• Electricity generation totaled 2.0 TWh in the first quarter of 2023, up 32% on the first-quarter 2022 level 
• First-quarter revenue totaled €154.4 million, up 42% compared to the first quarter of 2022, with strong growth in each of the Group’s three segments 
• The portfolio at March 31, 2023 excluding early stage projects¹, amounted to 20.6 GW, up 1.3 GW from at December 31, 2022 
• The secured portfolio² capacity remained close to 7.4 GW at March 31, 2023 
• The Group reiterates its 2023 adjusted EBITDA³ target of between €460 million and €490 million, with an adjusted EBITDA margin close to 80% 
• The Group is also reiterating its adjusted EBITDA growth targets out to 2025 
• Lastly, buoyed by the success of its €750 million rights issue in March 2023, the Group is reiterating its target of 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 €154.4 million in the first quarter of 2023, up 42% on the first-quarter 2022 level. At constant exchange rates, revenue moved up 41%. 

Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, commented: “We are proud of the figures we are reporting today, and I’d like to congratulate Neoen’s teams on this outstanding performance. The substantial increase in Neoen’s electricity generation demonstrates its ability to bring projects to fruition at a rapid pace. The growth in our revenue, which outstripped even the increase in our power generation, shows the very large top-line contribution made by our recent capacity additions. Neoen is thus delivering both strong growth and value creation. Thanks to the funds raised during our recent rights issue, we will be able to accelerate our pace of growth in an environment definitively set to remain positive for renewable energies and in which our storage capacity and our energy management expertise will help differentiate us still further. The outlook for Neoen is more exciting than ever.” 

¹ Advanced pipeline and secured portfolio, excluding early-stage projects of over 10 GW. 

² Assets in operation, under construction and projects awarded. 

³ Adjusted EBITDA corresponds to current operating income, which includes the net proceeds from asset disposals from the secured portfolio on farm-down transactions, restated for: 
– current operating depreciation, amortization and provisions, 
– the expense resulting from application of IFRS 2 – “Share-based payments”, and 
– the change in the fair value of energy derivatives.