Regulatory News:
NHOA S.A. (EURONEXT PARIS: NHOA.PA) (“NHOA” or the
“Company”) announces that it has revised downward its
consolidated revenue and EBITDA 2025 targets and 2030 outlook, as
they were set in its 2023 Universal Registration Document (§ 11)
and as announced during NHOA’s Capital Markets Day 2023. This
follows NHOA’s press release of June 26, 2024 in which the Company
announced that this guidance was under review.
The table below summarizes the main short term financial targets
and long-term outlook for NHOA Group, on a consolidated basis and,
for revenues, for each business unit, i.e. the energy storage
business unit (“NHOA Energy”), the eMobility joint venture
with Stellantis Free2Move eSolutions (“Free2Move”) and the
fast and ultra-fast charging network of Atlante.
Revenues
EBITDA
2025
Consolidated revenues target of over
€500m, expected to be generated as follows:
- NHOA Energy: 60%
- Free2Move: 40%
- Atlante will have only a marginal contribution to the
consolidated revenues target
Consolidated EBITDA margin target of
3%
2026
Consolidated revenues target of over
€650m, expected to be generated as follows:
- NHOA Energy: 60%
- Free2Move: 35%
- Atlante: 5%
Consolidated EBITDA margin target of
7%
2030
Consolidated revenues outlook of over
€1,500m, expected to be generated as follows:
- NHOA Energy: 60%
- Free2Move: 35%
- Atlante: 5%
Consolidated EBITDA margin outlook of
12%
As indicated in NHOA’s June 26, 2024 press release, this
downward revision of the Company’s guidance stems from recent
unfavorable developments in both the electric vehicles’
(“EV”) and the energy storage markets, that have undermined
the underlying assumptions (“2023 Assumptions”) of the
guidance released with the Capital Markets Day 2023 and reflected
in the 2023 Universal Registration Document (“2023
Guidance”). More specifically:
- In the EV market, the growth in sales of EVs has significantly
slowed down compared to what was anticipated during the Capital
Markets Day 2023. In Italy for instance, where Atlante has 48% of
its points of charge, the 2023 Guidance was assuming 827 thousand
EVs in the country as at H1 2024, while today we stand at 243
thousand, meaning -71% less EVs than expected, with the consequent
impact on utilization rates and revenues generation for the Atlante
network. Similar situation in Spain (-63%), less negative in France
(-22%) while more reassuring in Portugal, where the EV fleet is
substantially in line with the 2023 Assumptions, but where Atlante
operates just 24% of its infrastructure. The new Bloomberg’s EV
Market Outlook published on June 12, 2024 reports an unexpected
negative trend in Italy (-24% EV sales year-on-year at Q1 2024) and
forecasts 450 thousand EVs in the country by 2025 and 833 thousand
in 2027, meaning a three years and a half delay of the market
compared the 2023 Assumptions. Indeed, several automakers have cut
their near-term goals – including Tesla, Mercedes-Benz, General
Motors and Ford – for electric vehicles. With the recent increases
in custom duties on Chinese EVs adding to these trends. This is
coupled with a growing uncertainty on the policy support for EVs,
compared to one year ago shown for example by the reductions in EV
incentives in some countries and postponement of the phase-out from
internal combustion sales in others, all in a period of important
elections, in which the outcome could reduce the pressure on the
sector to decarbonize, like for example European elections and ones
in the United States. While the outlook for Free2Move remains in
line with the 2023 Guidance, the impact on Atlante is very
significant. The lesser than expected utilization rate of 2.0% in
Q1 2024 (compared to 2.2% in the whole 2023) is the early sign of
the unfolding consequences of this state of events. One of the keys
to Atlante’s initially planned development was the capacity to fund
the rolling out of its ambitious operational goals thanks to a
combination of its own cash flows, outside debt (raised on the back
of the positive cash flows), public funding and a potential
strategic partner. With much lower cash flows expectation than
planned, this funding strategy cannot be implemented. As a result,
the revised guidance at this stage can only assume existing funding
for Atlante’s development. By 2025, Atlante would therefore plan to
reach 3,000 charging points online (reduced from the 5,000
initially planned). Without additional funding, for which NHOA does
not have any visibility at present, the new guidance can only
assume development of Atlante network until end of 2025. In other
words, the revised guidance assumes in 2030 substantially the same
number of points of charge targeted for end of 2025.
- In the energy storage market, over the last 6-9 months abrupt
oversupply of batteries (that normally represent 60-70% of project
costs) from China has led to a reduction in the nominal value of
contracts, as customers reasonably expect NHOA Energy and its
competitors to pass on the resulting batteries price reduction to
them. Furthermore, counterparty risk has increased on the supplier
side due to the strong margin compression for battery makers, and
NHOA Energy has therefore been more selective in the commercial
opportunities it is pursuing. This leads to foresee a delay of
approximately two years in the achievement of the medium-term
financial targets released with the Capital Markets Day 2023,
driven by a more cautious short-term outlook until market
rebalances.
