• Nine-month 2023 revenue totaled €397.5 million, up 12% at current exchange rates and up 16% at constant exchange rates compared to the first nine months of 2022 
• Third-quarter revenue was 8% lower than in the same quarter of 2022, essentially as a result of the mechanical effect of the entry into force in 2023 of several PPAs at prices below last year’s spot levels and of a high comparison basis for storage revenue 
• Neoen was awarded 912 MW in new projects during the first nine months of the year, including 347 MW during the third quarter alone 
• The secured portfolio¹ was 8.3 GW at September 30, 2023, with 7.2 GW in assets already in operation or under construction 
• The Group confirms its adjusted EBITDA² target for 2023, which is now expected towards the middle of the initial range of €460 million to €490 million, with an adjusted EBITDA² margin exceeding 80% 
• Lastly, the Group is reiterating its adjusted EBITDA² target of over €700 million in 2025 and its target of reaching 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 €397.5 million in the first nine months of 2023, up 12% compared to the first nine months of 2022. At constant exchange rates, revenue moved up 16%. 

Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, commented: “With every passing quarter, Neoen generates substantially larger volumes of electricity, demonstrating our ability to rapidly expand our portfolio of power plants and to deliver first-class operating performance. The slower pace of growth of our cumulated revenue since the beginning of the year was widely anticipated and well taken into account in our guidance: as several major PPAs came into force, revenue streams at prices secured over the long term mechanically replaced last year’s early generation revenue, which was inflated by extremely high market prices. Likewise, the highly volatile conditions in Australia’s electricity markets ratcheted up our storage revenue last year and made for an unfavorably high base of comparison for this period, something which was clearly identified. With our forecasts on track, we are reiterating our short- and medium-term targets. Given our technological and geographical diversification and our model underpinned by a high proportion of contracted revenue streams, we are confident in our ability to deliver steady, solid and value-creating growth.” 

1 – Assets in operation, under construction and projects awarded 

2 – 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.