Slides
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Trading Update Q4 2024 16 January 2025 Trading Update Q4 2025 15 January 2025 Aire de Wancourt Est, France
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Disclaimer IMPORTANT: please read the following before continuing The following applies to this document, the oral presentation of the information in this document by Fastned B.V. (the Company) or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation (collectively, the Information). The Information has been prepared by the Company for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the Information or its accuracy, fairness or completeness. The Information and opinions contained therein are provided as at the date of the presentation and are subject to change without notice. The Information contains references to certain non-IFRS financial measures and operating measures. 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01 Q4 2025 highlights 02 Market update 03 Network update 04 Station performance Content & speakers Michiel Langezaal CEO & Co-founder 3 05 Guidance Victor van Dijk CFO
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Renewable energy delivered 54.8GWh (+29% YoY) Revenues related to charging EUR 38.1m (+44% YoY) Sessions handled 2.1m (+25% YoY) CO2e2 avoided 50.0 kt (24% YoY) Note: All Q4 figures are unaudited and may be subject to change. 1) 5 location contracts were discontinued in Q4 2025. 2) CO2 equivalent. 4 406 Operational stations +44 High traffic locations signed1 €69.9m Cash position 54.8GWh Energy Delivered +29% Y oY €38.1m Revenues related to charging +44% Y oY €29.7m (€0.54/kWh) Gross profit +44% Y oY Q4 2025 Highlights 50.0kt CO2e2 avoided +24% Y oY 2.1m Sessions handled +25% Y oY
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2035 Automotive Package - confirms the future is electric 5 Main elements of the European Commission’s Automotive Package 2 5 3 4 6 1 A 10% conditional emission allowance in 2035: low carbon steel (7%) and bio- and e-fuels (3%). 90% CO2 tailpipe emissions reduction target. A reduction from 50% to 40% of the vans emissions target for 2030. Greening Corporate Fleets Mandatory targets on zero and low emissions vehicles for big European companies (+250 employees). Battery Industry support of €1.8 billion through interest-free loans. Small affordable European Cars Initiative. Banking and borrowing: OEMs may miss annual CO₂ reduction targets in one year if fully compensated by over-compliance in another year within 2030–2032. Notes: 1) Figures in millions of passenger cars. Includes Fastned’s operating geographies with short and long term targets such as Ireland, Poland, Austria. Source: Schmidt Automotive Research May 2025. BEV fleet1 The EC’s automotive package has been effective in supporting the the early adoption of BEVs… … but demand is sustained by market dynamics in the long run. 2024−2026 ~32% growth p.a. 2026−2030 ~29% growth p.a.
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BEV sales in Fastned’s key markets continue to grow BEVs as a % of total car sales1 1) Source: ACEA, Jan-Nov data, Mobility Energy 6
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Leading to considerable increases in BEV fleet across our key markets BEV fleet (millions)1 1) Source: Schmidt Automotive Research. 2) ACEA data as at November 2025. 3) Includes short and long term targets such as Poland, Austria & Ireland. 7 +32% +31% +30% +22% +52% +25% 2024−26 ave. growth % Current BEV penetration %2 4.0% 4.9% 4.1% 7.1% 7.2% 5.4% +32%Total operating geography3
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Comparable ICE and BEV offerings in the medium and small car segments are now also fast approaching price parity Improvements in battery prices and technology are driving the move towards price parity 8 Y ears Powertrain 2015 2025 2035? BEV VW e-Golf VW ID.3 Pure Mid-sized BEV Price €45,500 €33,300 €28,700 Real-world range 125 km 325 km 415 km Charging power 40 kW 145 kW 350 kW ICE VW Golf 1.4 TSI VW Golf 1.5 eTSI Mid-sized ICE Starting Price €31,400 €33,000 €33,000 ➔ BEV prices are rapidly falling and are soon to be cheaper than ICE counterparts. Battery prices, quality improvements, scale, and EU regulation are supporting the decrease in BEV purchase prices ➔ Structural, not temporary shift. Current EU BEVs still include 5‑year‑old tech and battery contracts, and therefore do not reflect future prices, while falling ICE volumes (down 50–80%) will substantially decrease scale advantages and make models like a €33k VW Golf hard to sustain. 1) Transport & Environment VW Golf Case study -27% x2.6 x3.6 -14% +28% x2.4 +0%+5%
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“Fastned raises €39m in third bond issue of the year to surpass €110m in funding in 2025” Fastned Press Release, 3rd November 2025 Key Q4 Business highlights Retail bond programme raised €110m in 2025 ‘Aire de saint Yvi’ France tender win New 1000kW charger installed in the field 50 station milestone in BE & DE
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Network expansion continues to ramp up 10 53 New stations opened 16 Stations expanded Last three quarters 26 Under construction Current 406 Stations operational 2025 year end 10/ 7 New stations opened Q1 2024 / Q1 2025 2026 guidance Station openings +70−100 Network size 476−506 26 sites under construction today, far majority to open in Q1. we think 20 q1.
