NHOA (NHOA) H1 2024 earnings summary

Executive summary

• H1 2024 revenues reached €124 million, up 7% year-over-year, with gross margin improving to 25% from 15% in H1 2023.

• EBITDA excluding Atlante was €4.8 million, a 26% increase over FY 2023; group EBITDA including Atlante was -€6.8 million, a significant improvement from -€16.6 million in H1 2023.

• Net loss narrowed to €21.9 million from €26.7 million in H1 2023; NHOA Energy achieved net income breakeven for the first time.

• Free2move eSolutions more than doubled revenues to €32 million and posted positive EBITDA of €3.7 million.

• Atlante expanded to over 2,300 charging points online, with Portugal turning EBITDA positive.

Financial highlights

• Revenues: €124.3 million (+7% YoY); NHOA Energy €90.1 million (-11% YoY), Free2move eSolutions €31.5 million (+141% YoY), Atlante €2.6 million (+29% YoY).

• Gross margin: 25.3% (up from 14.8% in H1 2023).

• EBITDA (ex-Atlante): €4.8 million; Group EBITDA: -€6.8 million (vs. -€16.6 million H1 2023).

• EBIT: -€17.4 million (vs. -€24.6 million H1 2023); Net loss: -€21.9 million.

• Cash and cash equivalents: €118.9 million (vs. €55.6 million H1 2023); net financial position: €54.9 million.

• Capital investments: €50 million, mainly for Atlante network expansion.

Outlook and guidance

• Revised 2025 and 2030 guidance downward due to slower EV sales and battery oversupply impacting energy storage markets.

• Atlante's development limited to existing funding, targeting 3,000 charging points online by 2025; further expansion on hold without new funding.

• NHOA Energy expects a two-year delay in achieving medium-term financial targets.

• Free2move eSolutions remains on track with previous guidance.