Welcome to the Fastned Q1 2026 trading update. For the first part of this call, all participants will be in listen-only mode, and afterwards, there will be a question and answer session. I will now hand the word over to the speakers. Please go ahead. Thank you, operator, and a very warm welcome to everyone joining this call, as well as to those listening in via our webcast. You can find a copy of the presentation used during this call on our investor relations website at ir.fastnedcharging.com. As always, I like to use the cover slide to show something I'm genuinely proud of. This quarter, that is our first station under the Places for London joint venture, Hatton Cross. I visited the construction site on a late evening in October last year myself. The weather was cold, gray, and rainy. To picture the scene, a site in the fences, planes passing low overhead, and our team walking me through the bottlenecks. Building anything on top of London's Underground is just a pain. Long lists of additional requirements, the extra checks, the permits, it takes time, effort, and it leads to delays. On top of that, the canopy of our station, so important for visibility and for keeping drivers dry in London weather, could largely only be built at night because cranes were not allowed during the day due to height restrictions, and the grid connection had to be routed into a medium voltage ring buried underneath the highway right next to us. This is what our business looks like up close, teams on the ground solving real physical problems to build stations where EV drivers need them most, along key highways in densely populated areas. It is exactly in those locations where the bottlenecks are the hardest. I tell our teams time and time again, overcoming those bottlenecks is where the value is created. The strategic context of this station makes it even more significant. Out of all the partnerships we could have pursued in the U.K., Fastned was selected as the exclusive partner to access Transport for London's land portfolio and build London's charging network. This was a competitive process, and if there was one tender to win in the European urban charging market last few years, this is it. There is simply no other portfolio like Transport for London's in terms of scale, traffic, and positioning in one of the world's most important cities. Under this joint venture, in which Fastned holds a 51% stake, we already have 12 sites under active development. That is sites you can expect us to build in the coming one to two years. The commitment of the joint venture is to open 25 stations across London by 2030. We believe urban charging hubs like Hatton Cross will be a defining part of the next chapter of Fastned's growth story. Before we start, I like to draw your attention to the disclaimer on slide two, which applies to this entire presentation, including any forward-looking statements that we make today. With that, let's dive into the content of this morning's call. Moving to slide three. My name is Michiel Langezaal. I'm the CEO and one of the founders of Fastned. Joining me today are Victor van Dijk, who has transitioned from CFO into a newly created role as VP Strategy. A person you most likely will see less often in these calls from now on. Maybe Victor, would you like to say a quick word to the audience? Yes. Thanks, Michiel. I'm very excited about the new role. Fastned has always benefited from having a long-term view on strategy and translating that into a business case that is attractive for investors. This has led, for instance, to Fastned being one of the few charging companies that are EBITDA positive in a still early stage of the market. I look forward to doubling down on this, extending our strategic horizon and making sure we can continue to provide an attractive business case to investors. I was very happy to serve as Fastned CFO for the last six years. The company went from 50 employees and EUR 5 million revenues to 450 employees and EUR 120 million revenues. I very much look forward to contributing to the continuation of this growth trajectory in my new role. Thanks, Victor. I would also like to introduce you to Remco Samuels. Remco has joined us last year and currently serves as our Interim CFO. Remco and I know each other from the board of ChargeUp Europe and Remco's role as CFO—sorry, CEO of EVBox, the company that many of us know from the AC wall box next to our driveway. An ENGIE daughter that at some point found itself in a complex scale-up phase while at the same time trying to IPO to the New York Stock Exchange. Remco was the person asked to step in and help the company. Remco's background brings a wealth of learnings that are naturally very interesting for our journey towards scale and profitability. Maybe the word to you, Remco. Yeah. Good morning, everyone. I'm Remco Samuels, and I am pleased to be serving as Interim CFO. Since the end of October already, I have been closely working with Michiel, Francois, Victor, and the broader finance team. That has allowed me to quickly build a strong understanding of Fastned's operations, financial priorities and growth trajectory. I bring 16 years of experience at ING across finance, strategy, and operations, including four years, as Michiel said, as CEO of EVBox. At EVBox, I was asked to bring greater focus and structure to the company in a complex phase of its development, including helping prepare the business for potential sale. That meant sharpening priorities, strengthening execution discipline, and creating a stronger operational and financial foundation. What stands out to me at Fastned is the strength of the underlying business, the quality of the team, and the significant opportunity I have. I look very much forward to supporting the company in this very important phase of growth. Back to you, Michiel. Yeah, thanks, Remco. Today it is the three of us, and together we'll take you through today's presentation. After the presentation, we'll be happy to take questions. If possible, please limit that to two questions per analyst so we can give everybody the opportunity. We've scheduled the call to last for one hour, so let's get started. Moving to slide four. Let us move to the highlights of this quarter. For me personally, the start of 2026 marked a momentum shift. 