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Revenues per station continue to grow strongly despite strong infrastructure growth 11 +25% Revenue per station (€’000s) Indicative public charging market growth Note: 1) Source: Schmidt Automotive Research & LCP Delta. Chargepoint & fleet growth rate are the station weighted average growth rates across Fastned geography. 2) Calculated as (1 + fleet growth %) / (1 + chargepoint growth %) - 1. +8% 2025 actual ~8% Ave. market growth2 31% fleet growth1 21% chargepoint growth1 Market Ave. 2026 forecast ~9% Ave. forecasted market growth2 29% fleet growth1 18% chargepoint growth1 2026 guidance Fastned’s revenue per station has shown considerable growth, outpacing the market in 2025 2026 guidance of €350−400k per station, representing +12% growth at the midpoint, outpacing market forecast
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Q4 2025 Infancy phase Toddler phase Pre-teen phase3 Average daily traffic ~30k ~30k ~30k BEV fleet penetration ~1.0% 1 ~4.4% 1 ~7.3% 1 Sessions / station / day 8 31 7 4 # operational stations 3 154 236 Average MWh (Annualised) 98 MWh 381 MWh 670 MWh Annualised revenue / station €58k2 €230k2 €449k2 Fastned’s station business case grows as BEV fleet increases across our operating geographies 12 Note: Q4 figures are unaudited and may be subject to change. 1) Average across Fastned countries, weighted by the number of stations in each country, 2) Annualised revenue related to charging for the period. 3) Denmark has strong BEV adoption, however is still an early stage market for Fastned, with only 3 stations operational stations, and revenue per station are considerably lower than in NL and BE currently. • Fastned builds on high traffic locations across these markets. When BEV penetration grows, revenue per station grows. • All of Fastned’s markets are at a very early stage of the growth curve. BEV fleet penetration is <10%, going to 100% over the next decades, providing for a very long growth curve ahead. • We see that lower penetration markets follow almost exactly the same growth path as the Netherlands (slide 17), showing Fastned’s model is replicable across markets 4.4× 1.7× 4.0× 2.0×
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Station sales continue to grow Note: Q4 figures are unaudited and may be subject to change 1) Average across Fastned countries, weighted by the number of stations in each country, 2) Annualised revenue related to charging for the period, 3) based on €18.9k per charger for 2024, 4) based on €22.2k per charger for H125 Time-based utilisation calculated as = (average session duration (hrs) * average sessions per day) / (number of chargers * 24 hours). 5) Non-depreciated PP&E relating to charging stations, including Right of Use assets. Q4 2024 and Q4 2025 figures are as at 30 June 2024 and 2025 respectively. Results Station sales continued to grow with energy delivered per average station increasing by 10% Y oY Organic sales growth (excl. new stations that are in ramp up) was 18%, comparing to BEV fleet penetration growth of 20% Building more stations in less mature markets (per the previous slide) has a dampening effect on sales per station growth. We estimate this effect at -2% in 2025 and -4% in 2026 Gross margin per station increased by 21%, due to a price increase and lower energy costs €k Average station Q4 2024 Average station Q4 2025 Average daily traffic ~30k ~30k BEV fleet penetration ~5.0% 1 ~6.0% 1 Average # of chargers 6.1 6.4 Sessions per day 53 57 Average MWh (Annualised) 504 MWh 552 MWh Annualised revenue / station 3152 3852 Gross margin 244 (€0.48/kWh) 300 (€0.54/kWh) Operating costs per station 1153 1424 Operational EBITDA (B) 129 (41%) 158 (42%) Initial investment (A)5 754 892 ROIC (= B / A) 17% 18% Time-based utilisation rate5 14.9% 14.6% ROIC at 30% utilisation, current charge speed >40% >40% 1313
