Let's start with our progress since our last capital raise of EUR 150 million early 2021. Back then, we communicated ambitions for a number of stations, new sites, chargers, and the size of our team. One by one, we delivered on these. We have built 60 stations since then. We have committed funds to build further 92 stations that are in our construction planning. These stations are planned to be built in the coming 12-18 months. We won a 10% market share for more than a decade to come on the French toll road network, linked to an investment in more than 30-plus large Motorway Stations. We now have a team of around 130 people working across six countries. The majority of funds raised at the time are committed to construction projects for the coming 12 to 18 months or have already been delivered into operation. With the current funding, we get to a network of around 300 stations. Over the last year, we have seen the market for locations, through tenders as well as private developments, accelerating. Also, our investments in growing our network development team are accelerating our pipeline. This results in an opportunity to invest in the next phase of growth. Currently, we are contemplating on the various funding options available. Given that we have so many projects committed already, we thought it would be a great idea to take Charging Day as a moment to look ahead in time and a little further than we previously did. Moreover, this year, we have invested a lot in our supply chains and teams that enable the construction of stations in each of those six operating countries at pace. Guidance on both topics should provide a more detailed outlook on how we currently foresee our path plotted towards that milestone of 1,000 stations across Europe. This leads to the following statements: We expect to have more than 400 stations operational before year-end 2024, doubling the size of our charging network. We expect to get to a building pace of 100 stations per year by 2024 and aim to continue to grow from there on. By 2025, an average station will have around six chargers. By 2030, there will be eight. Logically, with today's pressure on global supply chains, there are many challenges related to these ambitions. That said, with the investments made in our team and the supply chain last year, we currently foresee that we can manage these challenges and will realize these targets. Achieving these targets will bring us to a network of 1,000 large fast charging stations well before 2030. On that note, I give the word to Victor to talk about our financial guidance for the coming period. As we already have partly seen when discussing the station metrics, we expect station revenues of our stations going forward to be driven by electric vehicle fleet growth and session size growth. As a result, we expect revenues per station to grow from around EUR 120,000 in the first quarter of this year to more than EUR 400,000 by 2025. This is driven by the electric vehicle fleet in our countries growing around 2.5 x, driving the number of sessions per station. This is driven by the session sizes expected to grow considerably as well, because of higher charge speeds. We see a potential of more than EUR 1 million revenues per station by 2030, again driven by increases in electric vehicle fleet and session sizes and charge speeds. With those revenues and with around six chargers per station by 2025, we see operational EBITDA margin growing to above 40% by 2025. Along that path, we see underlying company EBITDA to become positive by next year. In all, a compelling outlook for investors, we think. We wanted to end with highlighting what we think are the key investor considerations. Fast charging is the fastest growing segment within the charging market, showing tremendous growth. We have shown the growth potential today. The scale of our existing operations, the quality of our concept, and the ability to expand across Europe is putting us in a premium position. We can roll out a high-quality platform in a tremendous growth market. Entry barriers will ensure a long-term stable industry structure, pricing, and margin. We believe that you need scale, quality, and focus to do all aspects right. There aren't many parties having all of this right. Data supports our thesis. Providing a superior customer experience at high-traffic locations makes strong financial sense. A strong financial case enables us to expand and drive our mission. Through active stakeholder management and a dedicated fast charging setup, we are the natural partner for all to give freedom to electric drivers. Providing freedom to electric drivers is, of course, our mission, a mission that drives us each and every day. To me personally, this is why I started Fastned 10 years ago. Thank you. Thank you, Michiel and Victor. Super exciting ambitions. It is time for another short break before we get to the final part of the program, the Q&A with all the specialists you heard from today. Stay tuned, and I will be back in five minutes. Welcome back. We have seen some great presentations today. I know there are still a lot of questions lined up for our presenters. Everyone is here with me now to answer them. I would say, let's get into it right away. I can already see we have Emmanuel Carlier back on the line to kick us off with his first question. Over to you, Emmanuel. Oh, Emmanuel, unfortunately, we cannot hear you. Yeah. Now we can. That should be better now. Yes. Very good. Thank you. Thanks all for the presentations. My first question is on the utilization rate. I know