Hello, welcome to the Fastned Q3 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 warm welcome to everyone on this call, and to those listening in via our webcast. You can find the presentation on our investor relations website at ir.fastnedcharging.com. Before we start, I would like to draw your attention to the disclaimer on slide two. It applies to the entire presentation, including any forward-looking statements we may make today. Let's go to slide three. My name is Michiel Langezaal. I am the CEO and one of the founders of Fastned. And with me on this call today is Remco Samuels, our Interim CFO. We will start with the highlights of the third quarter, discussing network performance. Then we will look at the electric vehicle market and at what Europe's push to electrify means for Fastned. After that, I will give a brief update on how the network is progressing on its growth path. Remco will then take you through the station economics, and we will close with guidance. After that, we are happy to take your questions. Please keep it to two per analyst, so everybody gets the opportunity. Moving to slide four. The highlights. As always in our quarterly updates, we only report top-line figures and operational progress. This will be a short update. And it is a great quarter to report on. High level, I would like to frame it around three things, the three things we guide on, build pace, revenue per station, and operational EBITDA margin. On revenue, we are tracking towards the high end of our range at EUR 395,000 annualized per station year- to- date, as we already signaled at the half- year update. On EBITDA margin, we raised our guidance to around 45% last quarter, and as this is a trading update, we will not address EBITDA levels today. On build pace, we are working at roughly double last year's construction pace, with 65 stations currently being under construction at the beginning of the final quarter of the year. And that puts us into a very good spot to end this year with great results. It is something the whole team can be very proud of and is exactly what we are working on to improve. Diving a little deeper in the numbers, we delivered 67 GWh of electricity, up 43% year-on-year. Over the same period, the BEV fleet in our markets grew by 29%. Let me look at how our growth in comparison to fleet growth works in two ways. First, at our existing stations, each one has a pool of potential customers driving past, a pool that grows with the electric fleet. At the same time, competition is increasing. Sales at our existing stations grew by 27%, broadly in line with fleet growth of 29%, and it has been tracking like that for long. Year- after- year, our stations keep growing in line with the market. Second, the bigger picture. Europe's fossil fuel market for road transport is going electric, and building a strong position in that market will not work with today's stations alone. A strong position is captured by building more. Our total sales grew by 43%, faster than the fleet growth at 29%. We keep building our network to capture that market growth, and we do so profitably. When looking at charging technology, it is also interesting to compare some numbers. Again, we delivered 67 GWh of electricity, up 43% year-on-year. We handled 2.3 million charging sessions, up 39%. Electricity sales grew faster than sessions. Batteries are getting bigger, cars charge faster, and stopovers are getting shorter whilst taking on more kilowatt hour and kilometers. Revenues related to charging came in at EUR 51 million, up 63%. That includes EUR 5 million of Dutch e-credits that we earned in Q2 but could only book this quarter after the government portal for transferring such credits reopened. Without that timing effect, revenues were at EUR 46 million, up 47% year-on-year. Gross profit came in at EUR 37 million, up 44% from last year, corresponding to EUR 0.55/ kW h. We signed 26 new high-traffic locations this quarter. As always, there's seasonality in this. Q3 includes the summer months, and decisions by landowners and authorities tend to cluster towards the start of summer and the end of the year. Our pace of acquisition continues to track well at over 100 new locations a year, and that is what underpins that journey towards a network of 1,000 stations by 2030. We ended the quarter with 451 operational stations, having added 17 new stations to our network last quarter. Today, we have 65 stations under construction going into the final quarter, but more about that later. Our cash position at the end of September was EUR 82 million, and our third retail bond round of the year is currently open. One more milestone I'm proud to share. When we listed on Euronext Amsterdam in 2019, we set out to turn what was then a leading Dutch fast- charging network into a leading European charging company. To underpin that moonshot, we created an option plan for everyone at Fastned so that all employees could share in the value that we would create along the way. We divided that journey into 10 milestones, from a network of 100 stations to 1,000, and from 50 kW charging at the time to 300 kW charging later. The latter being almost as fast as refueling a petrol car. Each milestone has two parts, an operational and a market capitalization goal, ensuring value creation for customers and investors goes hand in hand. When hitting such a milestone, the company issues options on an additional 1% of outstanding shares, which are then distributed to employees. I am very happy to report that in the third quarter, we reached milestone seven, the fifth milestone to be reached, more than EUR 100 million of revenue in a calendar year, together with a market capitalization above EUR 700 million, the latter being the trigger to finally reach the milestone. Building the charging network that makes it possible for people to make that switch to own an electric car. That is what this program