Neoen Reports Decline in Q1 2024 Revenue Amid Stable Growth Expectations

Neoen, a leading renewable energy producer, reported a decrease in first-quarter 2024 revenue by 8% to €141.4 million. This decline adjusts to 6% at constant exchange rates compared to the same period in 2023. Despite the drop, the company reaffirmed its financial targets for 2024 and 2025, including an adjusted EBITDA target ranging between €530 million and €560 million for 2024.

Electricity production increased by 11% year-over-year, totaling 2.2 TWh due to enhanced capacity and operational efficiency in Neoen's global assets. Meanwhile, the revenue from wind, solar, and storage sectors saw mixed results. Notably, the storage segment continued to show resilience, witnessing a slight increase in revenue, reflecting the company's robust performance in battery storage solutions and grid support services in international markets.