Commenting on today’s announcements, Carlalberto Guglielminotti, CEO of NHOA Group, said:

“NHOA Group started 2023 with an accelerated growth momentum and posted an excellent first quarter, with double to triple digit growth in all our business lines, with revenues at group level up +110%.

This confirms the strength of our integrated technology model in both energy storage, with 1.4GWh under construction and a pipeline of €1.2 billion in 4 continents, and EV fastcharging infrastructure, where we finally passed the 1,000 points of charge online, with additional 1,600 currently under construction.

Most importantly, despite the unprecedented pressure in the equity and debt capital markets, we can reaffirm the financial capacity to fully fund our own growth at that accelerated pace.

Thanks to our operational performance and the unparalleled support of TCC, we announced today:

• a Q1 consolidated cash and credit lines position that again exceeds €100 million, up +44% compared to year-end.
• an upcoming fundraising centred on a 5-year €250m Green Convertible Bond, supported by TCC.

In light of such financial backing I am thrilled to reiterate, today more than ever, the tireless commitment of NHOA’s teams to accelerate our growth even further towards the outperformance of all 2025 targets set in our Masterplan10x”.

Paris, 1 May 2023 – NHOA Group (NHOA.PA, formerly Engie EPS) is pleased to release the unaudited Trading and Operational Update as of 31 March 2023, containing the performance indicators that have been updated compared to the ones previously published every quarter in 2022, in order to better represent the business evolution in the context of the current market scenario, and that would continue to be used from 2023 onwards.

NHOA Group is also announcing, with the dedicated press release published today, an upcoming €250 million fundraising supported by TCC to fund the unparalleled growth of its Energy Storage and EV Fastcharging Infrastructure Global Business Lines; for further details please refer to the press release in the investor section of the company website nhoa.energy.

Notes to the Q1 2023 Trading and Operational Update

(1) Cash and Credit Lines available for withdrawal represents the cash in the bank accounts of NHOA, coupled with the cash credit facilities approved and available for drawdown as of the relevant reporting date. From Q1 2023 we excluded cash deposits and cash collateral to guarantee securities on projects in execution. In order to represent the most updated cash position, a €50 million credit line formalized in April 2023 and available starting from May 2023 has been included in this Q1 2023 Trading and Operational Update.

(2) 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).

(3) 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.

(4) 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 (2) above).

(5) Pipeline means the estimate, as of the release date, of the amount of potential projects, tenders and requests for proposal for which NHOA has decided to participate or respond. On a quarterly basis NHOA will disclose in its Trading & Operational Updates the number of projects in which NHOA is officially shortlisted.

(6) Sales do not include the data coming from the recent acquisition of the e-mobility business unit of Ressolar S.r.l. (“Ressolar”), as the Company is still waiting for the closing of the transaction.

(7) Utilization Rate is calculated, over the reference period, as the aggregate utilization time of all points of charge (“PoC”) divided by the aggregate time of availability of the same PoC, expressed as a percentage. The Utilization Rate will be provided by H1 2023 as the Company is currently working on the integration of the data coming from the recent acquisition of the majority stake in Kilometer Low Cost S.A. (“KLC”) in Portugal of KLC in Portugal and is still waiting for the closing of the Italian acquisition of Ressolar.

(8) 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 the sites resulting from the acquisition of KLC, Ressolar and sites with AC points of charge, mainly coming from the KLC and Ressolar acquired network.

(9) 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 the PoC resulting from the acquisition of KLC, Ressolar and AC points of charge, mainly coming from the KLC and Ressolar acquired network.

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

(11) 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.

(12) Sites Under Development, from Q1 2023 is no longer a sub-category of “Sites under assessment”, 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).

Additional notes

Please note that the performance indicators:

• Gross Sales including Intercompany (Atlante), given that intercompany sales to Atlante do not represent anymore a significant portion of the business model of Free2move eSolutions as a result of the reorganization currently ongoing, (please see press release “Update on November 2022 Trading and Full year 2022 Guidance” in the corporate website nhoa.energy)
• V2G Microgrid Capacity online and under construction and EV based & stationary storage equivalent, as they do not represent the current business focus and were mainly linked to the V2G Drosso project in Mirafiori with Stellantis which has been excluded in the representation of the performance indicator PoC online and Under Construction,

are no longer included in this Quarterly Trading and Operational Update.