2024 and 2025 were very much colored by the discussion around the 2035 combustion engine phase out, more or less the debate about the baseline of electric vehicle sales. Well, all of that has very quickly been put into a completely different context in the last two months. Petrol prices are soaring, EV sales are accelerating rapidly, and also at Fastned we see a volume increase that is very promising. There's a lot of positive momentum right now, and you can feel that energy with everyone you talk to in the market. Let me take you through the numbers. In Q1, we delivered 55.6 GWh of electricity, up 32% year-on-year. That is well above the 24% BEV fleet growth across our markets. Fastned continues to outgrow the market, and we do that through two levers, growing volume at our existing stations and expanding the network. In Q1, both delivered. What I find important to mention is that this is profitable growth, and that matters because only growth that earns money allows us to build more stations and accelerate the transition. Revenue related to charging came in at EUR 39.2 million, up 40% year-on-year. That growth is not driven by discounting. We grew without compromising on our price. Our commercial strategy is gaining real traction and there's more in the pipeline for the rest of the year. When you look at the per kilowatt hour margin at EUR 0.58 per kilowatt hour, you also see the positive effect of renewable energy credits in Europe that are supporting the electrification of transport. That is a very nice tailwind. We handled 2.1 million charging sessions in the quarter, up 28%, which shows the effect of larger batteries and faster charging when you compare it to the other numbers. Session size and session speed continue to grow. On emissions, we avoided 50,000 tons of CO2 this quarter. To put that into perspective, Tata Steel in IJmuiden is the single largest CO2 emitter in the Netherlands, responsible for 8% of our country's total emissions. The CO2 that Fastned's charging network avoids is already around 2% of Tata's output. Now, that may sound modest, but consider the trajectory. Fastned has grown its volumes roughly twentyfold in the last five years. Project that trajectory forward and you start to see the real scale of impact that a fast charging network can have on decarbonizing our economy. Across the quarter, we had 414 stations operational with 26 new high traffic locations signed. The trajectory into the rest of 2026 is strong and I look forward to walking you through the details. That brings us to slide five. Before we go and talk about market momentum and EV sales, I thought it would be good to spend a moment on something that I think many of you will have top of mind. How is Fastned positioned in an environment of energy price volatility? Let me start with our vision. When we built Fastned, we built it on the idea of freedom for the electric driver, freedom from fossil fuels, the freedom to drive anywhere based on a quick charging stop powered by the sun and wind. We took that idea quite literally when we developed our energy strategy. We wanted to make sure that our customers are shielded from the kind of price shocks that the drivers of petrol cars are currently experiencing at the pump. Now, we learned a lot during the 2022 crisis. Back then, the price of electricity spiked to unprecedented levels, driven by similarly spiking gas prices following the invasion of Ukraine. In that period, we found confirmation for what we expected for long: that fast charging on high traffic locations is an infrastructure-like business and has serious pricing power. We sell directly to end users and can adjust prices almost instantly. When we did increase prices in 2022, even before others in the market did so, customers accepted it. This is very important, we decided that given our mission, we would rather not have to use that lever, or at least have the freedom to decide if and when to do so. We don't want to pass energy market chaos on to the electric driver. We built a layered hedging strategy to proactively manage our electricity cost exposure. This strategy includes long-term solar and wind Power Purchase Agreements that secure a significant share of our volume. It includes staggered futures contracts to spread the timing risk, and it provides additional flexibility to manage volume development through buying spot market, while still benefiting from price dips midday when solar generation pushes prices down. For 2026, we have hedged roughly half of our expected volume. For 2027, that stands at around a quarter to a third of expected volume. That is how we protect our customers from energy market volatility. Additionally, you might ask, how does it compare to that situation of 2022? Well, it is fundamentally different, and I want to explain to you why with some numbers. In 2021, Europe sourced over 45% of its gas imports from Russia. That supply disappeared almost overnight when the conflict started. Because gas, to a large extent, determined the electricity price at the time, the shock hit electricity markets hard. Today, Europe's electricity markets look very different. Russian gas is down to around 12% of EU imports, replaced by LNG from the U.S., Norway, Qatar, and even other sources. Of that LNG, only about 10% passes the Strait of Hormuz. Even in a worst-case scenario of disruption, Europe's gas exposure to this conflict is a fraction of what it was in 2022. On top of that, renewables now account for almost half of Europe's electricity generation, up from about a third just five years ago. More sun and wind in the system means gas prices simply have less impact on the electricity price than they did in 2022. The consequences of these fundamental differences between the two shock events can be seen in the graphs on the right side of this slide. What we are seeing today is primarily an oil price shock, and that hits petrol drivers, not electricity drivers. Moving to slide six. On top of this hedging strategy, it is important to understand how fast charging stations are used, as this largely defines the cost of electricity and our purchasing power on the electricity market. Take a look at the graph on this slide. People drive during the day. They stop, they charge, mostly around midday. Midday is exactly when solar generation pushes electricity prices to their lowest. Our demand naturally sits in the cheapest hours of the electricity market. This is something built into the very nature of how people use cars and fast charging. Most people simply sleep at night and do things during the day. That