Fastned/The funding base evolves/HOLD

Fastned's 4Q25 update shows faster station roll out but volume growth is still lagging BEV penetration. We make limited near term estimate changes, slightly lift longer term assumptions on higher BEV adoption, and increase capex forecasts. The new €200m loan facility is a positive, improving near term funding visibility, but we remain cautious given high leverage, funding needs beyond 2027, and softening charging volume growth. We maintain our HOLD rating and slightly raise our target price to €22 per share (from €20.50).

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 01/23/2026

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