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Network • 406 stations by year end (60 new stations), within guidance of 400 - 425 Financial • Revenues per station of €335k, meeting guidance of >€325k in 2025 • Operational EBITDA margin 35−40% to be confirmed with the release of the annual report Network • 70−100 new stations in 2026 (476 to 506 stations operational) • Target of 1,000 stations before 2030 Financial • Revenue / station >€350−400k in 2026 • Operational EBITDA margin 35% - 40% in 20262 Guidance & outlook 141) Final Operational EBITDA figures to be confirmed in 2025 Annual Report 2) Before (positive) EBITDA impact from the German highway tender 14 2025 2026
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Appendix 15
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2026 guidance: development of key items Network operation costs (NOC)2 ● Network operating costs expected to increase marginally to c.€23k per charger in 2026, from €22.2k annualised per charger in H1 2025 Network expansion costs (NEC)3 ● Network expansion costs of €23.2 million in 2024, expected to roughly double by 2026. ● Increases in expansion costs are largely due to the scaling of teams to drive station rollout pace. Organisation expansion1 ● Due to strong expansion and revenue growth opportunities, we will grow the organisation in both the network expansion as the operations part ● FTEs are expected to increase to 500+ by year end 2026, increasing from c.420 by year end 2025 and c.333 by year end 2024 Capex4 ● Capex per charger is expected to be c.€160k in 2026, based on recent budgets ● Increases in capex per charger are mainly due to higher grid connection costs in Germany, UK and Switzerland ● This figure excludes retail capex for shops Funding5 ● The strong cash position of €69.9m at year end 2025 and continued retail bond funding is expected to fund the 2026 roll out ● The retail bond programme provides a strong source of funding, with EUR 110m funding achieved in 2025. Bank financing is under development ● Operating Cash Flow is near neutral in H1 2025 and will grow both 1) organically at existing stations, driven by BEV fleet expansion, and 2) inorganically by adding new stations 16
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• Fastned builds on high traffic locations. When BEV penetration grows, revenue/station grow • This is clearly visible from the development of BEV fleet penetration and station sales in the Netherlands • This development is mirrored in other Fastned geographies, see slide 12, showing Fastned’s model is replicable across markets Infancy phase Q4 2019 Toddler phase Q2 2023 Pre-teen phase Q4 2025 Average daily traffic ~30k ~30k ~30k BEV fleet penetration ~0.9% ~4.3% ~7.1% Sessions / station / day 14 45 78 # operational stations 98 161 184 Average MWh (Annualised) 105 MWh 373 MWh 677 MWh Annualised revenue / station €61k2 €226k2 €469k2 Dutch station economics growing with BEV fleet growth 17 Note: Q4 figures are unaudited and may be subject to change. 1) Annualised revenue related to charging for the period. 4.8× 1.7× 3.7× 2.1×
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BEV fleet forecast 18 Note: Operating geographies include short and long term targets such as Ireland, Poland, Austria. 1) Source: Schmidt Automotive Research Consulting May 2025. BEV Fleet (millions)1
