NHOA: Q1 2024 Trading and Operational update

“After closing 2023 with over €270 million Revenues and reaching the EBITDA target, first quarter 2024 started with double-digit growth across all business units and revenues up +57% year-on-year to €58 million at Group level.

NHOA Energy, after the recent commissionings in Asia, counts 975MWh online and over 1GWh of energy storage capacity under construction, with revenues amounting to €40 million, a +19% growth compared to Q1 2023.

Free2move eSolutions keeps proceeding on its path in both Europe and USA and, after the €65 million sales in 2023, closes the first quarter with a 6 times growth year-on-year, with over €17 million revenues.

Atlante reached over 4,100 points of charge online and under construction, of which over 2,000 already serving EV drivers on a daily basis, doubling the online network in 12 months”, commented Carlalberto Guglielminotti, CEO of NHOA Group.

Regulatory News:

NHOA Group (NHOA.PA, formerly Engie EPS) is pleased to release the unaudited Q1 Trading and Operational Update containing the key performance indicators as of 31 March 2024.

2023

2024

Q1 2024 TRADING AND OPERATIONAL UPDATE

Notes

Data in

Q1 2023

FY 2023

Q1 2024

Q1 3-months period

Var% vs Q1 2023

Var% vs 31 Dec 2023

NHOA Group

Sales[1]

€m

37,1

273,3

58,2

+57%

Cash and Deposits

€m

238,8

199,1

of which delta Net Working Capital

(1)

€m

11,4

Cash Collateralized

€m

44,7

44,8

Indebtedness

€m

(149,1)

(133,1)

Net Cash

(2)

€m

134,4

110,9

Cash and Credit Lines available

(3)

€m

107,7

397,1

334,1[2]

-16%

of which cash and credit lines available for drawdown

251,7

212,5

of which guarantees dedicated credit lines

145,4

121,7

EU Grants and Financing to be received

(4)

€m

80,9

98,1

Oustanding Bonds and Guarantees

(5)

€m

152,2

181,1[3]

*Consolidated figures at Group level

BY BUSINESS UNIT

Notes

Data in

Q1 2023

FY 2023

Q1 2024

Q1 3-months period

Var% vs Q1 2023

Var% vs 31 Dec 2023

NHOA ENERGY

Sales[1]

€m

33,4

204,9

39,8

+19%

Backlog

(6)

€m

252

205

189

-8%

12-month Order Intake

(7)

€m

227

131

147

+13%

Online Capacity[4]

MWh

126

846

975

+15%

Projects Under Construction

(8)

MWh

1.384

1.073

1.058

-1%

Pipeline

(9)

€m

1.234

1.110

1.596

+44%

Projects in which NHOA is shortlisted

Notes

Data in

Q1 2023

FY 2023

Q1 2024

Q1 3-months period

Var% vs Q1 2023

Var% vs 31 Dec 2023

eSolutions

Sales[1]

€m

2,5

64,7

17,3

+583%

Manufacturing Capacity

# PoC

2.750/week

Notes

Data in

Q1 2023

FY 2023

Q1 2024

Q1 3-months period

Var% vs Q1 2023

Var% vs 31 Dec 2023

Atlante

Sales[1]

(10)

€m

1,2

3,7

1,1

-8%

Utilization Rate[5]

(11)

N/A

2,2%

2,0%

Occupancy Rate

(12)

21,5%

26,3%

Sites Online and Under Construction [6]

(13)

846

1.147

1.213

+43%

+6%

PoC Online and Under Construction [6]

(14)(15)

2.628

3.651

4.111

460

+56%

+13%

- Italy

43%

42%

48%

- France

25%

22%

19%

- Spain

10%

- Portugal

25%

26%

24%

of which PoC online [6]

1.037

1.830

2.067

+13%

of which PoC already built and waiting for grid connection [6]

390

264

377

+43%

of which PoC Secured & Under Construction [6]

1.201

1.557

1.667

Sites Under Assessment

(16)

3.005

2.891

2.810

-6%

-3%

Sites Under Development

(17)

1.071

1.517

1.455

+36%

-4%

[1] Sales refers to Revenues & Other Income. Q1 2024 Sales refers to unaudited Revenues & Other Income as at 31 Mar 2024.

[2] 129.3 million are represented by credit lines that benefit from the support of the major shareholder, Taiwan Cement Corporation.

[3] 122.1 million of the outstanding bonds and guarantees benefit from the support of the major shareholder, Taiwan Cement Corporation.

[4] Starting from Q2 2023, the Online Capacity KPI is expressed in MWh and not in MW.

[5] Q1 2024 as of 30 Mar Utilization Rate is computed weighting past periods and quarterly utilization rates.

[6] This performance indicator includes AC PoC, mainly coming from the KLC and Ressolar acquired networks.

Notes to the Q1 2024 Trading and Operational Update

(1) Delta Net Working Capital indicator has been added in Q4 2023 and at each Quarter is calculated as (A) delta in short-term commercial liabilities over the three-month period less (B) delta in short-term commercial assets over the three-month period.