means on top of our active hedging strategy, we have a structural cost advantage, and that is a pretty good position to be in. That brings us to slide seven. As we discussed on the previous slides, this is fundamentally an oil crisis, and it is hitting people who drive on petrol hard. Now, there's a saying about not hitting the same stone twice. European citizens were exposed to a serious energy price shock in 2022 with the gas crisis. Here we are again, a different conflict with the same vulnerability to fossil fuels. The difference this time is that citizens have evaluated options. They talked to their neighbors and family members who years ago already had a heat pump and solar panels. They educated themselves on the options. The number of electric models on the market has expanded enormously. Prices have come down, and range and charge speeds have improved. When gasoline prices spike, people now have somewhere to go, and their minds have been prepared. This is what we see happening in real time. In Germany, Europe's largest car market, electric car registrations surged to 71,000, up 66% year-on-year in March, overtaking gasoline cars for the first time. Secondhand EV sales in the Netherlands were up 99% year-on-year in the same month. These are not some subtle signals. These are signals of people responding to the crisis and no longer accepting the volatility of fossil fuels. At EU level, the Commission is moving with real urgency. Just two days ago, President von der Leyen said Europe has spent EUR 22 billion more on fossil fuel imports in just 44 days since the conflict started, and, in her words, "Not a single additional molecule of energy to show for it." The Commission will present an accelerated electrification strategy before the summer. France is publishing its own electrification action plan this month. This is the kind of political momentum that will structurally elevate the pace of the transition. Importantly, this oil supply shock is not something that will be resolved quickly. The IEA has confirmed that over 80 energy facilities across the Middle East have been severely damaged. Such infrastructure takes many months, if not years, to repair. Even in a de-escalation scenario, supply chains will need months to rebalance. This volatility on the oil and LNG markets will be with us for some time to come. What this means for Fastned and the electric car in Europe is clear. The market may be following a fundamentally faster path to electrification than anyone expected just a year ago. More drivers switching to electric means more charging demand at our stations, and that demand is structural. Once someone switches, they don't go back. This is a powerful tailwind, and we are positioned right at the center of it. Moving to slide eight. This landslide shift towards electric mobility is something we also see in our own numbers, albeit from just a few weeks of data. In Q1, we saw year-on-year growth accelerate through the quarter. At the start, we were tracking around 30%, consistent with what we saw last year. But in the last five weeks, that stepped up to 54% year-on-year. Something is clearly happening. We asked ourselves, what is driving this? The first thing you might point to is the massive surge in second-hand EV sales, which you have seen a lot in the news. Cars that were sitting on the parking lot are now moving into the operational fleet and need kilowatt hours. That directly turns into charging demand at our stations. When you look at the total fleet of EVs on the road, the addition from second-hand sales is simply not large enough to explain a jump of this magnitude. The reason is twofold. First, these cars were originally sold as new years ago when EV sales volumes were a magnitude smaller. The second-hand pool is simply small in today's context. Second, five weeks is not enough time for those EV sales to meaningfully shift the total fleet on the road. The same logic applies to new car sales. They are accelerating, and that's great news. Over such a short period, it is not enough to move the needle and explain what we're seeing. This brings us to the third driver, and in our view, the most significant one right now. Behavior change across the entire existing EV fleet. People are assessing their options in this new context from big investment decisions, such as whether or not to buy an electric car, to simple day-to-day choices. Like asking that early adopter friend with an EV, the one that you previously laughed at for needing an en route charging stop, and now saying, "Can we use your car for this weekend as it is so much cheaper to drive?" That shift in mindset is real. Think about households with two cars that are choosing the electric one for the long road trip, where previously they would have taken the petrol one. We also considered whether more plug-in hybrids are starting to fast charge. Given the size of the fleet that technically can charge at a reasonable power level, we don't expect this to have a sizable impact on the volume acceleration we see. What we are today seeing in our sales volumes is predominantly a shift in car usage in our view, and it plays out across the millions of electric cars that are already on the road today. Looking forward, over time, the effect of significantly more new electric cars being sold, what we read about in the news, will compound and will put the development of the total electric car fleet on a different growth path than was expected in recent years. Things simply might shift a lot faster than many analysts have recently forecasted. Moving to slide nine. It is not just market dynamics driving this shift. On the product side, the barriers to EV adoption keep falling, and the pace is remarkable. Let me start with the middle of the slide because it tells the story best. I well remember the moment BMW announced the original i3, a carbon lightweight car marketed as a niche city vehicle, easily setting you back some EUR 50,000 or so at the time, for 150 km of range and 30 minutes charging. For more or less the same money, you today get a mainstream BMW with up to 900 km of range and 10-minute charging. The iconic 3 Series, only now it's electric. This is the model series that accounts for roughly 20% of BMW's total production volume. That is how far we have come. This development is the consequence of what is happening in battery technology and production. Cheaper and better batteries allow you to put more