that for quite some time you have been guiding that you believe in the long term you will achieve a 30% utilization rate. To me, though, this looks maybe realistic in the short term because there might be some shortage. In the long term, to me, it looks quite ambitious. I would like to better understand on what the 30% utilization rate is based. Thank you. Thank you, Emmanuel. Utilization rate. Yannick, is that a question you would like to kick us off with? Maybe Victor can follow up. Yeah, let's give it to you immediately. Yeah. I think on utilization rate, if you look at our best stations right now, our top 15 stations, they average around 20%-35%. That leads to, in some cases, to lines in front of our station. That's something we clearly need to manage. The demand will be there for high utilization rates. At the same time, we want utilization rates not to be too high to ensure a good customer experience. If you look at our top 15 stations, that works right now, with a high customer satisfaction at the same time running a high utilization. All right. Yeah, that's for the top five stations, so. 50. Yeah. Does that not imply that on a group level, it is a quite ambitious target? Also, I've spoken also with some peers, and I've also dug into some reports from other players. Of course, they do not do exactly the same what you do, i.e., it's not always on service areas at highways. Still, they guide for lower levels. What gives you, as a company, the confidence that the 30% is possible? Yeah, I think it's a nascent industry. It's a new industry. I don't think any of our peers have many stations that have these type of levels. It's something that everybody's estimating. What is helping us tremendously is our drive-through model. Because that's, in contrast to a parking bay model, and especially a parking bay model with narrow bays, a drive-through model makes sure that we can have a very high utilization while keeping the customer experience. I think that's a key difference with some of our competitors. Thanks, Victor. Michiel, do you like to add to that? Yeah, I think, Emmanuel, I think one of the biggest differences, most likely, is just simply locations, right? We've got competitors that put chargers on parking lots that are sort of at the back end of an alley in a street. That's nice to put a dot on the map, but it's not a great location. In the end, utilization is a consequence of the amount of chargers and the amount of traffic that's coming to that site, right? It starts with the amount of traffic. Then you add chargers while the location is growing. I think that, in the end, drives sort of, yeah, that drives these locations. Our locations are just really, really, really good locations. That is why we get already today high utilizations. To some extent, you're managing that yourself, right? Because if you expand the number of chargers on site, you lower the utilization again. On the other hand, you prepare for future growth. We do need to manage the amount of works that we can do as well. I think that is what you'll see over the coming years. It starts with great locations that have a lot of traffic. If you don't have great locations, you'll never get there. We have one more comment to make on that. Yannick? Yeah, maybe two things I want to add on that that gives me confidence that we can meet these numbers. If we look ahead in the future, EV drivers will be guided by navigation companies, by the mobility service providers. What is going to be essential there in the navigation is location, location to minimize the drive. Because we have the best locations, these navigation companies are probably going to send drivers by Fastned stations. The second thing is, we have an amazing app. Roughly 20%-25% of our active users are using that app to find stations. We can also guide the users to specific stations to optimize utilization across our network. These two drivers are really helping us in achieving those numbers. Thanks, Yannick. Emmanuel, does that answer your question? Yes. No, no, definitely. Thanks a lot for this detailed answer. That's much appreciated. A second question I have is on the return on invested capital. Of course, it's very good to see that you expect to achieve a return on invested capital of 30%. If I'm just a bit thinking about that, don't you fear that this is maybe a too high return for a kind of utility service? As a result of that there might step in regulation from the government or increased competition? Thank you for that question. Victor, over to you. Yeah. No, I think, again, there, if you compare to other industries with high CapEx, we are an industry with high CapEx. We run a high utilization to make a yield on that CapEx. I think these type of numbers you see across other industries, fitness chains, to name one. I think that is something that can be achieved. The other thing is, you can only reach these returns when you get everything right. You need very high-traffic locations with a very high demand. You need to build big stations with a very high CapEx efficiency. If you optimize them for utilization, like we do in our station design, you can get to these returns numbers. That doesn't mean that others can get to these numbers. Taking the example of two chargers on a parking lot, it's very difficult there to get to these type of numbers. I think governments will take an industry view. They won't take a specific operator view. I think, as long as we're able to secure those locations and run it the way we run it, yeah, we're secure there. Thank you, Victor. Emmanuel, do