incentivizes, and that is why we started Fastned. Moving to slide five. We have said it many times on these calls, technology is what drives this market. Batteries keep getting cheaper and better, and an electric drivetrain is 4x- 5 x as efficient as a petrol engine. It is that simple. That is why the electric car is the better car, and why it will overtake the combustion engine. Technology is the core driver, and other drivers are supporting it. One of them is getting a lot stronger, policy. Europe has backed electrification for years, but this year it has been gaining lots of traction. With its Electrification Action Plan, the European Commission wants to make Europe the world's first electro- powered continent, and member states are following or even leading this, with France coming up with its own electrification plan even earlier. On the right side of the slide, you can see the impact on our market, the electric car fleet. Schmidt Automotive projects the fleet in our markets to grow by around 30% a year until 2030, and at around 20% a year until 2036. In general, I think it is fair to say that we have seen analysts bumping EV forecasts in many of our markets, and this is because of growing confidence in European policy and in European industry accelerating on this electrification journey. That is the message I would like to leave with you. As electrification is gaining traction, we see the market growing and expectations for the future to go up as well. Moving to slide six. This slide shows electric car sales growth in our markets in the third quarter, grouped by adoption phase. I would like to make two points about these markets and then talk about Fastned's position in each of them. First, the markets heading towards mass adoption. What do they have in common? Virtually no incumbent car industry. Nobody had a reason to slow the transition down, and these markets moved years ahead of the rest. The two largest of them, the Netherlands and Belgium, are where we, where Fastned started early. That is why we have been able to develop a leading position there, which we keep solidifying, as I will show you later. As these markets scale, we reap the rewards of that position. Second, the markets ramping up. These are Europe's largest car markets and the industrial heart of its automotive industry, and for years, they lagged in the transition. I am mostly talking about Germany and France, but also about the U.K., and for the sake of simplicity, maybe forgetting Switzerland for a sec. Vested interest dragged the transition, and that is now shifting. Part of it is the policy landscape shifting based on world politics, as we just discussed. Part of it is the industry itself, which can no longer deny this mega trend and knows that the only way to survive it is to embrace it. Part of it is simply the buyer. Electric cars are now the better car at or even below the price of a petrol car. While petrol and diesel have become and might remain expensive, there is still plenty of political and industrial grumbling, but the numbers don't lie. In these countries, the tipping point in the discussion has been reached and growth acceleration is to follow. What about Fastned's position? In the Netherlands and Belgium, as I said, we lead, and in these three rapidly scaling markets I just mentioned, we continue to take position at pace. In the U.K., we've secured a foothold in the country's core megacity. London will have huge numbers of electric taxis, private hire vehicles, and many drivers without a driveway. Through our joint venture with Places for London, in which Fastned is the majority partner, we've built at least 25 large charging hubs across the city. The first, Hatton Cross, opened this summer. In France, winning tenders along key motorways gave us a great start on the country's main arteries. We're now adding private developments to further strengthening that position whilst continuing to combine them with public tenders. In Germany, we won two regional lots in the Deutschlandnetz tender, with 92 locations in some of the most densely populated parts of the country. On top of this, we won 34 sites in the motorway tender. That puts us on track to roughly quadruple our German network. To conclude, Fastned built a leading position in its first market, the Netherlands, and then in its second, Belgium. Today, we're on a trajectory to build high-ranking positions in Europe's three largest markets, the U.K., Germany, and France. We do that with a proven tool, a station concept that we've shown generates profits, as you'll see in our station economics. That's very different from simply deploying infrastructure. So when I talk about taking position, I mean taking a position that will generate returns market by market. Moving to slide seven. A short update on our three strategic priorities for 2026. Station rollout, revenue growth, and organizational efficiency. On station rollout, I'll come back to that later in the presentation. On revenue growth, next to having discussed the numbers in the highlights section, I'd like to add a few words on what we're doing to sell more at every station. Think, for example, about EV drivers using navigation to decide on their charging stops. How do algorithms that calculate the best options for drivers decide on quality? Together with other leading players in the market, we work on defining such metrics to improve the customer experience. With more customers making the choice for a quality stop as a result, and knowing that Fastned scores very well on quality, we will benefit from more sales at our stations. Also, we're working with leasing companies and large corporate fleets so that their car policies make charging at Fastned easy and attractive. Another recent example of bringing Fastned closer to more electric drivers is our partnership with ANWB, which comes with more than 600,000 charge card users. At the stations themselves, we