Decline in Neoen's turnover in the 1st quarter, objectives confirmed

This decline of 8% (or 6% at constant exchange rates), to 141 million euros, is due to an exceptional basis of comparison in the 1st quarter of 2023, linked to anticipated revenues from several power plants, explained Neoen, referring to a income “in line with (his) expectations”.

Over these first three months, the electricity production of the French group established in around fifteen countries amounted to 2,2 terawatt hours (TWh), or +11%.

Its portfolio stands at nearly 9,1 gigawatts (GW) at the end of March 2024, including 8 GW in operation or under construction.

Neoen intends to exceed 700 million euros in adjusted gross operating surplus (Ebitda) in 2025, compared to 475 million in 2023.

It is also targeting a total capacity in operation or under construction of 10 GW during the year 2025.

For Xavier Barbaro, CEO of the independent group created in 2008 and listed on the stock market since 2018, this is “a good start to the year, with the winning of some good calls for tenders”.

“We anticipate a return to growth in our revenues in the coming quarters, driven in particular by the gradual commissioning of our 3 GW of assets currently under construction. These assets include, among others, several long-life batteries,” a- he added.

Neoen has a battery portfolio in operation or under construction totaling 1,9 GW, infrastructure essential to the growth of solar and wind energy. In 2023, the company saw its net profit more than triple, to 150,2 million euros.