Paris, 14 March 2022
2021 Full-year results

 Solid increase in results and targets achieved 

  • Revenue up 12% to €333.6 million 
  • EBITDA(1) up 11% to €300.4 million, in line with the target announced(2) 
  • Operating income up 20% to €171.2 million and net result Group share of €41.0 million 
  • 0.9 GW in capacity commissioned and launch of construction of a further 1.4 GW in 2021, lifting assets in operation or under construction to 5.4 GW(3) at end-December (+34% year-on-year) 
  • Close to 0.9 GW in newly awarded projects during the year 
  • €592.5 million in cash held by the Group at December 31, 2021, reflecting notably a 24% increase in net cash generated by operating activities and a €600 million capital increase completed in April 2021 
  • Dividend proposed for the first time: €0.10 per share 
  • 2022 EBITDA expected between €360 million and €375 million, with an EBITDA margin of between 85% and 90% 
  • EBITDA growth target out to 2025 and target of capacity in operation or under construction of over 10 GW by year-end 2025 both confirmed 

Neoen (ISIN: FR0011675362, Ticker: NEOEN), one of the world’s leading independent producers of exclusively renewable energy, is presenting its consolidated and audited full-year results for the financial year ended December 31, 2021. The financial statements were approved by the Board of Directors on March 14, 2022(4). 

Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, commented: “In 2021, Neoen met all of its targets, with EBITDA up 11% to €300 million and capacity in operation or under construction up 34% to 5.4 GW at the end of the year. This solid performance reflects both our ability to achieve growth and to deliver our projects. I would like to place on record my sincere gratitude to all our employees for their unstinting commitment in a context still marked by the pandemic. As we promised ahead of our IPO, we plan to propose payment of a dividend for the first time, reflecting our confidence in Neoen’s growth model. Our goal is to become a leading player in all countries we operate: with our reliable, affordable, locally generated green energy, we are helping to advance countries’ energy transition, bolster their competitiveness and to shore up their energy sovereignty. Thanks to our project portfolio, our expertise and our financial strength, we are ideally placed to achieve profitable, strong, sustainable growth across all our geographies.” 

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, the expense resulting from application of IFRS 2 – “Share-based payments” with effect from January 1, 2021. It also includes net capital gains from asset disposals from the secured portfolio as part of the farm-down business, which are recognized in other current operating income. 

2 – 2021 EBITDA was expected between €295 million and €310 million 

3 – Gross capacity 

4 – Audit procedures have been completed and audit reports are currently being issued