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Neoen (NEOEN) investor relations material
Neoen Q4 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
2024 revenue rose 2% to €533.1 million, with adjusted EBITDA up 1% to €479.4 million, and adjusted net income down 72% to €22.4 million.
1.9 GW of new projects awarded, bringing the secured portfolio to 10.8 GW, with 8.9 GW in operation or under construction at year-end.
Brookfield Renewable Holdings acquired a majority stake in December 2024 and launched a public tender offer for remaining shares.
Fourth-quarter revenue surged 22% year-over-year, driven by strong storage performance.
Financial highlights
Adjusted EBITDA margin was 90% (down from 91% in 2023); adjusted EBIT fell 11% to €263.4 million.
Net financial expense increased to €198.0 million, mainly due to higher debt costs and refinancing expenses.
Net cash from operations rose to €337.7 million; net cash used in investing activities was €1,438.0 million.
Gross debt increased to €4,899.6 million, with net debt at €4,264.0 million and a net debt/adjusted EBITDA ratio of 8.9x.
Cash position at year-end was €534.7 million, with total liquidity exceeding €900 million.
Outlook and guidance
Reiterates 2025 target of adjusted EBITDA over €700 million and 10 GW in operation or under construction.
Guidance incorporates best estimates for project commissioning and spot prices.
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