continue to optimize signage and visibility. All of this serves one goal: increasing the share of drivers passing by who stop at our station. The potential is big. In our core markets, a Fastned station sells some 4x - 5 x more than the average competitor. In our newer markets, we are not there yet. That gap shows what brand recognition and commercial optimization are worth: a multiple of sales. That is what these actions are working towards. Let us not forget, it all starts with a great location. Without a large amount of traffic passing by, you start from a very different baseline of potential customers. So locations are key. On organizational efficiency, we continue to drive that initiative. As you know, this is a top-line update, so we will not go into costs today. Moving to slide eight. Back in 2019, we listed Fastned at Euronext Amsterdam, and roughly a year later, we used this listing to raise significant capital to take what was then a leading Dutch charging company onto a European growth path. Belgium is the second country where we have really done that. We have built a leadership position there, and we keep solidifying it as we grow. How did we do it? In Belgium, electric driving took off much earlier in the north in Flanders. The same was true for charging infrastructure. We started working with the Flemish Roads and Traffic Agency, the Agentschap Wegen en Verkeer, to develop the first motorway concessions. Those early relationships gave us a very strong position in Flanders for the years to come, as these developments are based on 15 - 25 year concessions. Somewhat later, we started doing the same in Wallonia. This quarter, we opened Libin Galaxia, one of the largest charging stations in the region, on one of the major transit corridors from the Netherlands to the South of France. We developed it with IDELUX, the real estate and economic development agency of the province of Luxembourg, as part of a broader plan to roll out a significant portfolio of fast-charging stations across Wallonia. With the opening of Ternat, we have now passed 60 stations in Belgium and there is much more to come. Moving to slide nine. In France and Germany, we are following the same logic, building strong positions step by step. As mentioned earlier, in France, we started by winning motorway tenders via the motorway concessionaires like Sanef, VINCI, and APRR and AREA. That gave us a great position on the country's main transport arteries based on long-term concessions. On top of that, we have scaled our commercial development working directly with private landowners. Today, both routes work in tandem. We have added a third tool that helps us both with private and public land opportunities. We regularly come across great real estate opportunities, often high traffic and well visible, but without any amenities. This quarter, we opened our first kiosk in France at Thionville. A partner operates the kiosk, which is unmanned but does need regular stocking. We don't have to become baristas, but we are able to deliver great charging experiences. This means we can now develop locations in France without existing amenities and tap into another big pool of private and public land. That's how we're building a strong market position in France: long concessions, great locations, and big stations. On top of that, a commercial engine that drives higher than average traffic to our stations. At the bottom of the slide, you see two recently commissioned stations as part of the Deutschlandnetz regional and Autobahn tenders. Note that these programs, in addition to allowing us to take long-term market positions, are supported with attractive government financing. Moving to slide 10. We opened 17 stations in the third quarter, and that brings us to 451 operational stations, opening 45 stations so far this year. The number I would like to ask you to look at is the 65 sites under construction against around 30 at this point last year. That's double the pace. These are sites inside the fences with contractors on site, transformers going in, and grid connections being dug. As I explained last quarter, openings come in waves. Permits tend to come in towards the end of the year, and construction follows. A growing pipeline always delivers most towards the end. So once again, Q4 will be our biggest quarter for openings. At the same time, every one of those 65 sites carries a timing risk. We've seen grid connections that weren't energized on the planned date and permits holding up the final step before go live. With many openings planned for the last weeks of the year, we don't expect every single one to open before year-end. Taking all of that into account, we're well on track for a guidance of 70 - 100 new stations this year. On that note, over to you, Remco. Thank you, Michiel. The Q3 station economics. Those are year-on-year, so compared to Q3 2025. As you can see, they continued to strengthen in Q3. As BEV penetration increased to 7.3%, average daily sessions rose from 49 - 57. The annualized energy delivered grew from 495 MWh to 596 MWh. As a result, annualized revenue per station increased by 24%, from EUR 333,000 to approximately EUR 412,000, while gross margin per station rose from EUR 269,000 to EUR 326,000, supported by a slightly higher margin per kilowatt hour. Our operating costs per station are based on H1 2026 figures, decreased from EUR 144,000 to EUR 137,000. As Michiel already mentioned, cost, and as such, also operational EBITDA, are not presented in this Q3 trading update, so these figures are used for reference. Operational EBITDA per station increased from EUR 124,000 to EUR 189,000, with the margin rising from 37% to 46%. Despite initial investment increasing to EUR 991,000, the return on invested capital, or ROIC, improved from 14%- 19%. Utilization increased from 12.2% to 13.5%, despite the continued expansion of charging capacity. The average number of