Fastned B.V. (FAST.AS) Earnings Call Transcript

Hello, and welcome to the Fastned Half Year 2026 Results Conference Call. [Operator Instructions] I will now hand the word over to your 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'd like to use the cover slide to show something I'm genuinely proud of. This quarter, it is the big difference our drive-thru stations make for caravan owners driving towards their holiday destinations. The summer months are when people drive long distances. That is exactly when fast charging matters most. And it is also the season when a lot of people put a caravan or trailer behind their car. So those things arrive together and they arrive at our stations. At Fastned, wherever we possibly can, we build our stations drive-thru, a deliberate choice to put ease of use for our customers first. You drive in, you plug in and you charge. The caravan never leaves the car. Just think about it how different this is when needing to unhitch the caravan when charging elsewhere. And this is just one example of where our work over the past decade on the best charging concept pays off. Drivers who know what a Fastned stop is like choose us on purpose. That preference is what makes our sales grow faster than the market. Before we start, I'd like to draw your attention to the disclaimer on Slide 2, which applies to the entire presentation, including any forward-looking statements we may make today. And with that done, let's go on to Slide 3. Let's start with a quick introduction. My name is Michiel Langezaal. I'm the CEO and one of the founders of Fastned. Remco Samuels, our Interim CFO, is with me on this call today. And together, we will present this webcast. About today's agenda, we have a great half year to talk about, and I will start with the highlights. As always, we will take a look at the electric vehicle market and therefore, our charging market, how it has developed. And as you know, there is a lot happening right now, high oil prices, the conflict around the Strait of Hormuz and Europe accelerating its electrification plans. After that, I will give an update on the business, discussing the progress made in acquiring new locations and how scaling up our build pace is developing. I will also update you on our commercial initiatives and on the work we're doing on organizational efficiency. Following this, Remco will take you through the financial results for the first half of 2026, which we also published this morning in our interim report. And as always, we will update you on our station economics. And we will close with our guidance and outlook for the rest of 2026, where I can already tell you Remco has a nice update for you. After our presentation, we'll be happy to answer your questions. If possible, please limit them to 2 questions per analyst so we can give everybody the opportunity. We've scheduled this call to last for 1 hour. So let's get started. Moving to Slide 4, the highlights. And let me start with the big one, one I've really been looking forward to presenting to you. Over the past few years, we've scaled the organization and took on the costs of putting Fastned at the time, a leading Dutch charging company on a pan-European growth plan. And the question we regularly got on calls like this was, when does revenue and EBITDA start to grow faster than the cost base? [Foreign Language] as we say in Dutch. The country teams, the construction managers, the permitting specialists, the local leadership, you pay for all of that for years before it earns anything back. There was never a detour from the plan that was the plan. And well, this is it. Underlying company EBITDA for the first half, EUR 13.7 million against EUR 1.4 million in the same period last year. Operational EBITDA, EUR 37.4 million, more than double that of last year. We have reached the final phase of our initial scale-up plan. Hiring against it is leveling off. Revenue is doing what it is doing, continuing to grow fast, and we're working hard to grow it even faster. And the gap between those 2 lines is now opening up rapidly. This is a trend we expect to continue. Now, let me take you through the rest of our numbers. We delivered 56 gigawatt hours of electricity in the second quarter, up 44% year-on-year. Over the first half, that is 112 gigawatt hours, up 38%. And in the same period, the electric car fleet across our markets grew by 30%. So once again, we grew faster than the market we operate in. We handled 2 million charging sessions in the quarter, up 41%. Note the relationship between those 2 numbers. Sessions up 41%, energy up 44%. So the sessions are getting bigger. Batteries are getting bigger, cars charge faster and drivers take on more energy per stop. Higher charge speeds means that next to time-based utilization growing, also power utilization of our assets is improving. Gross profit was up 59% at EUR 0.60 per kilowatt hour against EUR 0.54 a year ago. So volume up and margin up at the same time. We are not buying volume growth with discounts. That combination, volume outgrowing the market, margin expanding and a cost base that has stopped chasing it is what produces accelerating EBITDA numbers. We ended the quarter with 434 stations operational. We acquired a record number of new high-traffic locations in the quarter. More about this later. Our cash position at the end of June was EUR 100 million, showing a continuous strong cash position supporting our growth ambitions. And then the last figure on the slide, CO2 avoided. In this quarter alone, we avoided 51,000 tonnes of CO2 equivalent, up 44%. This is why Fastned was founded, building a network and charging business that operates a charging network that allows people to make the switch to owning an EV and curbing CO2 emissions while creating new valuable industry. For the past few years, investing with an eye on curbing climate change and