Neoen lowers financial target after asset sale postponed

"The effective completion of the sale of the portfolio of assets and projects located in the State of Victoria in Australia is now fully scheduled for 2025," the group said in a press release.

As a result, the group anticipates an adjusted EBITDA "between 475 and 490 million euros for the year 2024, compared to a range of 530 to 560 million euros previously indicated".

Excluding the contribution of fully or mostly sold activities, the group continues to anticipate double-digit growth in its adjusted EBITDA for 2024.

He specifies that this revision "has no impact" on the transaction underway with the Canadian asset manager Brookfield, which is in the process of buying Neoen.

The completion of the public purchase offer is "still planned for the first quarter of 2025", Neoen specifies.

The sale of the Australian assets in question was also initiated by the group "as part of the commitments made by Brookfield to obtain the agreement of the competition authority in Australia", specifies Neoen.

For 2025, Neoen confirms its ambition of an adjusted EBITDA greater than 700 million euros and its capacity in operation or under construction reaching 10 GW during the year.