range into a vehicle at the same price, or bring the price of the vehicle down, or a combination of the two. The industry has been on a pathway of falling battery prices for decades, and there is no sign of that stopping. Constantly cheaper batteries is what, segment by segment, brings the electric car to parity with its fossil fuel counterpart, and soon to become even cheaper. On the left side of the slide, we see a car that few could imagine coming to market some years ago, a proper small segment EV with decent range and charge speed. The Kia EV2 is opening up the small car segment to electrification. For a long time, the car media expected it would struggle to break the EUR 30,000 barrier. Well, it did, at EUR 26,600. That shows how fast things are moving. Let me end with a personal story from a recent ski trip. I was charging at a ChargeLeague partner station with a Zeekr 7X. After a few hours of driving at autobahn speeds, I really needed to go to the toilet, and a lunch break was welcome as well. 18 minutes later, the car was close to fully charged. Next to me was a Volkswagen e-Golf, and I talked to the owner, an early adopter, and I congratulated him on being part of this journey. We discussed the charge speed. We discussed also the speed of the development of the industry. Two cars standing next to each other, both with more or less the same retail price when new, but one significantly more luxurious than the other, three times the range and 10 times the charge speed. All of that in 10 years. The picture on the right side of this slide shows the BYD Blade Battery. A few days ago, test charging videos went viral, showing the first successful charge sessions taking place in France. Charging the Denza Z9 GT at 1.5 MW. This means going from 10% to 70% in five minutes, and close to a full charge in nine minutes. It is these things that makes it clear to me the petrol car is over. The problem is solved. You can drive at autobahn speeds just like before. Charging is like going for fuel, and the purchase price is at par or soon even lower. Only the small car segment is what needs a little more time to get there as well. It is these developments that all scale our charging market big time. On that very positive note, I'd like to hand you over to Victor van Dijk to discuss the 2025 financials. Next slide, please, and over to you, Victor. Yes. Thank you, Michiel. In Q1, we reported our full year 2025 figures. Revenue grew strongly at 47% year-over-year to EUR 122 million. This led to revenue and gross margin more than doubling in the two years since 2023. That is obviously a very strong growth pace. There aren't many companies doubling their revenues in two years' time. The high growth rate is supported by an increasing station rollout base, a re-acceleration of EV adoption, and our increasing commercial effort. All of these make a high growth rate in revenues and gross margins sustainable. Operational EBITDA almost doubled in the last two years but was held back by an increase in network operating costs per charger and an increase in number of chargers per station. However, we expect those costs per charger stabilizing this year, with the main grid fee increases and the team increases in the countries leveling off, which will be positive for operational EBITDA developments. It will increase our operational leverage. Underlying EBITDA was EUR 8.3 million last year. Note that we are still one of the few charging companies with positive EBITDA, showing the strength of our business model. In the last two years, we consciously invested in team capacity to support our accelerating rollout, which increased network expansion costs. Which temporarily held back underlying EBITDA developments. Those investments will be largely in place this year, meaning future revenue growth will flow more directly to the bottom line. We have a high cash level at EUR 95.5 million at the end of Q1. We expect that cash level, our retail bond program, and the new bank financing to fund our capital expenditure this year. Overall, we see a very high growth rate in revenue and gross margin, and we see the cost growth leveling off this year and next year. We expect underlying EBITDA to grow meaningfully in 2026 as revenue growth continues and cost growth levels off. On that note, let me hand it over to Remco, who will walk you through our station economics on the next slides. Yeah. Thank you, Victor. Let me walk you through the key drivers of our station performance. Energy delivered per average station increased 13% year-on-year, which reflects the combination of organic growth at existing stations and the contribution from newly opened stations. Organic sales growth, the growth at stations that we have been running for a full year, came in at 21%, and that tracks closely with BEV fleet penetration of 24% for the same period. This is exactly the dynamic we have described to you before. As the fleet grows, our stations get busier. The correlation is clear and compelling. It is worth noting, by the way, that our deliberate strategy of building in less mature markets has a dampening effect on the overall average station sales figure. We estimate this at -2% in 2025 and -4% in 2026. This is a conscious trade-off. We know from experience, particularly in the Dutch and Belgian market, that those stations will follow the same revenue growth path as those markets mature. As Michiel already mentioned, gross margin per station increased from EUR 0.47 to EUR 0.58 per kilowatt hour, and that is particularly driven by higher prices of E-credits, the Q1 2026 price increase, and lower energy costs. In comparison, we had EUR 0.54 in Q4 2025. These are station economics that we believe are genuinely unique in our sector. Now let me hand back to Michiel, who will take you through our 2026 focus. Michiel? Yeah. Slide 12, please. Well, thanks, Remco. Our 2026 focus is built around three pillars, and it is important to frame them in the context of our roadmap to profitability, to write black figures. We plan to do three things: build more stations, sell more at existing stations, and optimize our organization and expenditures. Simply said, do more with the same people and spend less. Let me start with the first pillar. The station rollout pace is incredibly important, and I want to stress again how much great work the team is doing. We're on track for our plan, delivering on our guidance of 70-100 new stations