chargers also increased from 6.4 to 6.6. We are deliberately investing ahead of demand so that our stations can accommodate the expected growth in the BEV fleet without requiring immediate further construction. This gives us significant operating leverage as demand builds, while return on invested capital at 30% utilization remaining above 40% at current charge speeds. Q3 performance confirms the strong momentum in our business with the annualized revenue run rate above the upper end of the guidance range. That said, we are maintaining our full- year guidance of EUR 350,000 -EUR 400,000 per station, reflecting the, in comparison, lower revenue in Q1 and Q2 because of the steep growth trajectory we are on. On top of this, obviously there is the effect of new stations in their ramp-up curve being added to the equation. Year to date, annualized revenue per station stands at EUR 395,000 at the upper end of our guidance range. Back to you, Michiel. Thanks, Remco. Let me close where I started. We have a great quarter behind us, and I hope you've seen that throughout the presentation. Revenue per station is trending towards the high end of our range. We raised our operational EBITDA margin guidance last quarter. With 65 stations under construction, we're building at double last year's pace going into the final quarter, and that puts us into a very good position to end this year with great results. Thus, we reiterate our guidance for 2026. On that note, we look forward to your questions. Handing the word back to the operator. Thanks. Thank you. Ladies and gentlemen, it is now time to take your questions. If you wish to ask a question, please press pound key five on your telephone to enter the queue. The first question comes from David Kerstens from Jefferies. Please go ahead. Good morning, gentlemen. Thank you for the presentation. I have two questions, please. First, if you look at the average selling price in the third quarter, I think it was slightly lower than in the second quarter. I suspect that is due to mix effects, but also your margin was slightly lower than in Q2, and I think wholesale electricity prices were up 30%. With the fourth quarter electricity prices further increasing, are you planning to mitigate this effect through price increases? Second question, maybe on the volume momentum. I think the volume growth in the third quarter was in line with the growth in the second quarter. But then back in August, you said that volume spiked in July due to the holiday season. What explained the maybe somewhat weaker development towards the end of the third quarter in terms of volume growth? Thanks. Hmm. Yeah. Thanks for the question. I think the first question, I think Remco will come back on, but maybe trying to understand in full your last question. What are you trying to say? What is the question? You said July volumes— Michiel, I think you said in August that the volume spiked in July, because of the holiday season. But the overall growth in the third quarter was in line with the second quarter. So I thought maybe I expected stronger volume growth for the third quarter because of that spike in July. Yeah. So I think in that sense, if you look at it quite simplistically, the volumes always spike in these July months as a consequence of, let us say, holiday traffic, right? But every year has holiday traffic. So, if you look at it from a year-on-year comparison, the year before has the same spike, right? So you compare spike with spike. Okay. Got it. Does that answer your question? Yeah. Then on the pricing and margin then, over to you, Remco. Yep. Thanks. If you want to understand the decrease in the margin per kilowatt hour that we see from Q2 to Q3, there are multiple things in there. The charging revenue in Q2 was EUR 0.60. Now it is EUR 0.59. That is also because of summer discounts mostly. As you know, we have subscription. For holiday travel, it is very economically interesting to have that subscription and get a discount. That is also visible in the price. So that is - EUR 0.01. The e-credits went from EUR 0.12 on average in Q2 to EUR 0.11 on average in Q3. Then indeed, the cost of energy. There is an increase of EUR 0.03. However, there is a reconciliation impact in this increase. We got a reconciliation note from energy suppliers that in the end led to an increase of EUR 0.01 in Q3 that belonged in Q2. It is getting very technical maybe. That in the end explains the EUR 0.05 decrease. You could say with all of this into account, we have been able to offset that increase in energy price with our hedging policy and our PPAs. Because if you look at discounts, if you look at e-credits, that reconciliation impact I just mentioned, basically, it is only EUR 0.01 increase in energy costs. We are, in that end, offsetting part of that increase in energy. We did expect, obviously, somewhat lower charging margin, revenue margin in the third quarter. As we knew, energy markets prices are going up. We also knew the e-credits that are slightly down, mostly in the Netherlands. I hope that answers your question. Yeah, no, that is clear. Thank you very much. But also for the fourth quarter, I think energy prices have gone up even further. The question was, will you offset this through price increases? I think then you come to hedging, right? I think we have always said we have a hedging policy in place, and that is something we do, right? Largely speaking, 1/3 of our volume, we try to develop that through PPAs, so long-term. One third, we basically buy in blocks ahead of time, and 1/3 is basically spot. That, in the end, protects us basically from large swings. That is one effect. I think the second effect is what we have also seen is that, let us say the filling of the gas supplies has already been taking place a lot over summer. What we have seen last year as well is that there basically was a swing in prices that was drawn earlier into the year than