Fastned rises as sales double on the back of strong EV demand

Fastned BV

17/08/2023 08:23

** Shares in Fastned  FASTN.AS  rise about 5% after the EV
charging station firm's H1 EBITDA swung to a profit for the
first time, on the back of sales doubling 
    ** H1 underlying EBITDA turned to a profit of 2.8 million
euros ($3.04 million), slightly above the consensus cited by
Jefferies, while sales more than doubled year-on-year
    ** "Fastned continues to outgrow the BEV (battery electric
vehicle) market, with revenue growth of 108%, while BEV stock
increased 45%," says Jefferies 
    ** The company opened 28 new charging stations, bringing its
total to 272 stations at end-H1
    ** Jefferies adds that co is "well positioned to benefit
from an accelerating shift towards public EV fast charging," 
    ** Fastned confirms FY guidance
    ** YTD, shares are down about 23%​

   
($1 = 0.9198 euros)

 (Reporting by Olivier Sorgho)
 ((Olivier.Sorgho@thomsonreuters.com))