with a continued focus on securing building permits and grid connections to accelerate our pace. To add some detail to the numbers, we ended the quarter with eight new stations, but since then, we've added five additional stations, taking the total to 419 stations operational. On the topic of building stations, I think it is also good to share something we keep seeing in the market. Time and time again, we hear about parties trying to cut corners thinking they are smart. The most recent example we regularly see is a charger with a battery, often integrated on a parking lot of a shop that had some power left and thus is connected to a small power line. Yes, on paper you can charge at high power, but not time and time again. With colleagues, we recently did a field test of such installations and found out ourselves the later the hour on the day, the lower the charge speed the customer receives. Putting in place serious grid connections that scale so you can sell 10 MWh per day or much more, that is the hard work. It is the barrier you need to take to scale volume, and it's exactly this, what our teams are doing day in and day out. The second pillar on the slide is revenue growth. We plan to sell more at the stations we have. This is where our commercial strategy comes in. Earlier this year, we activated our app discount program, which is diversifying our offerings and driving repeat usage and customer loyalty. I'm happy to tell you that this program is growing well. This is the first of more propositions we plan to bring to market in the coming year. We are also developing new sales channels. A good example is ChargeLeague, the collaboration we formed with Atlante, Electra, and IONITY, bringing together over 1,700 stations and 11,000 charging points across 25 European countries into one network. Drivers can find and soon seamlessly charge at any ChargeLeague station using their preferred member app. This development opens up our stations to a much larger pool of customers and vice versa. Already today, we see many Electra customers roaming at Fastned and IONITY stations. The more of our integrations that go live, the better we expect this cooperation to deliver. As I showed you earlier, we are doing all of this while continuing to optimize price. Our locations are high traffic. Our service quality is leading in the market, and this gives us the ability to grow sales at healthy margins. Looking further ahead, as often mentioned by Victor in previous calls, with volumes increasing, the leverage in the business model also allows us to lead the market from a pricing perspective. That brings us to the cost part of the calculation towards profitability. Over to you, Remco. Yes. Thanks, Michiel. The third pillar of our 2026 focus, organization optimization. After a period in which we deliberately built the operational platform required to support rapid network expansion, we will now put more focus on improving the efficiency and scalability of that platform. We will execute this through two levers. The first one is procurement excellence across the full spend base, so both OpEx and CapEx, with more rigorous category management, supplier consolidation where relevant, and stronger purchasing discipline. The second is the introduction of a zero-based budgeting process across the organization, through which all budget owners will reassess spending from the ground up and redirect resources to the highest value activities. The ambition is straightforward. As Fastned scales, the organization should become more productive and more cost efficient so that operating leverage improves over time. The progress we already have made in Q1 gives us confidence that this is achievable. Back to you, Michiel. Yeah. That brings us to the end of the presentation, moving to the last slide 13 on guidance and outlook. As always, let me bring together our guidance and outlook on this final slide. Let's start with a recap of what we delivered in 2025. All aspects of our guidance were met. 406 stations operational at year-end, 60 new stations opened within our guidance range. Revenue per station of EUR 331,000, above our guidance threshold. An operational EBITDA margin of 36% within the 35%-40% range. Consistent delivery across all dimensions. Now, for 2026, our guidance is as follows: 70 to 100 new stations, bringing us between 476 and 506 stations operational. Step-by-step increasing build base to track towards our target of 1,000 stations by 2030. Revenue per station of EUR 350,000-EUR 400,000, and an operational EBITDA margin of 35%-40%. Let me take a step back and tell you how I see this. We are a company that is executing on its plan quarter after quarter, year after year. We didn't panic when the tariffs and energy crises hit us, and we are not going to get carried away now that the market is turning in our favor. We are building charging infrastructure in an exponentially growing market. That is what we do. Infrastructure companies are measured by their ability to deliver consistently in good times and tough ones, which we do. Plus, again and again, we grow sustainably faster than the market, maintaining a leading position in that exponentially growing charging market. What I can tell you is this: we're entering the rest of 2026 with strong commercial momentum, a market environment that is reinforcing the case for electric mobility, a landmark legal win in Germany, and a growing network delivering consistent results. The fundamentals of this business have never been stronger. You can imagine, I'm very excited about what comes next. Thank you all for the time this morning, and I look forward to the discussion ahead. Now I would like to hand the word back to the operator for questions. Ladies and gentlemen, we are now ready to take your questions. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six. The first question comes from Thymen Rundberg from ING. Please go ahead. Yep. Thank you for letting me ask some questions. First one, I want to touch upon the station openings. On the last Q4 2025 call, you mentioned that you had 26 stations under construction and that you expected that the vast majority of those to open before the end of the following quarter. Ultimately, eight stations were open. I was wondering if you could just help us to understand what drove the difference versus that expectation that you communicated previously. Then the second question is, you mentioned just now that electric driving is becoming kind of the default, the behavior shifting. What do you see now as the main constraint on Fastned's growth looking forward? Is that locations, still grid access, capital or execution? How does it change what you prioritize over the coming years? Thanks. Yeah. Thanks, Thymen. I think, if you look at station openings, I think in the end, what we see is that in the end, those stations are often on great locations, right? That is what we're working on. What we also see is that, those great locations are often governed by road operators and, then you get into the details. Basically, what we see is several of these stations are very close to completion and we expect them to be delivered. Depending on the market, we see that, let's say, the delivery of that sometimes can be more administrative, more time consuming, than what would be beneficial for the EV driver. That is a process that we're working on with these authorities, but it's not always going, let's say, as smoothly as hoped for. That sometimes takes a couple of extra weeks, and that's what we see in Germany, in the U.K., and that delays these developments. Maybe that's on station openings. When we look at the EV market, I think maybe the main thing is saying this is what we've been investing in for the last decade or more to get ready for this acceleration. I would say logically, there is bottlenecks in scaling up construction to build even more stations, but we have a network out there in those markets where people can charge, and they can just simply drive to a station. That is a position from which we can basically welcome customers, and that is a position that we've worked on for 10 years. I would say very few bottlenecks. All right. Thank you. The next question comes from Luuk van Beek from Degroof Petercam. Please go ahead. Yes. Good morning. First of all, a question about the E-credits. Can you give a bit of an indication of how much that contributed to the revenues per kilowatt hour? Also, do you expect that level to be sustainable, or would there be any change if, for example, people start using their petrol cars less, going forward because of the high gas prices? My second question is about the graph that you showed about the power use in the course of the day and the solar production. There are quite some signs that grid operators are trying to use the network more efficiently and not to just allocate fixed capacity throughout the day, but are rewarding users that only use it outside of peak hours. Does that give you any opportunities to more easily get grid connections or to get a reward for using it outside of the peak hours? Yeah. Maybe, on the solar topic, I think what I can say there is, I think the grid is already, let's say, been faced with the question around a smart grid for very long. That's a discussion that has been there for more than a decade. I think it's really now taking place. Dynamic generation is there, wind and solar, and dynamic off-take is also being developed, connected to the grid. We're talking about electric cars charging batteries, heat pumps, et cetera. I think we see that taking place, and I think we see in parallel to that the, let's say, the policies that govern all the regulation, that govern these grid operators. That is then the slow element. We see that grid operators would like to come to market with propositions that cater to this need of flexibility, but that is going slower than the market actually likes and would like to see happening. It is happening, so step by step, we see that coming. Currently, for example, the Netherlands has block contracts that basically allow you to off-take energy at night in places where there's congestion. Yeah, technically, it would make much more sense to have complete flexibility based on technical demand that is there, or congestion that is there. Those propositions are simply not part of the regulatory framework yet. Given the need, we expect those to come. I think those opportunities will definitely become bigger and bigger and more important to our business. That is also what we're catering for. We're developing and continuing to build our own energy management systems, the realization capacity of batteries, on site, et cetera. That is how we cater to that. Maybe on E-credits, I think, Remco, that's more your topic. Yeah. Well, to be very precise, the average value of E-credits in Q1 was EUR 0.13, Q1 2026, and it was EUR 0.07 in Q1 2025. On your question, how do we think this will evolve throughout the year? That's a difficult one to answer. We see that also there's a mixed image over the different countries we are in. So far, we see it going up in our core market, the Netherlands, but also in Germany. We see slight decrease in Belgium and France. How this will evolve through the rest of the year is very difficult and I don't really dare to say something about that. Thank you. The following question comes from Nikita Papaccio from Deutsche Bank. Please go ahead. Yeah. Hey, guys. Thanks for taking my question. First of all, congratulations, Victor and Remco, for your new positions. All the best to you. Two questions for me. The first one, also on the price impact. I understood that the price for E-credits increased year-over-year. How about prices for customers? Did you also increase prices here? And if so, to what kind of magnitude? The second question is on your first banking financing. I understood that this has more attractive conditions. Could you give us some details on the covenants you are seeing here? Should we expect more banking financing to come over the next years? If so, will this have an impact on your typical retail bond issuance rhythm per year? Thank you. All right. Thanks. Let me take the first one. On the price increase. Yes, indeed. We also did a price increase in Q1, although the impact of that is very limited in the average margin. It's only EUR 0.01. As you might know, we also introduced an app discount, and that is offsetting part of that. It's only EUR 0.01 impact from that. On the second part, Victor, maybe you want to— Yeah. Happy to take the question on the bank funding. Yeah. You asked about the conditions. The pricing is actually more attractive than the retail bond funding. The retail bond funding is at 6% coupon per year. The pricing of the bank funding is slightly lower than that. That's good. I think it's important that the bank funding is a very deep and liquid