NHOA (NHOA) H1 2024 earnings summary

Executive summary

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

• Group EBITDA excluding Atlante was €4.8 million, up 26% versus FY 2023; including Atlante, EBITDA improved to -€6.8 million from -€16.6 million in H1 2023.

• NHOA Energy achieved positive net income for the first time, while Free2move eSolutions more than doubled revenues and turned EBITDA positive.

• Atlante expanded to over 2,300 charging points, with Portugal becoming the first country in the network to turn EBITDA positive.

Financial highlights

• H1 2024 revenues: €124.3 million (+7% year-over-year); gross margin: 25.3% (vs 14.8% in H1 2023).

• Group EBITDA (ex-Atlante): €4.8 million; Group EBITDA (incl. Atlante): -€6.8 million (improved from -€16.6 million in H1 2023).

• EBIT: -€17.4 million; Net loss: -€21.9 million, both improved from H1 2023.

• Cash position: €118.9 million as of June 30, 2024 (vs €55.6 million in H1 2023); net financial position: €54.9 million.

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

Outlook and guidance

• Revised guidance (July 2024): Atlante targets 3,000 charging points online by 2025, with further expansion contingent on new funding.

• Free2move eSolutions remains on track with previous guidance; NHOA Energy expects delays in medium-term targets due to market headwinds.

• Lower-than-expected EV sales in Europe and energy storage market challenges have led to more cautious short-term outlooks.