(AOF) – Neoen announces unaudited turnover of 141.4 million euros in the first quarter of 2024, down 8% compared to the first quarter of 2023. At constant exchange rates, it is down 6 %. Electricity production amounted to more than 2.2 TWh in the first quarter of 2024, up 11% compared to the same period in 2023. The average availability rate of wind assets stood at 95, 4% in the first quarter of 2024 compared to 89% in the first quarter of 2023.
Xavier Barbaro, CEO of Neoen, declares: “We anticipate a return to growth in our revenues in the coming quarters, driven in particular by the progressive commissioning of our 3 GW of assets currently under construction. These assets include, among others, several long-lasting batteries, in line with the ambitions we expressed a little over a year ago.
In addition, Neoen confirms its 2024 adjusted Ebitda target of between 530 and 560 million euros, with an adjusted Ebitda margin rate above 85%.
The group also confirms its ambition to see its adjusted EBITDA exceed 700 million euros in 2025 and its total capacity in operation or under construction to reach 10 GW during the year 2025.
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=/ Key points /=
– First independent French producer of exclusively renewable energies founded in 2008;
– Turnover of €503 million, generated in 15 countries, including 50% in Australia, and coming 38% from solar, 43% from wind and 18% from storage;
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Portfolio of 19.3 GW, including 7 GW of assets in operation or construction;
– “Development to own” business model:
– integrated with a presence in the 4 phases of asset life – development, financing, project management and operations,
– backed by long-term electricity sales contracts,
– operating in countries with grid parity, with long-term PPA electricity sales contracts
– limiting the share of income exposed to market prices to 20%;
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Capital held at 42.16% by Impala (holding of the Veyrat family) and 1.49% by Cartusia (holding of the Barbaro family) acting in concert, ahead of the FSP (6.92%) and the BPI (4.39%). %), Xavier Barbaro being president and CEO of the 8-member board of directors
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Balance sheet strengthened by the March market call, resulting, at the end of June, in debt leverage reduced to 4.9 and cash flow of €1.1 billion.
=/Issues/
– 2023-2025 roadmap with objectives extended until 2030:
– capacity in operation or construction of + 10 GW then 20 GW in 2030,
– increase in the storage duration per installed MW of the Group’s future batteries, i.e. additional equity financing of €150 million 2023-2025,
– investment envelope of €6.2 billion over 2021-2025,
– total capital requirements estimated at €750 million over 2023-2025
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double-digit annual growth in EBITDA over 2023-2025, at €700 million,
– gain of new projects of at least 2 GW per year from 2025;
– Innovation strategy:
– carried out in partnership with customers during pilot projects, innovative in nature,
– identifying cost reduction and energy storage technologies;
– “Sustainable Framework” environmental strategy:
– Corporate pillar for reducing the carbon footprint,
– Projects pillar for managing environmental issues and recycling of installations,
– launch of green loans;
– Strong position in lithium-ion battery storage, developed in partnership with Tesla in the Australian unit of Hornsdale, in Providence in El Salvador and in Illikkâlâ in Finlance;
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Securing economic activity in a context of high market prices (immediate increase in income on electrons sold on the markets and additional demand for long-term contracts).
=/Challenges/=
– Expected capital gains from “farm-out” – partial or even total transfers of secure assets;
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Execution of current projects: Goyder wind farm, Western Downs solar power plant, Capital Battery storage batteries, Western Downs and Blyth in Australia, Fox Coulée solar power plant in Canada and Rio Maior in Portugal, Björkliden wind farm in Finland and Storbrännkullen wind farm in Sweden
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2023 objective of an operating profit between €460 and €490 million and an adjusted margin of +80%;
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Towards a gradual increase in dividend distribution until 2025.