you have more questions for us? Yeah, maybe one final, if I may, on the financing. The first thing I want to make sure, you speak about EUR 50-75 million financing needed on top. Just to be sure, this is already taking into account the press release of yesterday, I guess, where you kind of stated that you raised EUR 23 million for growth CapEx. After that raise, you still need EUR 50-75 million. Is that correct? Yeah. The bond issue yesterday was partly a refinance for maturities this year. We have EUR 12 million in maturities this year. We raised, basically, an additional EUR 10-11 million. The EUR 50-75 million is indeed on top of that. With our current funding, we get to around 300 stations. Then to get to 400 stations, which we guided for before the year-end of 2024, we need that additional EUR 50-75 million. All right. Could you say anything on the financing, on how you intend to do that in terms of instruments, debt, or equity, and also timing? Yeah. No, we haven't guided for that. There's various sources. There's various options. There's various timelines. If and when we make a decision on that, we'll communicate that to the market. All right. Thank you, Emmanuel. Thank you, Emmanuel, for those questions. Those were also some of the questions that already came in writing. I hope this also answered some other viewers' questions as well. Next on the line, we welcome Marc back to talk to us. Marc, we can't see you yet. Could you please turn on your video and unmute yourself? There you are. Please go ahead. Share your question with us. Yes. Thank you. First is a bit of an explanation on the station ramp. You said you're going to add 100 stations in 2024, and then slightly, at least that level, moving up the years after. Earlier you said, I think, you're going to add 65 this year. If I try to make that calculation, it seems like a little bit of a slower year next year, 2023. Is that correct? I will ask the question to Michiel. I'm not entirely sure what you're referring to, Marc. I think, if you look at it, we guided for 65 stations this year. We wanted to look a little bit further ahead into the future. If we look at current construction plans, we've also been clear about that, more than 90 stations currently committed to, built already 60 stations since that sort of fundraising of EUR 150 million earlier 2021. We want to get to that build pace of 100 stations a year by 2024. That's a ramp-up from 65 stations this year. Last year, more than 44 stations, right? Does that answer your question? Yeah. Yeah, Yeah, but then I tried to square it with the 400 stations by the end of 2024. If you add 100 in the year, that means that by the end of 2023, you should be at around 300. If I add the 65 to the 188, that way we get to 255 by the end of this year. That's a bit of a smaller increase, let's say 45 in 2023. The build pace is a bit like, where do you take that moment, right? Do you take it at year-end, or do you take it at mid-year? It's a combination of the two. Maybe to add. OK, maybe the answer is, actually, you're not going to see a slowdown. I mean, it's going to be growing. Yeah, the idea is to grow everything. That's the ambition. Victor, anything? I just wanted to add that share. Yeah. OK, Victor, anything to add? Maybe it's clear already. We'll want to grow from 65 this year to 100 2024, and increasing the pace, indeed. That will bring us to more than 400 stations before year-end 2024. It could actually be higher by the end of 2024. Then the calculations match up. All right. Yeah. OK, just to have that clear. The other part is, actually, moving down from the operational EBITDA level, given that you give the numbers of stations and also the number of chargers, and I think you also have quite a good idea of your cost of expanding the network, can you be free cash flow positive by the end of 2025? I mean, is that in the cards? It's a very direct question. Michiel? Well, it's not something we guide for, right? If you calculate that, I think, yeah, that could be the case. We don't give guidance for it. No, I think maybe to answer on that, there's two things to it. One is, we see our revenues and, therefore, cash flows, operational cash flows, ramping up quickly. That's also what we guide it for. At the same time, we're investing, so network expansion costs, increasing the number of locations added and built, and also the CapEx. Yeah, of course, we want to do that last part as fast as possible. Because it creates value for electric vehicle drivers and also for investors. I think the free cash flow moment depends largely on that last part, how fast can we ramp up. If we can ramp up quicker, then we'll do that. Then that free cash flow moment will be later. If we ramp up less quick, then it will be sooner. It's very hard to put an exact year on that. Thanks, Victor. Marc, does that answer your question? Do you have more for us? Yeah, that's actually the next question. Because it adds to the EUR 50-75 million funding question for 2024. Yeah, if you're, I think, close to then free cash flow break-even in 2025, I mean, do you need additional funding beyond that? Is that only, or should I just look at that from a success base? If you're very successful getting new locations, then we get additional funding. If not, maybe this is the last real funding round that you need. Yeah, I think it's indeed the same answer I would give. You complemented nicely, I think. We're in agreement. OK, thanks. Thank you, Marc. Brilliant. We have one more analyst dialing in online. That's Johannes. Johannes, I can see