avoiding CO2 emissions was often dismissed as idealistic or even woke. Well, look at Europe this summer. This year-to-date, 0.5 million hectares of forest burned down across Europe. Heat, drought, fire, all of them are showing record numbers impacting our economies, and that cost is not small. Triodos Bank estimated the potential output loss at around EUR 180 billion. At the same time, electrification has stopped being an ideological position. This summer, it is heat, fire and drought. A few months ago, it was an oil crisis and our sovereignty. The EU now has so many reasons to get off fossil fuels faster. That is the context of its electrification action plan, which the commission published just 3 weeks ago with the stated ambition of making Europe the world's first electro-powered continent. Moving to Slide 5. And it is not only policymakers that are moving. Consumers and businesses are moving as well and electric vehicle sales are accelerating. But let's be clear, our market is not just electric cars sold. It is the total number of electric cars on the road, the fleet. Every car that joins that fleet stays for well over a decade and needs energy year-after-year. And it is technology evolution that drives the change from people owning fossil cars to electric vehicles being the best and cheapest choice. Batteries keep getting cheaper and better. Electric drivetrains are simply more efficient, require less maintenance and have 0 emissions. You could say technology is the engine, everything else from oil prices to policy changes, that is the weather. Which is not to say that the weather does not matter. The oil price is a real tailwind for us. And what makes it bite harder this time is that European consumers have been here before. After the Ukraine gas price shock, households looked at energy independence, electrification and efficiency. Insulating a house and putting in a heat pump is a serious and expensive undertaking. Choosing an electric car because of high oil prices is a far easier decision. Now to the slide itself, markets with the largest absolute growth we see on the left. The markets in the middle are actually the more advanced ones, close to mass adoption. Those on the right are in the early phases of growth. The largest absolute growth is coming from 3 big markets: Germany, France and the U.K. That is where the fleet is expanding the fastest in absolute numbers. In terms of where we stand in each of them, it is Belgium and the Netherlands that have the fleet penetration for stations to deliver real returns today. That is where our stations are already earning. In Germany, France and the U.K., the focus right now is on continuing to deploy the network, while at the same time, driving traffic to it to improve station economics. And in those 3 big markets, it is about implementing the commercial strategies and the playbook that we developed and honed in Belgium and the Netherlands, a playbook we know that works. And that brings us to Slide 6. This slide shows monthly sales on our network over the years. And it makes one point. We are entering the strongest part of the year. Three things behind that. First, the fleet keeps growing. That is expanding recurring demand. In the first half, we delivered 112 gigawatt hours, up 38% against a fleet growth of 30%. Growing faster than the fleet is not something that simply happens to us. It is something we actively work for. It means capturing an outsized share of the market growth by being where drivers actually want to charge and by earning their preference. Second, seasonality. Winter fast charging demand for electric cars is structurally 20% to 30% higher than summer due to cold weather. A cold car takes more energy to heat and more energy to move because colder air is denser and creates more drag. That is physics and it repeats every year. Third, bigger batteries and faster charging make long trips more convenient, which, as we've always said, is what grows this market. Proof of this is more people now taking their EV towards their holiday destinations. This in turn, drives up our summer volumes. Put those together and the most of the year's charging demand lands in the second half, which is exactly where we are now. Let's go on to Slide 7. Our focus for 2026 rests on 3 priorities: build, grow and optimize, build more stations, sell more at the stations we already have and optimize the organization and what we spend. Let us walk through each of the developments briefly. Moving to Slide 8, 4 milestones that I want to mention for the quarter. First, it takes us to London. We opened Hatton Cross, our first station in the city under the Places for London joint venture. That gives us a foothold in a very important urban market in Europe. And it is the first of 25 stations the joint venture is committed to building across London by 2030. Building in a large city like London is hard, and I'm very happy to mention that more and even bigger stations in the city are progressing well for delivery this and next year. Second, Germany. We passed 60 operational stations. Germany is among Europe's largest car markets. And as I showed you earlier, 60 stations with very serious additions still planned for this year means Germany is starting to become a meaningful part of our network. A milestone that coincides well with the charging market in scaling mode there, as discussed earlier. Third, signing new additional locations. We signed 48 new high-traffic locations in the quarter, a record. This is a leading indicator to future growth of our network and our road map towards 1,000 stations. The sites we sign now are the stations that will open in 2028. And this pipeline is what makes our network expansion guidance credible for the years ahead. Now, all 3 of those opening stations in London, scaling in Germany, signing a record pipeline have one thing in common. They need