market, of course. We're only limited by the number of stations that we're able to put in a structure like that. That provides us with a lot more flexibility in terms of debt financing. I think overall, it's an addition to the retail bond funding, and we'll tap into both markets going forward. To answer your question on how does it affect retail bond funding, we'll continue the pace that we saw last year. We'll continue the same pace of retail bond funding issuance as in this year. Thank you. Any comment on the covenant here? Well, we described the covenants in quite detail in the annual report, and that's also the extent to which we can describe them. I would like to refer you to the comment in the annual report on that. Okay. Thank you. Thank you. The next question comes from David Kerstens from Jefferies. Please go ahead. Hi. Good morning, gentlemen. Thank you for the presentation. I had a question on the gross profit margin. Now at the record high of EUR 0.58 per kilowatt hour, you also said besides E-credits and the price increase in the first quarter, you had lower energy costs. How do you expect this margin to develop as the year progresses with the higher electricity prices now coming in, but mitigated by your hedging strategy? I heard what you said about the timing impact, and you would like to increase prices when it's opportune, and not be dependent on the market. Is this now the new normal for gross profit, or do you expect this to normalize with higher electricity prices? That's the first question. The second question. Victor, you talked about more operational leverage from network operating costs being relatively stable this year. What is the view on the network expansion costs on the back of the organization optimization that you were talking about? Is that also relatively more stable than what you had previously guided for? Thank you very much. I'll start with the last one. In the last presentation, in the appendix, you might have seen we gave some guidance on network expansion cost development. Basically, we expect that for this year to double from the 2024 level. Yeah. That should give you guidance on what to expect for this year. Beyond this year, we expect it to strongly level off. I think that gives you a lot of guidance on the network expansion cost development. You mean the growth will level off beyond 2026? Yeah. It will taper off. Yeah. Then on the margin, well, as you said already on the E-credits and the price increase, there's also an impact on the energy cost. We can say that the hedging strategy gave us an advantage in Q1 2026. To hedge volumes, but also our PPAs, that has really helped us in reducing the average electricity cost in Q1. How that will evolve towards the rest of the year, well, as I said, we stick to our guidance. Yeah, it also depends, of course, on the whole situation in the world at this moment, and I think nobody can forecast how that will turn out. I just want to say in Q1, the hedging strategy is really helping us, but I'm not giving any other guidance than that. Understood. Thank you very much. Victor, all the best in the new role. Yeah. Thank you, David. The next question comes from Jeremy Kincaid from Van Lanschot Kempen. Please go ahead. Hi. Good morning, gentlemen. Two questions from me. First, Remco, just on the cost initiatives that you're looking to implement, the procurement savings and also the zero-based budgeting. Can you give us an idea of how much money you're hoping to save from those initiatives? And then, Victor—sorry, excuse me. Victor, you mentioned that you're expecting underlying EBITDA to grow meaningfully in 2026. Are you able to give us an idea of how much meaningfully is, and to provide some comfort for the market, could you give us an idea of what underlying EBITDA was in the first quarter of this year? Let me start with that last question. Yeah. A couple of things. We don't publish EBITDA numbers for quarterly updates, so I can't give you that number. For the whole of the year, basically I would like to refer you to the overall guidance we gave on station rollout, revenue per station, and then also operational EBITDA margin. That should get you a long way in terms of what we expect in underlying EBITDA. That still leaves you with quite a range. Yeah, we chose to give our guidance in that manner, and we would like to keep it at that. Yeah, I can't give you any more guidance than that. Yeah. On the first question on the cost optimization, yeah, well, if you look at some benchmarks, what a procurement function normally should be able to realize, if you look at our total OpEx base, our total CapEx base, you can basically do the math, I guess. On that zero-based budget, we are first looking into cost categories like travel, advisory cost. We already started a grid fee optimization. We have rolled out a new policy on this that is going to deliver us additional value. We are going to rationalize the IT application portfolio. You can imagine we have a very young workforce. Many applications have been implemented. A simple assessment of what is really needed to operate our business brings already quite some value. Again, I'm not going to give you any number, but I do see there's a lot of potential here for cost reduction. Especially if you look at the 2025 underlying EBITDA, I think we can really make a difference. Again, we stick to our guidance and let me also allow me some time to really work on this program, because as you know, I've just started. Sure. Maybe one follow-up. To achieve EBITDA growth in 2026, do you need these procurement cost savings and zero-based budgeting to be successful or are they not dependent on those initiatives? I think the growth of EBIT in 2026 is again, mostly related to the top line, which I think has been exhaustively explained today. Well, if you launch a program like zero-based budgeting, that takes quite some time. Budgets for 2026 have already been worked on in 2025, obviously. I do expect most impact later in the year. The underlying EBITDA is not relying on this for 2026, no. Understood. Thank you. The following question comes from Thijs Berkelder from ABN AMRO – ODDO BHF. Please go ahead. Yeah. Good morning, all. Congrats with a good Q1 performance. Thanks, Victor, for all the work done in the past few years, and welcome, Remco, to have you on board. A small question related to that, what is timeline for finding a definite new CFO? What is the procedure