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400+ operational stations across 9 geographies Stations in operation406 Total secured locations663 Historical station pipeline 19 4537 113 32184 2952 5454 10 2614 2059 201 192 406 operational stations 257 operational stations 2 target markets
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Pioneering the way with 2,629 chargers across our scalable network 300kW+ 948 201 21 1,170 301 24 - 325 348 4 4 356 445 - - 445 192 13 20 225 60 - - 60 24 - - 24 8 - - 8 16 - - 16 Total 89% 9% 2% 100% 150−200kW 50kW Total 20
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Period end BEV penetration 0.2% 0.3% 0.6% 1.3% 2.1% 2.9% 3.3% 4.0% Sessions per station per day (ave for the period) (A) 2.3 4.1 4.5 8.9 16.1 23.5 27.3 26.7 Average charge speed (kW) (B) 28 5`1 57 54 59 64 70 75 Charge time (min) (C) 26 30 29 30 31 31 30 29 kWh per session (A x B / 60 min = D) 16 25 28 27 31 33 35 36 kWh per station per day (A x D) 37 103 125 242 493 783 945 963 Number of stations period end 8 15 18 31 37 39 42 54 Key operating data – Netherlands and Germany 2018 2019 2020 2021 2022 2023 2024 2025 Period end BEV penetration 0.5% 1.2% 2.0% 2.8% 3.7% 4.9% 6.0% 7.1% Sessions per station per day (ave for the period) (A) 8.6 15.2 15.9 22.5 36.4 50.3 57.3 65.3 Average charge speed (kW) (B) 35 39 43 48 56 61 63 67 Charge time (min) (C) 22 24 24 23 23 22 22 21 kWh per session (A x B / 60 min = D) 13 15 17 19 21 23 23 24 kWh per station per day (A x D) 112 235 272 419 762 1,136 1,329 1,561 Number of stations period end 77 98 105 132 151 168 181 184 The NetherlandsGermany 21
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Key operating data – Belgium and United Kingdom 2018 2019 2020 2021 2022 2023 2024 2025 Period end BEV penetration 0.5% 0.9% 1.5% 3.0% 4.9% 7.2% Sessions per station per day (ave for the period) (A) 1.4 8.0 25.0 42.1 49.6 52.8 Average charge speed (kW) (B) 60 61 68 71 72 7 4 Charge time (min) (C) 25 24 24 24 24 24 kWh per session (A x B / 60 min = D) 25 25 27 29 29 29 kWh per station per day (A x D) 36 197 681 1,219 1,442 1,539 Number of stations period end 1 9 18 24 36 52 Period end BEV penetration 0.6% 1.2% 1.9% 2.9% 4.0% 4.9% Sessions per station per day (ave for the period) (A) 2.9 6.0 19.0 26.3 30.7 28.0 Average charge speed (kW) (B) 30 34 42 47 47 54 Charge time (min) (C) 38 42 40 39 40 36 kWh per session (A x B / 60 min = D) 19 24 28 30 31 33 kWh per station per day (A x D) 54 142 526 798 964 911 Number of stations period end 6 8 11 20 30 37 BelgiumUnited Kingdom 22
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Key operating data – France and Fastned Total 2018 2019 2020 2021 2022 2023 2024 2025 Period end BEV penetration 1.0% 1.6% 2.6% 3.3% 4.1% Sessions per station per day (ave for the period) (A) 0.7 7.5 17.7 28.5 36.3 Average charge speed (kW) (B) 54 59 64 65 70 Charge time (min) (C) 30 29 29 29 28 kWh per session (A x B / 60 min = D) 27 29 30 31 33 kWh per station per day (A x D) 19 218 538 897 1,184 Number of stations period end 6 23 38 44 59 Period end BEV penetration 1.3% 2.1% 2.9% 4.0% 5.0% 6.0% Sessions per station per day (ave for the period) (A) 12.5 15.5 26.0 39.9 45.8 49.5 Average charge speed (kW) (B) 43 49 56 61 64 69 Charge time (min) (C) 24 24 24 24 24 24 kWh per session (A x B / 60 min = D) 18 19 22 25 26 27 kWh per station per day (A x D) 220 301 583 986 1,186 1,335 Number of stations period end 131 188 244 297 346 406 FranceTotal 23
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