capital, which brings me to the fourth milestone. In June, we raised over EUR 36 million in a single retail bond issue, another record for us. Let me spend a moment on what that program actually is because it is easy to read it as just another financing round. We now have EUR 337 million in retail bonds outstanding under this program, with EUR 69 million raised this year to date alone. The bonds provide covenant-free fixed interest funding for our network expansion from an investor base of more than 12,000 people, growing by around 800 with every issue. But next to it being a sizable program, there is something more interesting about it. First of all, it is a good deal for both parties as it gives these investors the opportunity to ride the wave of value creation the charging sector offers. And in doing so, earning a healthy and fixed 6% interest on their capital. Second, and important to Fastned, once people are invested, they stop being spectators. They begin to follow the company. They talk about it with friends and family. They become ambassadors. And very often, they become the next person in their street to drive electric. This pattern of citizen participation as a solution to embracing the new, new thing is a well-known effect that we've also seen with wind and solar. People support what they own a piece of. Back to Fastned. Strategically, having 3 separate funding channels, equity, retail bonds and bank financing, each connected to deep markets provides Fastned resilient funding to stay the course. Let's talk about build pace. Moving to Slide 9. Let me be straightforward about where we are. We opened 20 stations in the second quarter and 28 across the first half of the year against an average of around 18 for the same period over the past several years. Against last year, it is an improvement of 11 stations. So progress, but more is needed and more is wanted by us. How does that connect to the full year expectations? Well, it is good to remember that seasonality has an effect on station openings. Two reasons. First, authorities tend to make their decisions about permits towards the end of the year or just before summer break. So permits arrive in waves. As a consequence, the start of construction follows that same wave pattern. Second, when you're ramping up to a pipeline, the increase always comes through the most at the end. To open more stations in the next year and beyond, one needs more great locations and more permits to fill the pipeline. These are the leading metrics we steer on for the long term. And as mentioned in the highlights section, with 48 new locations acquired in Q2 this year alone, we're doing great. Now back to this year and to the second half. Since the end of June, we've opened another 8 stations, taking us to 442 stations operational today. And we have 49 sites under construction right now. These 49 sites under construction means sites in the fences, construction companies on site, transformers going in, trenches for grid connections being made, street work being laid down. An average site takes around 15 weeks to complete. So the majority of those 49 are expected to open before the end of this year. On top of that, we expect to take further sites into construction during the third quarter, and some of those have a good shot at opening before year-end as well. These are the numbers that lead to our outlook of 70 to 100 new stations for the year. None of this is easy, and I would not pretend otherwise. Permits, grid connections, municipalities, those are the bottlenecks, but they are also the barriers to entry in this market. And there's no way around them if you want to build charging stations exposed to high traffic. And that brings me to Slide 10. Getting to the second pillar of this year's focus, growth, selling more at the stations we already have. Let me give you a helicopter view on the step change that we are making. For most of our history, growth came from having the best charging concept and letting drivers find us and that worked, but it was largely passive. Years ago, when this company had a few million in revenue and the number of EVs on the road was small, you also simply could not build a business case for a sales organization. The impact it would have is simply too small against the cost. At our current scale, that has completely changed. So next to a great functional concept that people happen to prefer, we are now moving into active commercial engagement. This is a real shift in how this company operates, and it takes 2 forms. The first is propositions and actions aimed directly at drivers and companies. In the B2C segment, we have been increasing conversion through optimizing propositions and communications. Gold memberships grew fast and stands today at 15,000, close to triple the figure from the start of the year. Although, this basis is not yet sizable in comparison to our revenue, it does show progress of something that can have a significant positive impact in the future. Our B2B charge card, which went live in May, has already handled some 2,500 charge sessions. Through this channel, we actively reach out to fleets that drive lots of kilometers in order to show them the benefits of charging in our stations and incentivize them to do so. The base of this is logically small today as we just got started, but on a serious growth path to contribute to the commercial performance of our network. The second is the more indirect form of engagement. This is about deals with leasing companies, large fleets and car manufacturers. These deals aren't about us talking to individual drivers. They're about steering traffic towards our stations being the visible or even prioritized option on a navigation screen in the car. It's about making it attractive for a large corporate fleet to incentivize employees to charge at Fastned rather than something somewhere else. Fastned