actually real winter prices being that high. That is to be seen what is going to happen, but that is an effect that we have seen the last years, every year, again and again. I think in the end, if prices will go up further, then that is something that we will follow, right? We will update the market if and when we will act on that. I think basically, this explains your strategy and how we look at it. Yeah. Understood. Thank you very much. Great. Thanks a lot. We move to the next question. The following question comes from Thymen Rundberg from ING. Please go ahead. Oh, it appears we have lost Thymen. If you would like to enter the queue, please dial pound key five. We will continue with Nikita Papaccio from Deutsche Bank. Please go ahead. Yeah, hello. Thank you for taking my questions. I would have also two. The first one is on your organizational efficiency measures. Totally understood that you do not want to talk about costs, but could you give us an update on the measures you are taking and maybe also the progress you are doing here or the timeline you are expecting to conclude? The second one, we were talking a lot about grid connections and how they are hampering your expansion of your network. How is this developing currently? Are you expecting to put batteries on site to offset these issues? Thank you. Yeah, thanks. I think on grid congestion, I think it is something that impacts our market. It impacts electrification as a whole. I think in that sense, I think what we are seeing is, I think, very good developments on the policy end. For example, Denmark recently released a new policy to prioritize certain sectors over others. There we see that charging infrastructure gets a good prioritization or at least a prioritization over others. Yeah, I think in that sense, we see that policy is developing on that end. Of course, that does not necessarily solve the fact that grid is a scarce thing, and I think that has been something that we have been signaling, I think, to the outside world, I think quite for long. That also is behind our mission, right? We are developing this infrastructure ahead of the market, and we are doing that on two things that are very scarce and very valuable, great locations and large connections to the electricity grid. It is actually these things which in the end, yeah, are proving to be very valuable, I think. That is what we are seeing. Made into the end of batteries, yes, we are deploying batteries where useful, where necessary, et cetera, et cetera. I also want to be very clear that, yeah, we have seen some people saying a battery is a solution to all things. That is not the case. Because in the end, if you want to sell 4 MWh, 5 MWh, 6 MWh, or maybe even 10 MWh/day on a site, then you simply need a supply cable to the site to, in the end, fill a battery that stands there and that has that amount of energy, even if you want to do it overnight. In that sense, yes, we will deploy batteries, but they are more there in that sense as a buffer to be able to work with somewhat smaller connections. But at the same time, the sales on these sites is going up and up. So without a proper connection to the electricity grid, you simply cannot run a great charging business. That remains important, and I think that is showing, I think, how valuable the work is that our team is doing. And then maybe on organizational efficiency, I think maybe first of all is there is no end date to this, so it's an ongoing effort. Of course, there is projects underlying which we have expectations for. To mention, for example, we've mentioned we're going to look at indirect procurement. Well, there's the typical benchmarks out there of what that could deliver. And that is a project that we're taking action on. But of course, things that have been ongoing are a very high focus on the procurement elements of our station. And as we're building roughly EUR 100 million a year or more in CapEx, savings on that end have been important, are important, and will be important in the future. So that remains a focus. And I think we're doing really good already. But further improvements are very welcome. Thank you. Maybe, does that answer your question? Yeah, sure. Thank you. Great. Then we move to the next one. Wonderful. Thymen Rundberg, it is now time to ask your question, and he's from ING. Your line is open. Yes. Thank you very much. I have some questions around the Dutch concessions. There's obviously been some discussion around this recently, and also with the first renewals getting closer, I thought it would be useful to revisit how you're thinking about it. You've obviously got a quite number of locations in the Netherlands that you secured early on and that are up for renewal in the coming years. Could you just remind us how many are coming up for renewal before 2030? I think you also said that you expect to lose some of these, and that you also expect the win rates to be similar to what you've seen in other markets. I know that's been a while, so now that we're getting closer, how are you thinking about that today? Also about the economics of retaining the sites. Given that many of these existing concessions that you have were secured on pretty favorable terms. Lastly, just on the auction design itself. You've been quite clear that you prefer quality to play a bigger role in the concessions than just price. If it becomes ultimately just price driven, how do you think about balancing the desire to retain a very good location in the Netherlands while maintaining the returns that you want to achieve? Thanks very much. Yeah. Thanks, Thymen. I think very good question. I think, maybe it starts with saying we have a leading position in the Netherlands. I think that is a position that we like to have. That tender is an important thing for Fastned. I think looking at the numbers, we have approximately 69 existing sites in the Netherlands, which are expected to