Paris, June 26 2024 – NHOA S.A. (EURONEXT PARIS: NHOA.PA) (“NHOA” or the “Company”) announces that its consolidated revenue and EBITDA targets for 2025, as currently set out in its 2023 Universal Registration Document (§ 11) and as announced during NHOA’s Capital Markets Day 2023 on 26 July, are under review.
Recent unfavorable developments:
- in the electric vehicles’ (EV) market, specifically in terms of EV sales growth slowdown and less certainty of policy support compared to one year ago, coupled with several automakers cutting their near-term goals for electric vehicles (as outlined, for instance, in Bloomberg’s EV Market Outlook published on June 12, 2024), as well as
- in the energy storage market, in terms of compression of contract value driven by battery oversupply from China and the need for a selective commercial approach given rising counterparty risk on the supplier side,
could potentially undermine some of the assumptions on which these 2025 forward looking statements were based.
As a result, following a meeting of its Board of Directors that was held on June 25, 2024, the Company has decided to test the sensitivity of its 2025 targets against this new market environment. The long-term outlook (2030 objectives) will also be reviewed.
NHOA will keep the market informed of the results of this analysis, in particular in the context of the intention of TCC Group Holdings Co., Ltd, NHOA’s indirect majority shareholder, 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 announced on June 13, 2024.
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