- First-half revenue rose 24% to €277 million
- Adjusted EBITDA1 moved up 44% to €252 million
- Adjusted net income2 came to €63 million, up from €1 million in the first half of 2022
- Neoen’s secured portfolio3 grew by 0.6 GW to 8 GW at June 30, 2023, including 7 GW in operation or under construction
- Group’s cash position stood at close to €1.1 billion at June 30, 2023, following the €750 million rights issue in March
- Neoen is reiterating its 2023 adjusted EBITDA1 target of between €460 million and €490 million, with an adjusted EBITDA margin1 now expected to exceed 80%
- Lastly, the Group is restating its adjusted EBITDA1 target of over €700 million by 2025 and its target of reaching over 10 GW in capacity in operation or under construction by year-end 2025eaches 7 GW in capacity in operation or under construction
Neoen (ISIN: FR0011675362, Ticker: NEOEN), one of the world’s leading independent producers of exclusively renewable energy, is presenting its consolidated results for the six-month period ended on June 30, 2023. These financial statements, which have undergone a limited review by the Statutory Auditors, were approved by the Board of Directors on July 27, 2023.
Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, commented: “During the first half of 2023, Neoen’s operational and financial performance made substantial headway, as reflected by the 44% increase in our adjusted EBITDA. I’m very proud of our achievements, and I’d like to congratulate all our employees on the talent and determination they demonstrated in developing and operating high-quality assets. We recently inaugurated the largest wind farm in Finland, commissioned Australia’s largest solar farm and announced the construction of our first long duration battery. The growth of our project portfolio further accelerated: it now represents tens of GW, of which 7 GW already in operation or under construction. In an increasingly positive environment for renewable energies, in which our storage and energy management expertise will be decisive, we are highly confident in our ability to generate adjusted EBITDA in excess of €700 million and have more than 10 GW in capacity installed by year-end 2025.”
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 current operating depreciation, amortization and provisions, the expense resulting from the application of IFRS 2 “Share-based payments”, and the change in the fair value of energy derivative financial instruments.
2 – Adjusted net income reflects net income restated for the change in the fair value of energy derivative financial instruments and related tax effects.
3 – Assets in operation, under construction and projects awarded.