Paris, 28 July 2022
H1 2022 results

Neoen announces strong increase in its EBITDA and raises its 2022 target  

  • First-half revenue rose 36% to €224 million 
  • Adjusted EBITDA1 moved up 39% to €175 million 
  • The secured portfolio’s2 capacity stood at over 6.3 GW at June 30, 2022 
  • The total portfolio3 comprises 17.3 GW in capacity, up 3.4 GW compared to end-December 2021 
  • Neoen held €559 million in Group cash at June 30, 2022 
  • The Group raises its 2022 adjusted EBITDA1 target to between €380 million and €400 million4, with an adjusted EBITDA margin anticipated at between 80% and 90% 
  • Lastly, the Group is reiterating its adjusted EBITDA growth targets out to 2025 and its target of having over 10 GW in capacity in operation or under construction by year-end 2025 

Neoen (ISIN: FR0011675362, Ticker: NEOEN), one of the world’s leading independent producers of exclusively renewable energy, is presenting its consolidated results for the first half of 2022, which ended on June 30, 2022. These financial statements, which have undergone a limited review by the Statutory Auditors, were approved by the Board of Directors on July 28, 2022. 

Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, commented: “Neoen is reporting very strong growth in its interim results, with an increase of over 35% in its revenue and adjusted EBITDA. To a large extent, this performance reflects the multiple new projects brought into service over the past few quarters. In addition, the first half brought a further increase in our portfolio of projects, the cornerstone of our future growth. We are also very proud to have been awarded further tenders for solar projects in France and Ireland and to have launched the construction of our first wind farm in Sweden. Our ambition is to play a major role in the energy transition in these countries, as well as in all those where we have established a presence while contributing to their economic competitiveness and strengthening their energy sovereignty. In this context, we are raising our target for the full-year.” 

 1 – Adjusted EBITDA corresponds to current operating income, which includes net proceeds from the disposal of assets in the secured portfolio resulting from the farm-down activity, restated for: 
– Depreciation, amortization and current operating provisions; 
– The personnel expense resulting from the application of IFRS 2 “Share-based payments”; 
– The change in fair value of energy derivative financial instruments
See the “Adjustment to performance indicators” section on page 4 of this document 

2 – Assets in operation, under construction and projects awarded 

3 – Advanced pipeline and secured portfolio 

4 – From between €360 million and €375 million initially