stations sell 3 to 4x more kilowatt hour volume than is average in the market. This is how far we have come with a great concept that people prefer and is situated where they need charging most. Optimizing propositions for our customers and actively working on our sales channels is how we improve performance even further and continue to lead this market. Moving on to the cost side of things on Slide 11. The third focus area of 2026, organizational efficiency. Let me clear about what this is and what it is not. It is not a -- is not a cost-cutting program. It is about optimizing the organization we have recently been scaling, making people and processes more effective, improving priority setting and controlling costs. On the slide here, we mentioned 4 key areas that we have our spotlight on, number of FTEs, marketing spending, station costs and professionalizing procurement of indirects. Let me give you some color on how we're progressing on these. On station costs. Last year, we have developed and rolled out a company-wide policy on grid costs. That is a large part of why our operating cost per charger has gone down, an important part of the explanation of our bottom line accelerating. Second, procurement. We've often told you how much we've honed station CapEx procurement. Now we have taken the whole company into scope, including indirect spend. The latter has grown to some EUR 20 million of addressable annual spend by now, large enough that professionalizing it delivers real bottom line impact. Third, the scaling up of the organization as part of the plan to make Fastned a leading European charging company is leveling off. At the same time, revenue and margin growth are taking off. That is how a great plan comes together. And with that, let me hand you over to Remco. Next slide, please, and over to you, Remco.

Thank you, Michiel. I will take you through the financial performance in the first half of 2026, the economics of our stations, the cash flow development and our updated guidance for the full year. Well, the central message is straightforward. Fastned is growing strongly, and that growth is increasingly translating into gross profit growth, operating leverage and underlying profitability. At the same time, we continue to invest substantially in expanding the network for the years ahead. So I will start with the unit economics, which are based on the second quarter of 2026, then move to the consolidated results and cash flow over the first half of 2026 before concluding with our guidance. So first, economics of the average Fastned stations. So in Q2, sessions per day increased from 45 to 53 year-on-year. Annualized energy delivered per station rose from 436 to 537 megawatt hour, while annualized revenue per station increased from EUR 292,000 to EUR 387,000. It is clear that this is not only a network expansion story. On a like-for-like basis, excluding the contribution from newly opened stations, organic volume growth at existing stations was approximately 30% year-on-year, in line with the BEV fleet penetration growth from an average of 5.5% to 7% in Q2 2026, so also a 30% increase. The improvement is also visible in profitability. Gross margin per station increased from EUR 236,000 to EUR 320,000, while operational EBITDA per station nearly doubled from EUR 97,000 to EUR 184,000. The operational EBITDA margin per station increased from 33% to 48%. We see the same trend in utilization and returns. Time-based utilization increased from 11.6% to 12.9%, while the return on invested capital, or ROIC, increased from 11% to 19%. At the same time, operating cost per station remained broadly stable at EUR 136,000 compared to EUR 139,000 last year. In other words, we are adding substantial volume and gross profit without a corresponding increase in the cost base of the average station. This is the operational leverage in our model. And as Michiel already mentioned, this efficiency is supported by 4 concrete areas of focus. So organization size, marketing discipline, station cost, indirect procurement. On station costs, company-wide grid cost policy we introduced last year is helping to stabilize cost per charger. In procurement, we have extended the discipline we apply to station CapEx through full spend. And at the same time, organizational growth is leveling off, while marketing spend is being managed more tightly. Together, these actions are helping us to become more efficient as we scale. The network is becoming more productive, more profitable and more capital efficient, while the cost base is growing much slower than the revenue and gross profit it supports. These are annualized Q2 station level indicators rather than consolidated H1 figures. However, they provide an important explanation for the financial development I will show next. So moving to Slide 13. Turning to the first half year results. Charging-related revenue was EUR 75 million, representing growth of around 40% year-on-year. Charging-related gross profit increased to EUR 66 million, up 61% year-on-year, and gross profit per kilowatt hour increased to EUR 0.60 compared with around EUR 0.50 in previous year, so first half of '25. This reflects a combination of growing energy volumes and stronger gross profit economics per kilowatt hour. Electricity costs slightly decreased with EUR 0.02, mostly due to slightly lower energy prices in the Netherlands during Q1 as well as renegotiated service fees with energy providers, while e-credit prices supported the gross profit development with around EUR 0.07 compared to H1 2025. The remaining EUR 0.01 is due to sales price increases. Network operating costs increased as we expanded the organization and the network, but went down on a per charger basis. This increase in total operating cost was significantly lower than the increase in gross profit. That's the operational leverage becoming visible in