come up for tender in 2028. Yeah, basically that is a significant chunk. Then step by step, let's say handfuls of sites will go up for tender, in 2029, 2030, et cetera, following a roadmap towards 2035, roughly speaking. That's a consequence of those 15-year concessions that were issued, close to 10 years ago in batches, coming up for renewal. Looking at then the tender design, a lot of that is clear and a lot of it isn't. What is clear is that on these service areas, what will be tendered out are three separate tender lots, if you might like. Petrol, amenities, and charging. I think that is something that's really, really good. That means that all interested parties can play along. We've worked on that with other parties for long to have that discussion. We're happy with that situation. I think, as you say, the next part is around the auction design or the design, how do you divide up that new list of locations? That is still ongoing. I think we have a clear preference for quality, that's important for the markets. We see other markets where tenders are, let's say, not always quality-based, and when decided on quality, then the results are simply a lot better. What would happen if that isn't the case? I think looking at Fastned, we have a very high-quality charging concept with returns that are outsized compared to competitors. That puts us into a very good position to also win a commercial bid. We do see that, let's say, when we're looking at it from a mission angle, that that still wouldn't be the best decision for the government. Logically, if we would see a tender coming up for quality, that would benefit us more. That is the reason why I think we're having that discussion on that topic. Then, I think, lastly, maybe a word on grid capacity. This is a large, let's say, call it a pink elephant still in the room. I think the policy development has taken place on the topic of what should be the tender lots. Those three, that is very clear that has been taking place. In that sense, the preference on the auctioning method, that is not decided yet. But the third thing that is still under discussion and open is how to give new charging stations on these locations' capacity, because the capacity that we have on these stations currently is capacity of Fastned to the electricity grids. If the government does not come up with proper regulation and proper way of handing over the ownership of that capacity, then basically the only bidder to any future tender could be Fastned. There is still quite a number of things that are to be decided upon. I think we have a very, very strong position. But of course, this is a new tender where we like to take part in and play the right role. Does that give you a bit of color on the topic? Yeah, no, understood. I think it does. One of the key questions that I had was, what are concessions costs going to do for the ones that you will retain? Because the ones— Yeah. —looked a bit into the stations that you got in the beginning and that they were very low rent. Obviously, that has been increasing already, and these are your most profitable stations. Yeah. So, yeah. But what is going to be the impact there? Yeah. I think the answer is, maybe from a person in the Netherlands looking at that tender at the time, that is a big change. But for our European operations, this is just business as usual. Tenders are happening everywhere in Europe, and we are winning what we want to win, let us say. I think in the Netherlands, that should be the same story. There is no logic to deal with that any differently. Perfect. Thanks. Good. Great. Thanks a lot. Then we move to the next question. The following question comes from Paul de Froment from Stifel. Please go ahead. Yes. Thank you. Hi. Two questions for me. The first one on e-credits. What visibility do you have on the Q4 e-credits pricing and volumes? The second question is on hardware. How do you decide when to replace or upgrade existing chargers? Is it driven by age or customer charging speed? If we could have some color on that. Yeah. That would be cool. Thank you very much. Yeah, thanks, Paul. I think on hardware, what should I say? I think making it simple, when we started building the network, the whole technology platform was 50 kW. Basically, largely speaking, that has all been replaced by now with a very small percentage, I think it's 1% or maybe even below, that for some locations, for some reasons, is still standing there. The next platform, and I think that has been a very good development. In that sense, the next platform that was decided to be interoperable up to 300 kW and maybe even 400 kW in the later designs, kilowatts. What we see is basically that our current systems on a power level have massive headroom because the average charge speed on our stations is somewhere around 70 kW at the moment. From a charge speed perspective, we don't see a lot of reasons currently that massive upgrades are necessary. On top of that, we designed our stations in a way that these current chargers, they have 300 kW with two cables coming out. When power levels would require nominal charge speeds of up to 300 kW or maybe even higher, we would simply take one cable off and add a charger. We've built the whole infrastructure to make upgrades being very efficient in that sense. Looking at the lifetime of these chargers, we account for them to eight years in our books. Looking at the lifespan of the 50 kW platform, I think that's more or less realistic. Maybe a little bit on the high side by maybe a year or so with hindsight. I think when you look at the new power platform, I think we see that outliving potentially that the design is made for significantly longer, and with current charge speeds being there at 70-ish kW, and we already having these chargers in the field for five or maybe even six, seven years, that gives you an indication of the longevity of that platform. Maybe then on