you. I hope I can hear you. Over to you to ask your question. Yes. Thank you for the presentation. Yeah, the first question would be on the operating costs per station. I can see that in Q1 2022, that is around EUR 47,000 for the average station. Q1 2021, that was around EUR 34,000. Why has it increased so much? Also a question, in Q1 2021, it was the same for the average station as for the top five stations. That has changed for 2022. What is the reason there? Thanks. Very good question, Johannes. Victor? Operating costs per station are really determined mostly by the number of chargers. The increase from 34-47 is basically the number of chargers. We're now at 4.3 in Q1. We were at a lower number last year. That drives it. Secondly, if you look at the top five station that actually has, instead of 4.3 average number of chargers for the average station, they have six chargers. We thought it makes sense to also reflect that in the representation of the station metrics for the top five stations. We changed that representation a bit. I think it's. We made it more live by using the current number of chargers. Also made it a better representation for the top five stations by doing that. Thanks. Does that answer your question, Johannes? Yes, thank you. The next question is on the guidance. You're guiding for 400 stations by 2024. You're guiding for revenues of EUR 400,000 per station for 2025. If I take the 400 stations and then add the run rate of 100, I get to 500 stations by 2025. If I multiply that with the average revenue per station, I get to around EUR 200 million in revenues that you're guiding for. If I look at consensus is quite a bit below that, at around EUR 150 million. Basically, my question is, what kind of assumptions are you making to get to EUR 400,000 per station? What are you seeing that we're not seeing? Well, I think the difference between consensus and the calculation you just made is mainly number of stations. I think that's where the divergence in sort of revenues by 2025 is. Not so much, to a much lesser extent on the revenues per station. The revenues per station, it's really, yeah, like I tried to explain. We are at EUR 120,000 Q1 this year. What we will see is that the electric vehicle fleet will 2.5- to threefold. In the Netherlands, we'll go from 3% right now to 7.5% in 2025, on average. Outside the Netherlands, it's about 1.5% now, going to 5%, so three-folding. That is the main driver. Then, additionally, it's increasing the session sizes. From 2019, we were at 15 kWh per session. Q1 this year, we were at around 22 kWh per session. So a 30%-40% increase. That's driven by charge speeds. We expect that increase to happen again over the next two and a half years. Again, 30%. Then, basically, yeah, you get to the increase from 120 to 400. Thanks, Victor. Johannes, was that satisfactory? Yes. Just one follow-up on that. Let's say, for the revenues per station for 2025 and also for 2030, so for 2030, EUR 1 million, do you assume a decrease in prices somewhat, that prices are somewhat going to come down at least till 2030 as the market gets more saturated? Do you, let's say, in that calculation, assume that prices remain constant? Yeah, I think it's a good question. In the first calculation for 2025, we basically assume constant pricing, constant gross margin. Also, to simplify things a bit, I think for 2030, we guide for actually more than EUR 1 million. We don't guide for EUR 1 million. We just want to say it can be more than EUR 1 million. It can be substantially more than 1 million. The price level there is probably more dependent on the electricity price level. If that goes down, what you, for instance, see in the forward prices, then also the sales price might decrease a bit. I think, in the end, for investors, the gross margin is important. There we guide it also, that in the medium term, we actually see it increase a bit. All right. Johannes, more questions from you? No, thank you. That's it from my end. Thank you for those questions for all three of you. Now, I have a few questions from Hans Pluijgers from Kepler Cheuvreux. It's five by now. They're all directed, I think, at Victor. Let's do this a bit of a rapid-fire, short answers. Let me start. He's asking whether there are differences in station metrics regarding CapEx, revenue potential, or margins between highway stations, city locations, and commercial sites. Yeah. Yeah, I think that really ties to our location strategy, as Sara explained, Pierre have explained. Also, for commercial contracts and also for city stations, we're looking at high-traffic locations. It can be in roads. What Pierre explained, the French city with a big road with 78,000 traffic every day, that is what we aim for. There, we think there's very little difference with a highway station. It's all about the traffic. If the traffic is there, the demand is there for a big station. A big station delivers these types of revenues. All right. Next question from Hans. How do you see the gross margin developing in the long term, in light of the network becoming more mature and dense? Yeah, I think there, as we said, on the near term, we see it increasing, lower electricity prices. If you look at the forward market, also a shortage of fast-charging capacity at the right locations. More long term, we think it's important to have the right business case, the right station metrics. Again, and I'm repeating myself, but if you have high-demand stations that need big stations, and you have a high CapEx efficiency and a high utilization, then you can run a