there? Then more on detail. This Q1, was that now based on the old accounting rules or on the new accounting rules in terms of, let's say, E-credits and what have you? And then related to E-credits, is it correct that you book only E-credit sales on the, let's say, the E-credits you generate in the quarter, or are you also selling, for instance, E-credits from previous quarters and/or are you potentially selling E-credits for future quarters? So that's on, let's say, E-credits. Next question is more on balance sheet and gearing ratios. Remco, you're the new CFO, and good to see you're sharply looking at the cost base, want to reach scale efficiencies, et cetera, et cetera. The annual report gives a statement on maximum gearing for the company being 7.5 times or so, with the losses generated in the past few years and net debt rising strongly. When, in your view, is corporate action needed to strengthen the equity position? Yeah. Thanks, Thijs. Finally, maybe for Michiel, that's more on commercially. Some competitors reached agreements with Uber. How is that for Fastned? BYD is planning to roll out its own fast charger network in Europe. How are you looking at that effect and how are you looking at the pricing of competitors in the market right now? Yeah. Quite a list. Let's try to give quick answers. I think timeline, new CFO, let's say generally hiring of people takes around three, maybe four months. I think a role like this, it generally takes a bit longer, so we're planning to take five up to six months. That is something that makes sense for us. I think maybe on the commercial agreements, and I will hand you over for the other ones to Remco. I think quickly said, the roadmap towards faster chargers, what BYD is on, the rest of the market is on there as well. We just rolled out a 1 MW charger in a location in the Netherlands. We see amperage levels going up, so all of that is moving, so we're preparing for that. BYD is early. They have a reason to shout out on that. There's other elements in the market that maybe have reasons to be less shouty on it. When we were talking about fleet, you mentioned Uber. Yeah, logically, we're signing fleet deals as well. I think some others in the market maybe have a bit more reason to attract volume to empty stations than we have to sell, let's say, volume at stations that are quite busy at, let's say, different deal pricing. Yeah, you can imagine that is a consequence of some market dynamics at play, right? That about the commercial agreements and maybe then to Remco on the other more financial questions, right? Well, on the new accounting rules for E-credits. Yes, that is adapted. We now are using the new rules. That means that once we get the E-credits rewarded, we book them as inventory and cost of sales. Then when we sell them, we book the revenue. Indeed, that means that part of the 2025 rolls into 2026 and part of March 2026 rolls into April 2026. I would say the total impact of that is not significant, but I would be more than happy, Thijs, to explain to you more in-depth offline. I also don't want this IFRS topic to disturb a bit the image that we give on our top line, because that's not really shifting the needle. On the second part, the 7.5 ratio debt to equity, you are right. I must say debt has served us well as a funding source. First through our covenant-free retail bonds, now also through our bank financing platform. Particularly in a time where equity markets have not provided attractive funding. That said, equity remains a core funding pillar. We are always monitoring the market. We are weighing equity against debt, and we assess the optimal capital structure for the business. At the same time, we are very focused on balance sheet discipline, and as also presented today, accelerating our path to profitability through station build-outs, commercial actions, and cost optimization. We are keeping all options open, but we will only access capital when terms make strategic and financial sense. That's not the case today, in our opinion. I hope that answers your question. Yeah. Thank you. Thanks, Thijs. Cool. The following question comes from Luuk van Beek from Degroof Petercam. Please go ahead. Yes, I have two follow-up questions. First, about the ChargeLeague, where you already gave a bit of detail, but can you elaborate further on if you are now fully integrated and ready for the summer driving season? And the second question is about the average charge speed, which continues to go up. At the same time, you see that new cars that are being brought to market, say the more low-end, mid-sized cars, have charging speeds of, say, roughly 100 kW. Do you expect that the increase in charge speed will start to level up once they become bigger in the mix? Yeah. Luuk, maybe on charge speed, I think we see the developments continuing, right? I think it's not like, let's say, Moore's Law in terms of processing speed, but it does continue to grow and improve. Personally, I think that, let's say there will be some leveling off effect when you get very close to the time of filling your tank with petrol. Before that, I don't think that there's a significant reason to see any leveling off there. Yeah, the example of BYD with 1.5 MW, I think shows that. That is the top of the top luxury car coming to market, well, let's say, yeah, soon. High-end to the market currently is, let's say 400 kW or 500 kW and that is, I think, what the market is catering for. That makes the market bigger. People just like to buy cars that are easy to use, right? I think that's good for us. On ChargeLeague, yeah, we see the integrations happening. On our part, we are still working on integrations towards allowing our customers the technical option to start a session at Electra or IONITY. For example, the integration with Electra, on the other hand, is already working. We see customers of Electra charging at our stations, and it is working. I think it's a good development because it makes charging for customers simply easier. That's something I'm very happy with. I think it's a very good development because it just simply takes bottlenecks away for people. Yeah. I think that was the last question, am I right? Yeah. Maybe that's good timing as well, because I think we're a little bit over time on the 12 o'clock. Let's close this call, and we're looking forward to see everyone again in, well, roughly three months' time. Yeah. Thank you all. Thank you.