Paris 28 febrero 2024
Neoen reports record 2023 results and accelerates towards its 10 GW milestone in 2025 


  • Revenue totaled €524.4 million, up 4% at current exchange rates and up 8% at constant exchange rates 
  • Adjusted EBITDA1 moved up 15% to €474.8 million at current exchange rates in line with the stated target2. At constant exchange rates3, adjusted EBITDA would have risen 18% to €488.6 million 
  • Adjusted net income4 rose 67% to €80.4 million 
  • The secured portfolio5 grew by more than 1.6 GW to 9.0 GW, with 8.0 GW already in operation or under construction, representing 80% of the 2025 target 
  • Group’s liquidity position exceeds €1 billion at December 31, 2023, with close to €800 million in available cash and €250 million in undrawn credit facilities 
  • Neoen is proposing a dividend of €0.15 per share, representing a 20% increase versus the previous year 
  • 2024 adjusted EBITDA1 is expected between €530 million and €560 million, with an adjusted EBITDA margin1 above 85% 
  • Lastly, the Group is restating its adjusted EBITDA1 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 presenting its audited consolidated full-year results for the financial year ended December 31, 2023. These financial statements were approved by the Board of Directors on February 28, 2024. 

Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer, commented:” We are very proud to report record results for Neoen. The determination shown by all our employees have kept execution of our roadmap firmly on track and we are on pace to meet the targets we set. With 5 GW in capacity now in operation, we generated over 7.5 TW in competitively priced green energy. What’s more, our storage facilities are accelerating the development of renewable energies and enhancing grid reliability. Development of our project portfolio continues to make strong progress. Over the past few months, we have launched the construction of our second-largest solar farm and our first long-duration battery in Australia, Sweden’s largest solar farm and storage plant, our first assets in Italy and other projects in Finland, France and Portugal. From a financial standpoint, Neoen has demonstrated its ability to secure financing, both by raising funds on the market and debt at Group and at project level. We are fully confident in our ability to reach our target of 10 GW in installed capacity in the course of 2025. Further ahead, we will be able to leverage our cash flow generation to self-finance a growing share of our future growth and to keep creating value for all our stakeholders.” 

1 Adjusted EBITDA corresponds to current operating income, which includes the net proceeds from the disposal of portfolio’s projects and assets resulting from the 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. 

2 On November 2, 2023, Neoen announced that its 2023 adjusted EBITDA was expected to be around the mid-point of the initial €460–490 million range announced in February 2023 

3 Based on 2022 average exchange rates 

4 Adjusted net income reflects net income restated for the change in the fair value of energy derivatives and related tax effects. 

5 Assets in operation, under construction and projects awarded