Paris, 3 November 2022

Neoen reports 46% revenue growth and raises its 2022 adjusted EBITDA target 

  • Nine-month 2022 revenue totaled €354.6 million, up 46% compared to the first nine months of 2021, with strong growth in each of the Group’s three segments:
    – Solar: 20% 
    – Wind: 50% 
    – Storage: 2.7x 
  • Third-quarter revenue was 68% higher than in the same quarter of 2021 
  • The secured portfolio’s1 capacity stood at over 6.3 GW at September 30, 2022 
  • The total portfolio2 was 18.1 GW, up 4.2 GW compared to at December 31, 2021 
  • The Group raises its 2022 adjusted EBITDA3 target to between €390 million and €410 million
  • The adjusted EBITDA margin is expected at between 80% and 85% 
  • 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 reporting (unaudited) revenue of €354.6 million in the first nine months of 2022, up 46% relative to the first nine months of 2021. At constant exchange rates, revenue moved up 41%. 

Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, commented: “Neoen recorded strong revenue growth over the first nine months of the year, providing another demonstration of its ability to deliver solid performance quarter after quarter. This growth derives first and foremost from the steady expansion in our portfolio of assets in operation. What’s more, even though our business model relies heavily on long-term power purchase agreements, we have also reaped the benefit of the high spot prices. Firstly, our model has provided us with an immediate revenue boost via the portion of electricity we sell on the markets. Secondly, it generates additional demand for long-term power purchase agreements, which will be priced at higher levels than in the past. Now more than ever, Neoen is ideally placed to benefit from the acceleration in the development of renewable energies, which provide green, local and competitive electricity.” 

1 Assets in operation, under construction and projects awarded 
2 Advanced pipeline and secured portfolio 
3 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
4 From its previous guidance of between €380 and 400 million