e-credits. Yes, so obviously we don't give any forward-looking information outside of reiterating our guidance. But for e-credits, it's obviously very difficult to predict what this market is going to look like, what pricing is going to do in the several countries. The system as such, we don't expect big changes in the markets that are currently having the scheme for e-credits. We do see other markets talking about also implementing such schemes. That looks rather favorable. But as said, on pricing for Q4, we cannot give you any information. On the system in due time, I think, once we know more, we will definitely communicate that. Okay, great. Thank you very much. Super. Any other questions? The following question comes from Luuk van Beek from Degroof Petercam. Please go ahead. Yes, I have one remaining question. On your new commercial initiatives, you announced a new partnership with the Dutch Automobile Association for 600,000 charge cards. I was wondering how you balance, say, the creation of customer loyalty versus the risk that you end up giving discounts to people that already have a clear preference for Fastned? Yeah. That's the typical trade-off, right? I think in the end, yeah, making it simple, I think what we're trying to do, and it's not always that hard, right, in the data, but what we're trying to see, basically, is we don't want to pay discounts on organic traffic and organic growth. Any commercial sales channel that we engage with, basically, that should lead to a benefit, that has to basically deliver outsized growth, and that has to have an ROI. I think that is very simplistically how we look at it. We try to separate basically the organic growth from additional growth that's delivered. A deal needs to deliver above-market growth. Does that give you clarity on that topic? Yeah. That's a perfect indication. Thank you. Cool. Any other questions? We have two more questions. The following question is from Jeremy Kincaid from Van Lanschot Kempen. Please go ahead. Hi. Good morning. Two from me, please. Just back to Thymen's line of questioning on the Dutch concessions. One of the other outstanding issues is what happens with the existing infrastructure that you've developed on those sites. Do you have a preferred way to sort out what happens there? And if one of the options is you get paid or compensated for it, what's the mathematical framework you're thinking behind that, which would result in a fair outcome for everyone? My second question is on your growth. You obviously have 65 stations under construction now. You did note that construction is seasonal, but is there any chance we can take that 65 as an exit rate in going forward, considering you've now invested quite heavily in your operations and your ability to on a faster build rate? Thank you. Yeah. I think, Jeremy, can you be a bit more concrete on the question around the 65? So what is your actual question? What are the expectations of this, in terms of delivery or? Can you keep building. Will you have 65 locations under construction in the first quarter next year, for example— Sure. —and going forward? Okay. Yeah. I think maybe starting with that, I think one is Q4 regularly is a push towards the end of the year. I think we would love to have 65 stations under construction every quarter, let's say, in the coming year, but I think that is probably a too high aim for next year. It doesn't say that we're not working towards that maybe two years from now, right? I think, if you look at our sort of supply chain approach, if you might like, what we're trying to work towards is that this whole organization starts to work more as a supply chain, that every quarter starts to deliver a more sustainable number, and that we step by step grow that supply chain, to deliver stations. In that sense, I would see the 65 as working on the high end of the year. But we are expanding the supply chain, so that's very clearly the goal, yeah. And that's also important because in the end, we want to work towards that network of 1,000 stations. Maybe that's on the 65. I think maybe also good to mention, let's say construction of a site regularly takes somewhere between, let's say, 7 - 10 weeks or so. Of course, there are some sites that take 16 or longer weeks, if they're extremely big. But that gives you an indication, a lot of these sites should become operational in this quarter. Yeah. Then maybe on the Dutch concessions, I think, let's say the value of the infrastructure that's there and how to transfer this to a next operator, and how to value that in that context, I think that is basically what all stakeholders in the markets are having opinions on. What the government needs to decide on in the end. I think our position is quite clear, right? We've been building that infrastructure. We've been investing that. Logically, there's other parties that now the market has been proven a success and that that infrastructure is a success. Logically, everyone wants to take part of that value that we created, but that's not how things work. In the end, ownership is there for a good reason. I think that is the chasm that authorities need to find a solution too, because on the one hand, they want to be able to, every 15 years, have that competition in the motorway market. Whilst on the other hand, when this infrastructure was developed, they did not want to take the risk to own that infrastructure. They wanted operators to take the risk. We did so, and that was a deliberate decision, right? That is, I think, the situation, and I think that either gives us a huge advantage in upcoming tenders, or we come up with a very proper handover deal that is giving a reward for that situation that is logical. Does that answer your question, Jeremy? It is complicated. I understand that in little moving parts. I'm curious to know what the potential structure could look like. If it's valued based on the existing assets