NHOA publishes its Revised Consolidated Guidance

Paris, July 5, 2024 – 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

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%

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%

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 publishes its Revised Consolidated Guidance
Share this article:

You might also like