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Paris 25 julio 2024
Neoen reports half-year results in line with its expectations and confirms its 2024 adjusted EBITDA target
  • The secured portfolio1 grew by close to 1 GW, in Australia, France and Canada, reaching the milestone of 10 GW at June 30, 2024, of which 8.4 GW in operation or under construction 
  • Revenue for the first half-year 2024 was €255.7 million, down 8% 
  • Adjusted EBITDA2 stood at €231.9 million, down 8% 
  • This performance mainly reflects the mechanical effect of the gradual entry into force of several power plants PPAs, which benefitted from significant early generation revenue in the first half of 2023 
  • Total liquidity exceeded €1 billion at June 30, 2024, with a cash balance of over €500 million and €500 million in undrawn credit facilities 
  • The Group is reiterating its 2024 adjusted EBITDA2 target of between €530 million and €560 million, with an adjusted EBITDA margin2 above 85% 
  • The Group is also restating its adjusted EBITDA2 target of over €700 million in 2025 and its target of reaching 10 GW of capacity in operation or under construction in the course of 2025 
  • Following Brookfield’s entry into exclusive negotiations with Impala and other shareholders on May 30, 2024, to acquire a majority stake in Neoen, a share purchase agreement was signed on June 24, 2024 after completion of Neoen’s works council information and consultation process 
  • The closing of the block acquisition, of around 53% of Neoen’s share capital, is still subject to customary regulatory approvals, which are expected to be obtained by Q4 2024 

Neoen (ISIN: FR0011675362, Ticker: NEOEN), one of the world’s leading independent producers of exclusively renewable energy, is reporting its consolidated results for the six-month period ended on June 30, 2024. These financial statements, which have undergone a limited review by the Statutory Auditors, were approved by the Board of Directors on July 25, 2024. 

Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, commented: “We are pleased to announce a strong growth of our secured portfolio and half-year results in line with our expectations. With 1 GW of new projects won, including two new large-scale long-duration batteries, our secured capacity now reaches the 10 GW milestone. In 15 years, we have established ourselves as one of the leading players in renewable energy, with a firm commitment to helping governments and businesses alike turn their energy mix greener by providing highly competitive solutions. As it prepares to open a new chapter in its history under Brookfield’s ownership, Neoen is better equipped than ever to pursue its value-creating growth strategy.” 

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, restated 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. 

Join Neoen’s webcast presenting its H1 2024

https://channel.royalcast.com/landingpage/neoen/20240725_1

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