Neoen raises its Ebitda target for 2022 after a dynamic third quarter

PARIS (Agefi-Dow Jones)–Renewable energy producer Neoen on Thursday raised its adjusted gross operating surplus (EBITDA) target for 2022, after strong growth in its activity in the third quarter.

For the current financial year, the group is now aiming for an adjusted gross operating surplus (Ebitda) in a range of 390 million to 410 million euros, against a previous range of 380 to 400 million euros. “This increase is notably due to the performance observed in the third quarter, in particular on the turnover ‘early generation’ [c’est-√†-dire la production vendue au prix du march√©, ndlr] registered in Europe,” Neoen said in a statement.

At the same time, the group confirmed its objective of more than 5 gigawatts (GW) in operation during 2023 and its ambition to reach at least 10 GW of capacity in operation or under construction by the end of 2025.

In the quarter to the end of September, the producer achieved a turnover of 130.5 million euros, a jump of 68% compared to the third quarter of 2021. The turnover of the solar activity has increased by 26% over one year, while wind power revenues have doubled on their side.

During the first nine months of the year, Neoen’s turnover rose by 46%, to 354.6 million euros.

“This growth comes above all from the steady increase in our portfolio of assets in operation,” commented Xavier Barbaro, Neoen’s Chairman and CEO, quoted in a press release. “In addition, even if our economic model is largely backed by long-term electricity sales contracts, we also benefit from the context of high market prices”, added the manager.

-Vincent Alsuar, Agefi-Dow Jones; +33 (0)1 41 27 47 39; [email protected] ed: LBO

Agefi-Dow Jones The financial newswire

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