Neoen : Nine-month 2024 revenue

Neoen reports revenue in line with its expectations

• Nine-month 2024 revenue totaled €378.4 million, down 5% compared with the first nine months of 2023 at current exchange rates, and down 4% at constant exchange rates
• This performance mainly reflects the mechanical effect of the gradual entry into force of several power plants PPAs, which benefitted from significant early generation revenue over the same period last year
• Third quarter revenue is up 2% compared with the third quarter of 2023, driven by storage revenue
• With 1.4 GW of new projects awarded during the first nine months of the year, the secured portfolio¹ reached 10.4 GW at the end of September 2024, including 8.7 GW of assets in operation or under construction

• The process of obtaining the regulatory approvals needed for Brookfield to finalize the acquisition from Impala and other Neoen shareholders of a c. 53% holding in Neoen is well underway
• In particular, on October 31, the antitrust regulator in Australia decided to not oppose the acquisition, subject to the undertaking to divest Neoen's entire portfolio of assets and projects in the State of Victoria, Australia²
• Consequently, final authorizations and block acquisition are still expected to occur by the end of 2024 with the completion of the public tender in the first quarter of 2025, as per the initial schedule
• The Group is reiterating its 2024 adjusted EBITDA³ target of between €530 million and €560 million, with an adjusted EBITDA margin³ above 85%
• The Group is also restating its adjusted EBITDA³ target of over €700 million in 2025 and its target of reaching 10 GW of capacity in operation or under construction in the course of 2025

Neoen (ISIN: FR0011675362, Ticker: NEOEN), one of the world's leading independent producers of exclusively renewable energy, is reporting unaudited revenue of €378.4 million for the first nine months of 2024, down 5% compared to the first nine months of 2023 at current exchange rates, and down 4% at constant exchange rates.

Xavier Barbaro, Neoen's Chairman and Chief Executive Officer, commented: "Thanks to our significant pipeline, we continue to swiftly win new projects, which benefit from a high level of contracted revenue. Indeed, with 1.4 GW of new projects awarded since the beginning of the year, including three large-scale batteries, our secured capacity now stands at 10.4 GW. With operating and financial performances in line with our expectations for the first nine months of the year, we confirm our guidance. Furthermore, the process for Brookfield to obtain all necessary approvals to acquire a majority holding in our company is well underway. We therefore reiterate our confidence in the initial timetable, namely a closing of the block acquisition expected by the end of the year, and the launch of a tender offer for the remaining shares and convertible bonds in the first quarter of next year. "

1 : Assets in operation, under construction and awarded projects.

2 : Including 652 MW of assets in operation and 2.8 GW of projects in development

3 : Adjusted EBITDA corresponds to current operating income, which includes the net proceeds from the disposal of portfolio's projects and assets resulting from farm-down transactions, restated for current operating depreciation, amortization and provisions, the expense resulting from application of IFRS 2-Share-based Payment, and the change in the fair value of energy derivatives.