To review also 2030 targets (Il Sole 24 Ore Radiocor) - Paris, 26 Jun - The French energy storage company Nhoa, formerly Engie EPS, said it placed its consolidated revenue and EBITDA targets for 2025 under review following unfavorable market developments in the energy storage and electric vehicles markets.

In particular, the company noted the slowdown in EV sales growth and less certainty of policy support compared to one year ago, coupled with several automakers cutting their near-term goals for electric vehicles. It also noted the compression of contract value in the energy storage market due to battery oversupply from China and the need for a selective commercial approach given rising counterparty risk on the supplier side.

The factors "could potentially undermine some of the assumptions on which these 2025 forward looking statements were based," Nhoa said.

It added that as a result, it 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.".

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(RADIOCOR) 26-06-24 14:42:17 (0432) 5 NNNN