or valued based on market values, but I understand there's lots of water to go under the bridge. Yeah. I think maybe just already the access to grids, there's starting to be a market for that in countries with congestion. That's just an example, right? The value of what's out there is logically not the fact that there's street stones there, that there's chargers there. It's the fact that there's a supply cable to the site. That is what's valuable, because without that cable to that location, you cannot sell 5 MWh, 10 MWh a day. That is what's key. Clear. Thank you for the call, color. Good. Now we are moving to, I think, one of the final questions, hopefully, because we are closing— We do indeed. —towards 12:00 o'clock. Indeed. The last question is from Thijs Berkelder ABN AMRO – ODDO BHF. Your line is open, please go ahead. Warm welcome, Thijs. I think we lost Thijs. Thijs, check your device if you are on mute, please. Sorry, I'm unmuted now. First question is on e-credits. In which countries are you able to sell the e-credits, and in which countries not yet? Which countries are close to maybe introducing the similar system? Then, congrats with the strong growth you've shown, especially in France, Spain, and Italy. Next question then focused on the Netherlands, because that seems to hold the topic of today. You mentioned 69 stations come up for renewal in 2028. If I drive by your stations, part of them is looking really old. For instance, two highway stations, east of Rotterdam, to me look like these stations coming up for renewal, and therefore you probably did not invest in huge upgrade. But I assume you have power connections, grid connections, in principle, for eternity. Is that right? Can we maybe separate on which sites you want to keep versus you might want to lose in really looking at whether they are still old-fashioned arches or having new equipment standard? Yeah, maybe let's try to pick up the last question first, and then maybe Remco will finish with the e-credits. Well, thanks of course for the congrats. I think on the Dutch retender, logically, we're looking at, let's say, the situation upcoming in the tender where not all sites will be Fastned's in the long future. Then, of course, with the information that we have, we're trying to look at what are the sites that we would really like to have in our future network and so on. I think when we look at, let's say, our willingness to invest, I think that's also part of, I think, when you look at the whole tender regime, what the government needs to fix. Currently, the incentive scheme is basically stopping to invest in the last couple of years, which is very bad for electrification in general. Yeah, I think in general, I think the government tries to find, tries to consider, how could we come up with a system in the concessions that rewards keeping the infrastructure up to date and current towards the end of the concession. But there has to be an economic reason to do so, and there currently, in that sense, isn't because there's unclarity, and that doesn't help us. We would love to see that reason coming up for the current tender system, but also to be there in the current tender system for the coming concession rounds. Yeah, I think on our current cabling, I think, as you live in the Netherlands, you might have heard about what they call Stopcontact op Land, which is basically the English for a large power cable on land towards these service areas. That has been a program where the government wanted to plan capacity to all these sites. Yeah, the difficulty is it remained a plan and there is only one party, or maybe one party at scale that executed that, and that's Fastned. That is what you might call power for eternity that we have on these sites. So that is, in the end, very valuable or proven to be very valuable. So I think it's basically on that basis that we're going into this situation, but a lot is still to be figured out on that tender, and time is short in that sense. Maybe then on e-credits— Yeah. Sorry, does it then also mean that you have other, let's say, grid cost conditions than, let's say, other peers? Or are you just part of the regime whereby grid operators every year lift their connection costs by a couple of cents? Yeah, so we're part of the same regime as everyone else, right? It's regulated infrastructure, but with the differences that that regime basically is only there for people that already have a connection. Anyone that wants to have a new connection cannot get one or potentially might have a flexible connection, which has a similar price, but significant disadvantages, needing serious batteries on site, et cetera, et cetera, and not having the same sales capacity. So, yeah, I think even at the regulated prices that we attained these cables in the past, they are a very large competitive advantage. Yeah. Thanks. On the e-credits, Thijs, we currently have e-credit mechanisms in the Netherlands, Germany, Belgium and France. There is one coming up in Spain. There has been a royal decree adopted last July that will be for 2027- 2040. But as today, our volumes are not high in Spain, but obviously that is going to be important to us in the near future. Yeah, and then the other, the big market is the U.K., and this is really a topic that is being debated in the British government. They are revising the renewable transport fuel obligation, and the sector obviously is asking for this. But this is, yeah, I cannot give you any other information than a status update. This is being discussed. That would be a very good thing for the U.K. in general and also for us in that country. Today it's too early to conclude anything on that. Switzerland and Denmark, simply not. No. Okay. Thanks. You are welcome. Great. Then I would say, Thijs, thanks for the last question, and looking forward to see everyone on the call in January after a well-deserved Christmas break. Thank you.