very good business case. If your competition is smaller stations, then their business case will be different. Then we can either have the same pricing as competition and have a higher return. Have lower pricing than competition and have the same return. We're protected by having a very strong business case at a high-traffic location. Great. Third question. It's about the guidance for 2030 and whether the EUR 1 million that was mentioned there includes shop sales. Yeah. The shop sales, short answer, are not included there. OK, great. Next question. It's similar to a question we had earlier. I think I already know the answer. The question is whether the additional funding will be fully equity or not. Yeah. On the additional funding, I think I answered that already, indeed. It can be various sources. It can be various timelines. Yeah, we'll inform the market if and when we're ready for that. All right. Then one last question from Hans. Actually, I might direct that to you, Michiel. Because we've heard a lot from Victor already. The question is, regarding the 2024 guidance with the 400 stations, how important is the German market for that? Important. Yeah, we see developments in all these markets that we're operating in. Yeah, we're expanding beyond that. Germany is a transit country in Europe, right? There's many people driving from the Netherlands to the Alps. There's a lot of traffic going through the country. It's longer distances. Building the infrastructure on those corridors is important to us. We're definitely looking at that. All right. Great. Thanks for the rapid-fire and quick answers. We have one question coming in from Axel Stasse at Berenberg Bank. I'm going to read it out. We can see that better locations, such as the top five that we had in March, require a higher initial investment. They're then delivering higher operational EBITDA margins. Can you elaborate a bit on that? The other question is whether we plan to invest more CapEx on locations to indeed have a better EBITDA margin profile. Who's that for? Victor will take that. Yeah, I'll take that. Yeah, I think what we see is that, like I said, we like bigger stations. We like high-demand locations that can enable us to build bigger stations. Also, maybe one element to add is that what we see, so I explained that in our current budget, we're building stations of six-eight chargers. Where in the past, we were more at four chargers. We see CapEx efficiency there. We see that building bigger stations also leads to lower costs per charger, which essentially improves the business case. Great. All right. We have so many more questions. Sarah, the next one is for you. It's about our new markets strategy. It's a very specific question. It says, why are you not targeting the Nordics while the region is leading in the EV transition? Thank you for that question. At Fastned, we are bringing freedom to electric drivers. We have done that successfully in six countries. We are actively expanding into new countries. The Nordic countries have actors in place. We prefer to focus on countries that are either touching our network or have very high electric vehicle penetration closer to home in order to make a very coherent European network. All right. Thank you for that. The next one goes into a bit of a different direction. I'm going to direct it to Michiel. It's about our strategy related to recruitment and retention of personnel to help us sustain and go on that ambitious ride that we're on. What's our strategy for that? Yeah, I think if we look at this generation, we see people that, I think, more than with previous generations, they're willing to work for companies that have a very clear mission, that have an ambition to realize something. I think that already puts us in a very different position than many other companies in the market. We see that with people that we attract. We attract a lot of talent with one of the main reasons for them being "I join you because of your mission." I think, yeah, next to that, we also allow people to share in the value that we create. We have an option plan for people. We think that combines well with sort of a normal market salary package. A way to share in the value that you create in a company that has a mission to create a huge charging network in Europe. These three things are often what combines two people joining us. Yeah. Maybe somebody who has been hiring a lot of people recently, Yannick, do you want to share your experience in the market? Yeah, I can only agree with Michiel. It helps that the EV market, and by extension, the EV charging market, is a super hot market. What helps even more is our mission. People really join for this. If I look at my team, where almost half was hired over the last 12-18 months, this mission, this sense of purpose, really helps to attract all types of profiles. Ranging from the technical guys, the maintenance engineers, to our customer support agents, to the more tech talent we bring on board. If I see that we manage to attract people from at least what I find super exciting companies like VanMoof, Gorillas, and Uber, then I couldn't be more happy. I'm really blown away by the level of talent that I see in my team, but by extension, in the entire organization. Thank you. Great. The next question is about our canopies and our roofs. The question says that there's been an observation that most other charging stations, they have no roof. They look a lot cheaper than ours. Why does Fastned insist on putting a roof up? What percentage of investment is related to the roof? I