the numbers. Operational EBITDA more than doubled year-on-year, increasing to EUR 37.4 million from EUR 17.8 million in the first half of '25. The reported operational EBITDA margin rose to 50% compared to 33% last year, although this comparison is not fully like-for-like because EUR 5.1 million of Dutch e-credit revenue was not yet recognized in the first half year revenue, while the e-credits granted were already reflected in inventory and cost of sales. So on a comparable basis, the H1 '26 margin was approximately 46%. I'll come back to the Dutch e-credit explanation later. Operational EBITDA reflects the performance of the charging network. At company level, after network expansion costs, underlying company EBITDA increased to EUR 30.7 million compared to EUR 1.4 million last year. Reported EBITDA was EUR 15.7 million compared to EUR 2.9 million in the first half of '25. Difference between reported and underlying EBITDA relates primarily to specific items, including the German highway tender and other exceptional or timing-related effects. I will come back to that when discussing cash flow. The net loss narrowed to EUR 13 million compared to EUR 18.3 million in the prior year period. We remain in an investment phase, but the direction of travel is very clear. Stronger station economics are translating into stronger consolidated profitability. So let me now turn to cash flow, where it is particularly important to distinguish reported IFRS cash flows from the underlying operating trend. So reported operating cash flow was negative EUR 10.1 million compared with negative EUR 6 million in the first half of '25. That reported number is affected by 2 specific timing effects. The first one is related to the German highway tender, which covers 34 motorway locations in Germany. At the end of H1 '26, there is a EUR 5 million timing effect due to prefinancing the construction of German highway stations, while the related government subsidy is received progressively upon site release and commissioning. Second, as already mentioned, EUR 5.1 million of Dutch e-credit revenue was not recognized in IFRS during the first half because the relevant transfer process could not be completed through the government portal. The current expectation is that it will be recognized in the third quarter. Importantly, the timing of this effect -- this item, sorry, does not affect H1 gross profit because of the corresponding cost of sales treatment. There are more details of this included in the appendix of the presentation and the interim report. So when we look at the operating cash flow without these 2 timing effects, normalized operating cash flow was neutral compared with negative EUR 3.3 million in the first half of 2025. So the message is that after separating these timing effects, the underlying network is moving towards positive operating cash flow. We continue to invest heavily in the rollout. So capital expenditure was EUR 44.6 million compared to EUR 42.8 million in prior year period. Good to note here that the 9 German highway stations opened are not accounted for as CapEx as we do not own the assets, but only build and operate them. Network expansion costs were EUR 22.9 million. Cash at the end of June, EUR 100.7 million. This reflects the continued investment in new stations, grid connections, land rights, equipment as well as the timing of funding inflows and outflows. Our funding model continues to develop in parallel with the network. Alongside the Euronext listing and the retail bond program, we now also have access to a green loan facility from commercial banks of up to EUR 200 million, including an initial committed amount of EUR 100 million for Belgium and Switzerland and a further option to increase subject to facility terms. We already raised EUR 69 million through retail bonds during the first half of the year. This diversified funding base gives us flexibility to continue investing in the network whilst maintaining discipline around liquidity and capital allocation. Moving to Slide 14. So let me close today's presentation by discussing our guidance and outlook. So let me start with the network. We have shown you where we stand today and what we expect in the second half of the year. That trajectory underpins our network guidance, which we reiterate unchanged. Turning to the financials. We delivered an operational EBITDA margin of 50% in the first half compared with our initial full year guidance of 35% to 40%. As said, the reported 50% is not directly comparable with the basis on which the guidance was set. The reason is the part of revenue from e-credits that has not been recognized, which means reported revenue denominator is temporarily lower. Including that deferred revenue on a comparable basis, first half operational EBITDA margin is 46%. Looking ahead to the second half, we expect electricity prices to be somewhat higher in line with normal seasonality. At the same time, we expect to make further progress on organizational efficiency and commercial performance. Taking all these factors into account, our current outlook points to an operational EBITDA margin of approximately 45% for the full year. We are, therefore, updating our guidance accordingly. Let me now turn to revenue per station, where our guidance remains EUR 350,000 to EUR 400,000. Given the commercial traction we described earlier, we expect to finish at the upper end of our current revenue per station range. To conclude, revenue is growing faster than the market. Costs are beginning to level off as planned when we set out to build a pan-European company. That operating leverage is now translating into accelerating operating profit. That's the story of the first half, and it gives us confidence in the trajectory ahead. Thank you for your time this morning, and we look forward to your questions. And now I hand the word back to the operator.

