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Neoen maintains its 2025 targets despite an 87% drop in net profit in 2024

Renewable energy producer Neoen confirms its financial goals for 2025, despite a significant drop in net profit in 2024, mainly due to the high cost of its debt.

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The renewable energy group Neoen announced an 87% drop in its net profit for 2024, which fell to €19 million, compared to €150.2 million the previous year. This decline was largely attributed to the rise in debt costs, which impacted the company’s financial results. Nevertheless, the company confirmed its targets for 2025, expressing optimism about the progress of its future projects.

In 2024, Neoen’s revenue reached €533.1 million, marking a slight increase of 2% compared to the previous year. The wind and solar sectors contributed €229.4 million and €207.7 million, respectively, to this revenue. Xavier Barbaro, CEO of the group, emphasized that the company’s adjusted EBITDA for the past year met the group’s expectations, despite the drop in net profit. “We secured 1.9 gigawatts (GW) of new projects in 2024 and commissioned 0.9 GW, including two large batteries in Australia and several wind farms in Scandinavia,” he said.

For 2025, Neoen forecasts an adjusted EBITDA of over €700 million, compared to €479.4 million in 2024. The company also aims to increase its total capacity in operation or under construction, which is expected to reach 10 GW by the end of the year, up from 8.9 GW at the end of the 2024 fiscal year. These projections are based on current estimates of the project execution timeline and market price forecasts.

At the end of December, Canadian asset manager Brookfield acquired a majority stake in Neoen, taking 53.12% of its capital. This acquisition led to the opening of a public takeover bid (OPA) on February 13, with the closure scheduled for March 13. If the offer reaches 90% of Neoen’s capital, a delisting from the Paris stock exchange could be considered.

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