think, Georg, that's a question for you. Yeah, I think in terms of the investment, if we take out the charges and the Trafo station, it reflects some 10%-15% on a typical drive-through station. We believe that this value is definitely worth it. Yeah, I think we've seen it in the presentation of Maria. The roof, as such, it doesn't just protect from rain and sun. It's creating a sense of social safety at night or in areas where there's nothing else. That's on the highway, not that seldom. We believe it creates the station as such. It's very elementary. All right. Next question. I'm going to direct that to you, Robin. It's about Plug & Charge. There have been a lot of discussions around Plug & Charge. You already mentioned Autocharge. The question really is, what is our position on this? Are we planning to support this? Yeah. Excellent question. Also, a topic that very much excites us, right? It's about new technologies and new developments in this EV industry. The industry is still growing up. We also believe that Plug & Charge is one of these new technological developments that we closely monitor. There are still many questions also that need answering for Plug & Charge to be a solution that delivers up to that level of the customer experience that we want to bring to our customers at this moment. Meanwhile, there's already AutoCharge, referring also to my presentation earlier today. Autocharge is something created by the charging industry. It's fully open source. It's not only that we, as Fastned, believe in it, but also other CPOs are also embracing Autocharge as a protocol to make charging as easy as possible for all of their customers. While we'll continue to invest in Autocharge, knowing the value that already brings and the level of customer experience that already delivers on, we will continue monitoring Plug & Charge as one of the developments in the industry. Then just see, while these questions are getting answered, then see a future where these protocols can live together. In the end, how we deliver the freedom to choose to our customers, these options being options for customers, how they might start a session. Thank you, Robin. Pierre, the next one is a question on France. It says that you said there will be more locations tendered out in the next five-10 years. Do you think that those will be retendered? Or whether they will be given directly to petrol companies, I quote. What we see today, and I think and I strongly believe it's going to accentuate a lot more in the upcoming years, it's the fact that EV charging is starting to be specialized. EV charging companies are preferred to people who are transiting to something else. In that regard, we see more and more, both the government and highway companies, preferring to have a dedicated EV charging partner and operator on highway. I strongly believe that it's the course of history. It's going to keep the way it is, meaning it's going to be considered as a separate business. Thank you for that. Before the break, we talked a bit about trucks and truck charging and how we think about that. Michiel, maybe I can ask this to you. The question is, when we start accommodating larger vehicles, are we prepared for Megawatt Charging Systems? What do we expect in terms of technological requirements, such as standard voltage and current levels? What's your take on that? Yeah, I think maybe to add on what Maria said earlier, I think if we look at truck charging, I think it's important to know there's currently already trucks coming to our stations. Whatever happens, we will need to deal with, as you might say, vehicles to simply get larger. It's also not we have today's charging standard for cars. At some point, it goes from zero to one in their trucks. No, it's slowly these vehicles are getting bigger. There's more of them coming. Currently, they're making use of 150 kW and 300 kW charging standards to the 400-volt, 800-volt platforms. Yeah, if you look at that is why we're developing our stations to accommodate for that. I would say sort of the step to a megawatt charging standard, 1,000 kW, that is expected to, let's say, synchronize sort of in the coming two-three years. We will expect sort of the first vehicles in, I would say, roughly two years. Yeah, that's the next step in a faster charging truck. It will be just a step-by-step development of the industry. We will develop along with it because it's important to us. Thank you. I have another question for Sarah. That's about, well, pretty much understanding a bit more of the new market strategy and where you're seeing the first results and how far we're into it. Very specifically, whether we're targeting motorways or whether we're focused on private landlords in those new markets. Thank you for that question. We will continue to tap the untapped potential in our current six markets. As we've discussed in France, we've gone after the motorways. There will be more tenders coming out in France. In Germany, we expect tenders in the coming months and years. In the UK, we're having a lot of success with private landowners. We will continue those efforts in full force, while at the same time expanding to new markets. If you remember the graph that I showed earlier, there are so many motorway stations that do not have fast charging infrastructure in countries that are neighboring ours, really big countries, Spain, Italy, Poland. We are setting up teams in those countries. We're speaking with stakeholders. We're following a process that is very similar to what Pierre described earlier that we did in