INTERIM 2021 RESULTS

• Half-year revenue rose 5% to €164.9 million, with a 38% increase in the second quarter
• Neoen launched construction of 710 MW in capacity, including 617 MW in the second quarter alone, lifting assets in operation or under construction to 4.8 GW at end-June 2021
• EBITDA 1 totaled €125.9 million, down 15% compared to the first half of 2020, when the Group benefited from liquidated damages2 in the Americas and exceptionally strong Storage revenue in Australia
• Net cash generated by operating activities rose 48% to €136.1 million
• Neoen held €679 million in cash at June 30, 2021 following the €600 million capital increase in April 2021
• The Group is narrowing its 2021 EBITDA guidance range to between €295 million and €310 million, with an EBITDA margin of around 80%

Neoen (ISIN: FR0011675362, Ticker: NEOEN), one of the world’s leading and fastest-growing independent producers of exclusively renewable energy, is presenting its consolidated results for the first half of 2021, which ended on June 30, 2021. These financial statements, which were subject to a limited review by the Statutory Auditors, were approved by the Board of Directors on July 30, 2021.

Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, commented: “Our revenue grew 38% in the second quarter, lifting growth to 5% in the first half of the year. As expected, our EBITDA performance reflects a high base of comparison in the first six months of 2020 resulting from the recognition of liquidated damages in Americas and an exceptionally strong level of Storage revenue in Australia. On the operational front, we launched construction of 710 MW in capacity, including 617 MW in the second quarter alone, in keeping with Neoen’s growth profile. Our capacity in operation or under construction currently stands at 4.8 GW, which makes us very confident in reaching our target of 5 GW by year-end 2021. The size of our portfolio has expanded by 1 GW since the end of 2020, demonstrating our ability to steadily enrich it with new projects and boosting our future growth prospects.”

(1) EBITDA corresponds to current operating income adjusted for current operating depreciation, amortization and provisions and, as announced at the Capital Markets Day on March 11, 2021, from January1st, 2021, the expense resulting from the application of IFRS 2 “share-based payment”. EBITDA as newly defined would have been €149.2 million in the first half of 2020, taking into account an IFRS 2 expense of €(0.9) million, impacting exclusively the Development –Investments segment.
(2) Liquidated damages recognized for the revenue shortfall caused by the delayed commissioning of certain projects