(2) Net Cash indicator has been introduced in Q3 2023 and it represents the sum of the amount of (i) the bank accounts balances and readily available cash investments of the NHOA Group (Cash and Deposits), (ii) the amount of cash deposited with banks as collateral (and thus excluded from (i)) for the guarantees they issue for NHOA Group’s projects (Cash Collateralized), after deduction of (iii) amounts drawn under credit facilities and other financial indebtedness, plus accrued interest.

(3) the Cash and Credit Lines available indicator has been amended in Q3 2023 and it represents the bank accounts balances and readily available cash investments of the NHOA Group (Cash and Deposits) plus amounts available for draw down as of the relevant reporting date under approved credit lines and banks guarantees that can be issued.

(4) EU Grants and Financing to be received indicator has been introduced in Q3 2023 and it represents the total amount of grants and financing approved and available for drawdown on agreed future dates.

(5) Outstanding Bonds and Guarantees indicator has been introduced in Q3 2023 and it represents the amount of bank guarantee securities (i.e. advance payment bonds, performance bonds, warranty bonds and other guarantees) issued as financial security for the fulfillment of the NHOA Group’s obligations in accordance with the terms of the agreed project and commercial contracts.

(6) Backlog means the estimated revenues and other income attributable to (i) purchase orders received, contracts signed and projects awarded (representing 100% of Backlog as of the date hereof), and (ii) Project Development contracts associated with a Power Purchase Agreement, where the agreed value is a price per kWh of electricity and an amount of MW to be installed (nil at the date hereof). When any contract or project has started its execution, the amount recognized as Backlog is computed as (A) the transaction price of the relevant purchase order, contract or project under (i) and (ii) above, less (B) the amount of revenues recognized, as of the relevant reporting date, in accordance with IFRS 15 (representing the amount of transaction price allocated to the performance obligations carried out at the reporting date).

(7) 12-month order intake represents the cumulated value of new purchase orders received, contracts signed and projects awarded in the 12 months preceding the relevant reporting date.

(8) Projects Under Construction is an indicator representing the capacity equivalent of Backlog, in terms of signed turnkey supply or EPC contracts and therefore excluding Project Development contracts associated with a Power Purchase Agreement, (please see Note (5) above).

(9) Pipeline means the estimate, as of the release date, of the amount of potential projects, tenders and requests for proposal for which NHOA Energy has decided to participate or respond.

(10) Sales include the data coming from the recent acquisition of the e-mobility business unit of Ressolar S.r.l. (“Ressolar”) and the recent acquisition of the majority stake in Kilometer Low Cost S.A. (“KLC”).

(11) Utilization Rate indicator first published in Q2 2023, applies to Italy, France and Spain only and is calculated first at station level as the ratio of (a) kWh sold divided to (b) the maximum available power (i.e. the available grid connection) multiplied by 18 hours (being the assumed daily maximum charging hours) per number of days in the relevant period. The ratios are then aggregated, weighted by the stations' available power. Note that stations' utilization data is only included in the calculation after a phase-in period of six months and for sites with at least one DC fastcharging EVSE.

(12) Occupancy Rate indicator applies to Portugal only where, due to the different local market regulations, as Charge Point Operator (CPO) Atlante is remunerated for the usage of its infrastructure "by minute". Occupancy rate is therefore calculated on a 24-hour basis, at a charger level considering 1 PoC per EVSE as the ratio of (a) minutes of charging sessions sold divided to (b) total number of minutes in the relevant period. The ratios are then aggregated, weighted by the stations' available power. Note that stations' occupancy data is only included in the calculation after a phase-in period of six months.

(13) Sites Online and Under Construction, includes, as of the relevant reporting date, the number of sites already operational, already installed but waiting for grid connection, secured and under construction. Please note that this performance indicator includes sites with AC points of charge, mainly coming from the KLC and Ressolar acquired networks.

(14) PoC Online and Under Construction, includes the points of charge already operational, as of the relevant reporting date, already installed but waiting for grid connection, secured and under construction. Please note that this performance indicator includes AC points of charge, mainly coming from the KLC and Ressolar acquired networks.

(15) Of the PoC Online and Under Construction performance indicator the geographical and construction phase split are provided, including the AC points of charge, mainly coming from the KLC and Ressolar acquired networks.

(16) Sites Under Assessment includes the total number of sites, as of the relevant reporting date, which are actively pursued after prospecting activity and following a first internal screening for high level feasibility. At this point, the full contractual documentation remains to be finalized and signed, all the required permits have not yet been awarded and construction has not started.

(17) Sites Under Development, includes sites for which a more detailed feasibility activity commences, including detailed discussions with site owners and exchange of documentation. For the sites included in the “under development” performance indicator there would be a reasonable degree of confidence that they can be converted into stations within the next six months (subject to interconnection and timely delivery of hardware).

* * *

The Q1 2024 Trading and Operational Update will be illustrated in the investor conference call scheduled on 24 April at 9:00am CEST. Dial-in details and presentation will be available on the corporate website nhoagroup.com

* * *

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, UK, United States, Taiwan and Australia, maintains entirely in Italy research, development and production of its technologies.

For further information, go to www.nhoagroup.com

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240423225787/en/

Press Office: Claudia Caracausi and Davide Bruzzese, Image Building, +39 02 89011300, nhoa@imagebuilding.it Financial Communication and Institutional Relations: Chiara Cerri, +39 337 1484534, ir@nhoagroup.com

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