The first question comes from Thymen Rundberg from ING.

Yes. Two from my side. Firstly, you raised the operational EBITDA margin guidance to around 45%. You also said that the operating leverage is really now starting to come through. So should we view the first half as a genuine turning point with further operating leverage and margin expansion continuing in the second half and into 2027 as volumes continue to grow and on a largely established cost base or cost base that grows at a faster pace? Or are there factors, including the current contribution from e-credits, that mean the 45% margin should not extrapolate yet beyond 2026? And secondly, on the -- continuing on that e-credit, they're becoming more of a meaningful contributor to the economics of your business. How do you think about the role of those credits in your business model over the long term? And so should we view them as a sustainable part of the return on your charging infrastructure? Or is it ultimately a policy mechanism whose value will increase, whose value will just more and more you say that will be passed on to customers through lower charging prices and stronger competition?

Thymen, first of all, thanks for the questions. I think maybe starting with a bit of color on that -- on the last part of your story. I think the charging prices in the market are there. We take a position in that market, right? So any e-credit system or whatever there is in a certain market already has a certain effect on, like, the margin of companies and what they do. And yes, that will have an effect going forward, but it already has an effect and it was there in the past as well, yes. So I don't think that there is -- in that sense, there is -- yes, there will be impact, but it's not going to massively change. Maybe on the guidance and the turning point, I think maybe Remco, do you want to say something on it? But I think...

Yes. Look, we give guidance for 2026. This is the answer that you expect, but you don't hope, right? So instead, we always guide around estimated station rollout, revenue per station, operational EBITDA margin, which we did. So we have upgraded our operational EBITDA margin because of what we see happening now and we are reaching a critical scale. Yes, that's all true. But other than that, yes, we cannot give any other guidance. We also have given you some color on the cost per charger, expansion cost, CapEx per charger. This should guide you towards an EBITDA range going forward.

The next question comes from Nikita Papaccio from Deutsche Bank.

First, congratulations on the great results in H1. My question is on the current charging demand. I mean it's essentially high because also of the oil price. Do you see a risk that this would change if the oil price normalizes? And the second one, what are you currently observing in the overall European CP market? Do you expect consolidation in the near future? And would you be interested to buy existing stations or even another CPO if it fits to Fastned's concept?

Yes. Thanks, Niki, for these questions. I think on charging demand, so I think a part of what we see is definitely people, let's say, seeing the price of filling their tank and in, for example, cases where they have access to a second car that more of them choose the electric. So we see that there is a potential shift there. But we also see that the price of driving electric is fundamentally so much better that, that teaches them something. So we have many reasons to believe that, that not necessarily is a reason to go back because it is fundamentally a cheaper option. I think, too, on that is the sales of EVs and people making the switch to an EV, an electric car doesn't take oil in its tank, right? So that's a difficult one to go back to. So I think fundamentally, I think it is a real shift. And there will be -- yes, in the case of oil prices maybe going down to different levels before as before that might, let's say, have a dampening effect. But at the same time, the technology trend just continues. So I think all in all, I think this is a fundamental shift that is not going back. On the CPO market, there is consolidation happening. We've foreseen that. There's logic to it. I think the key thing there, I think, is to see is that there is just many -- yes, let's say, many CPOs that have gone into this market with the idea to do maybe similar things as, for example, Fastned or others. And what we see is that there's a massive difference between the amount of sales that a great concept like Fastned can generate. We do roughly 3x to 4x the sales on the site that the average of the market does. And that, in the end, are factors that will drive a business case for consolidation in the future. The question, of course, is when is the time right and when is the timing also to come into action mode. So a couple of years back, we took over a small network of the charging company of MisterGreen. And we might do similar things in the future, and there is other companies that also do things. But the fundamentals are, I think, that difference in the success of the concepts that are out there. Yes.