Neoen: 2022 forecasts raised in terms of adjusted EBITDA

( — Neoen announced a turnover for the first half of 2022 up 36% to 224 ME. Adjusted EBITDA for the half-year amounted to 175 ME, up 39%. The secure portfolio stood at more than 6.3 GW at the end of June 2022 and the total portfolio stood at 17.3 GW, up 3.4 GW compared to the end of December 2021. Neoen had cash of 559 ME at June 30, 2022

Neoen is revising upwards the range of its 2022 adjusted EBITDA target to a level between 380 and 400 million euros, against 360 to 375 million euros communicated so far, with an adjusted EBITDA margin including between 80 and 90%. This increase is notably due to the performance observed in the second quarter, in particular for the storage activity in Australia, the rate of progress of projects under construction and a favorable market price environment. This adjusted EBITDA objective takes into account the net proceeds from the disposal of assets of the secured portfolio that the Group expects to make as part of the farm-down activity, for a contribution that is now expected at a level below 10 % of adjusted EBITDA for the year (less than 20% initially forecast).

Neoen specifies that the transition from an EBITDA target to an adjusted EBITDA target is completely neutral since the Group only started to recognize changes in fair value for energy derivative financial instruments from the first half of the year. 2022. Neoen points out that the increase in the 2022 target is therefore in no way linked to this adjustment.

The notion of adjusted EBITDA corresponds to current operating income, which includes the net proceeds from the disposal of assets in the secured portfolio resulting from the farm-down activity, restated in particular for depreciation and current operating provisions.

Neoen also confirms its objective of generating double-digit annual growth in its adjusted EBITDA between 2022 and 2025


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