Fastned 4Q24 Results, utilization trend positive, slightly lower guidance FY25

4Q24 results confirmed the trends from 1H24. Sales growth of 39.1% came slightly below our expectation, but gross margin came above our expectation at 76.6%. The GM% acceleration should be a relief as competition remains fierce, but their focus on high traffic locations shows pricing power. The Kwh per station are also increasing nicely in its core regions, which also helps margins. With 346 operational stations, Fastned realised its outlook of 335-350 stations FY24-end. That is just below our 352 expectation. Fastned lowered its expectation to 400-420 stations by FY25-end form 420-450 vs. our expectation of 417. The company also lowered its FY25 operational EBITDA% to 35-40% from > 40%. We believe the lower guidance is due to slightly lower new stations. Conference call at 11h00. For now, we see no reason to change our target price or rating.