NHOA will publish its First Half 2024 Results on July 25, 2024,
as planned.
Readers are reminded that, on June 13, 2024 TCC Group Holdings
Co., Ltd, NHOA’s indirect majority shareholder, has declared its
intention to file a simplified tender offer (to be followed by a
squeeze out if the legal conditions are met) on the shares of the
Company.
NHOA Group
NHOA S.A. (formerly Engie EPS), global player in energy storage,
e-mobility and EV fast and ultra-fast charging network, develops
technologies enabling the transition towards clean energy and
sustainable mobility, shaping the future of a next generation
living in harmony with our planet.
Listed on Euronext Paris regulated market (NHOA.PA), NHOA Group
forms part of the CAC® Mid & Small and CAC® All-Tradable
financial indices.
NHOA Group, with offices in France, Spain, Portugal, United
Kingdom, United States, Taiwan and Australia, maintains entirely in
Italy research, development and production of its technologies.
For further information, go to www.nhoagroup.com
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Forward looking statement
This release may contain forward-looking statements. These
statements are not undertakings as to the future performance of
NHOA. Although NHOA considers that such statements are based on
reasonable expectations and assumptions at the date of publication
of this release, they are by their nature subject to risks and
uncertainties which could cause actual performance to differ from
those indicated or implied in such statements. These risks and
uncertainties include without limitation those explained or
identified in the public documents filed by NHOA with the French
Financial Markets Authority (AMF), including those listed in the
“Risk Factors” section of the NHOA 2023 Universal Registration
Document, filed with the AMF on April 12, 2024 (under number
D.24-0279). Investors and NHOA shareholders should note that if
some or all of these risks are realized they may have a significant
unfavorable impact on NHOA.
These forward looking statements can be identified by the use of
forward looking terminology, including the verbs or terms
“anticipates”, “believes”, “estimates”, “expects”, “intends”,
“may”, “plans”, “build- up”, “under discussion” or “potential
customer”, “should” or “will”, “projects”, “backlog” or “pipeline”
or, in each case, their negative or other variations or comparable
terminology, or by discussions of strategy, plans, objectives,
goals, future events or intentions. These forward looking
statements include all matters that are not historical facts and
that are to different degrees, uncertain, such as statements about
the impacts of the war in Ukraine and the current economic
situation pandemic on NHOA’s business operations, financial results
and financial position and on the world economy. They appear
throughout this announcement and include, but are not limited to,
statements regarding NHOA’s intentions, beliefs or current
expectations concerning, among other things, NHOA’s results of
business development, operations, financial position, prospects,
financing strategies, expectations for product design and
development, regulatory applications and approvals, reimbursement
arrangements, costs of sales and market penetration. Important
factors that could affect performance and cause results to differ
materially from management’s expectations or could affect NHOA’s
ability to achieve its strategic goals, include the uncertainties
relating to the impact of war in Ukraine and the current economic
situation on NHOA’s business, operations and employees. In
addition, even if the NHOA’s results of operations, financial
position and growth, and the development of the markets and the
industry in which NHOA operates, are consistent with the
forward-looking statements contained in this announcement, those
results or developments may not be indicative of results or
developments in subsequent periods. The forward-looking statements
herein speak only at the date of this announcement. NHOA does not
have the obligation and undertakes no obligation to update or
revise any of the forward-looking statements.
Disclaimer
This press release has been prepared for information purposes
only. It does not constitute an offer to purchase or a solicitation
to sell NHOA shares in any country, including France. There is no
certainty that the simplified tender offer mentioned above will be
filed or opened. Under French law, the offer can only be made in
accordance with the offer documentation, which must contain the
full terms and conditions of the offer. The offer documentation
must be submitted to the AMF for review, and the offer may not be
opened until the AMF has issued a clearance decision (déclaration
de conformité). Any decision relating to the offer must be based
exclusively on the information contained in the offer
documentation.
The dissemination, publication or distribution of this press
release may be subject to specific regulations or restrictions in
certain countries. The offer will not be addressed to persons
subject to such restrictions, either directly or indirectly, and
will not be accepted from any country where the offer would be
subject to such restrictions. Accordingly, persons in possession of
this press release are required to inform themselves about and to
comply with any local restrictions that may apply. The Company
declines all responsibility for any breach of these restrictions by
any person whatsoever.
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version on businesswire.com: https://www.businesswire.com/news/home/20240705614151/en/
Press Office: Claudia Caracausi and Davide Bruzzese,
Image Building, +39 02 89011300, nhoa@imagebuilding.it Press
Office France: Roxane Planas, +33 6 37 05 84 42, Charlotte Le
Barbier, +33 6 78 37 27 60, and Renault Enguerand, Image7,
atlante@image7.fr Financial Communication and Institutional
Relations: Chiara Cerri, +39 337 1484534, ir@nhoagroup.com
NHOA (EU:NHOA)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
NHOA (EU:NHOA)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024
