FIRST-QUARTER 2024 REVENUE

• Electricity generation totaled 2.2 TWh in the first quarter of 2024, up 11% year-on-year 
• First-quarter 2024 revenue totaled €141.4 million, down 8% at current exchange rates and down 6% at constant exchange rates compared to the first quarter of 2023 
• This performance reflects the mechanical effect of the gradual entry into force as from April 2023 of several power plants PPAs, which benefitted from significant early generation revenue in the first quarter of 2023 
• The secured portfolio¹ stood at almost 9.1 GW at March 31, 2024, with 8.0 GW in operation or under construction 
• The Group is reiterating its 2024 adjusted EBITDA² target of between €530 million and €560 million, with an adjusted EBITDA margin² above 85% 
• Lastly, the Group is also restating its adjusted EBITDA² target of over €700 million in 2025 and its target of reaching 10 GW in capacity in operation or under construction in the course of 2025 

Neoen (ISIN: FR0011675362, Ticker: NEOEN), one of the world’s leading independent producers of exclusively renewable energy, is reporting unaudited revenue of €141.4 million in the first quarter of 2024, down 8% compared to the first quarter of 2023. At constant exchange rates, revenue declined 6%. 

Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, commented: “We have made a good start to the year, winning some impressive projects and posting revenue in line with our expectations. We expect our revenue to return to growth over the next few quarters as the 3 GW in assets currently under construction gradually come into service. These assets include several long-duration batteries, in line with the ambitions we set out just over a year ago. The new 300 MW/4-hour storage capacity contract awarded in Western Australia is a testament to the value of the solutions we can provide to enhance grid reliability. With a portfolio of batteries in operation or under construction now at 1.9 GW/4.5 GWh, Neoen is increasingly establishing itself as a world leader in storage.” 

1 – Assets in operation, under construction and projects awarded. 

2 – Adjusted EBITDA corresponds to current operating income, which includes the net proceeds from the disposal of portfolio’s projects and assets resulting from farm-down transactions, adjusted for current operating depreciation, amortization and provisions, the expense resulting from application of IFRS 2 – Share-based Payment and the change in the fair value of energy derivatives.