Neoen jumps on raised 2025 EBITDA target

Neoen SA

20/06/2023 08:36

** Shares in Neoen  NEOEN.PA  rise 4.4% after the French
renewables company lifted its 2025 EBITDA guidance on Monday
    ** The group aims to exceed EUR 700 mln ($764.7 mln) in adj.
EBITDA by 2025, vs previous forecast of more than EUR 600 mln
    ** The increased guidance results in particular from a new
battery storage contract the group won in Australia
    ** "The company's newly formed strategy to focus on its
longer duration storage project is paying off again and
triggered another EBITDA guidance upgrade in a challenging macro
environment, which we see as positive," Barclays says
    ** J.P.Morgan says the announcement is a good reminder of
Neoen's unique position in the battery activity, seeing the
group as "one of the clear leaders" in this high-growth activity
    ** The stock is on track for best day since December 2022 if
gains hold

($1 = 0.9154 euros)

 (Reporting by Federica Mileo in Gdansk)
 ((Federica.mileo@thomsonreuters.com))