France to share the criteria in order to build large charging stations capable of charging hundreds of vehicles per day and explaining the need for that in these new markets. That's a very important part of the work that we're doing now. I think it'll depend on the country. If we do motorways, we certainly will push to have tenders open so that there's open, transparent processes where there's competition and the best solution wins. We think we'll be very successful in those tenders. We'll also look at other ways of doing business in our current six countries and also in the other countries. We mentioned earlier city centers, also partnerships with landowners. I think what you'll see is that you'll continue to get that high-quality Fastned experience no matter where you go in our market. Great. Thank you, Sarah. Very exciting. I have a question. I think that's for Yannick. It's from Axel at Berenberg. It's about our charger manufacturers and our suppliers. It's mentioned that we work with suppliers such as ABB and Alpitronic. The question is whether we're also working with other manufacturers so that we're able to better tailor our service and also reduce our CapEx levels. Yeah, good question. We prefer to be charger agnostic. We have various suppliers, which allows us to, with scale, not become fully dependent on one supplier. That's why we have both currently ABB and Alpitronic. We're actively looking at other suppliers as well. Georg, anything to add on this? Yeah, I think I mentioned that also earlier. Charging for us is a field that we think is very easy to benchmark on the market. We do that regularly. We have the resources in-house to stay in touch with all the major players in that market and to regularly invite them for tenders and for competitive discussions about a collaboration. Thank you. Another question for Victor. I'm going to read it out. What is the risk of gross margin pressure in the medium term? What makes you confident that you have a good visibility on this? It goes on. How sustainable is this, considering possible regulation to lower margins and/or increased competition in the fast charging space on non-highway locations? Yeah. Yeah, and I think I answered that before. I think it was Hans asking the question. Maybe summarizing. In the medium term, we see a gross margin increasing, lower electricity prices if we look at forward markets, fast charging capacity shortage. On the longer term, we feel protected by our approach and our business model. All right. I'm just going to give you a follow-up question. That's about our energy procurement strategy, and referring to this very intense environment that we're currently in. It's also making reference to our solar canopies and how they're helping us out. Maybe you can talk a bit about our procurement strategy for now. Yeah, I think on solar, the solar canopies provide a relatively small part of our energy needs. You need to have much bigger solar capacity on the station than that. What we do is we procure energy from the grid. At the same time, we buy Guarantees of Origin. We buy 100% green wind and solar from local sources. We don't buy cheap Norwegian credits. We buy Dutch wind and solar for our Dutch stations, and the same in Germany and France, et cetera. That on renewable sourcing and more in sourcing strategy, we used to buy it on the spot market. Of course, prices have increased substantially. That leads us to us, yeah, we'll revisit our sourcing strategy. That can be various ways, potentially looking into more long-term contracts or directly sourcing from wind and solar parks, for instance. All right. Thank you. We have time for one more question. Maria, I'm going to direct that to you. It's about we've heard about all this growth in EV fleets in the markets. The question really is, how are we going to be able to cope with those increasing visitors at our stations? Well, first of all, we have larger stations with also an area where people can wait. We see that that's part of the customer experience that we want to guarantee people can enter and wait there if needed. When we see utilization rates are ramping up, then our operations team is also monitoring that closely. Then is when we prepare for expansions. We have a way to enlarge our stations. Also, as I was mentioning in the presentation, upgrade the capacity that we currently install. Thank you. Great. Yeah, this was our last question, which means that we have come to the end of today's program. I hope you enjoyed it as much as we all did. I would like to thank you all for the insightful questions and the engagement also of the analysts online. Of course, well, thank you to our presenters for all the input and the great stories that you shared with us. For me, it's time to say goodbye. Before I close, Michiel, I think you might have some closing words for us. Yeah, thanks, Linda. Yeah, today we presented how we believe the charging market will develop over the coming decade and how Fastned, after having played a pivotal role in the Netherlands, is scaling this into a major position on the European charging market. We have one mission. That is to accelerate the transition to electric mobility. This sets us apart from the others. We started 10 years ago. We have taken the time to develop the best charging concept in the market. That gives us now a unique position to take advantage of the exponentially growing amount of cars on our roads. It was a pleasure to have you here at our first Charging Day. On behalf of all of us, thank you for being with us. We hope to see you.