NEOEN

Earnings Release • Feb 1, 2023

Paris, February 1, 2023

Neoen upgrades its 2022 adjusted EBITDA target and ended the year with 6.6 GW in operation or under construction

• Based on its latest estimates, Neoen expects its 2022 adjusted EBITDA¹ to reach slightly above €410 million, surpassing the previously announced target²
• In addition, Neoen won an impressive number of new contracts in late 2022
• Neoen also launched the construction of 1.0 GW in solar, wind energy and storage assets during the fourth quarter of 2022
• The secured portfolio ³ therefore increased by over 1.3 GW compared to year-end 2021, reaching 7.4 GW at year-end 2022
• Neoen ended 2022 with 6.6 GW in capacity in operation and under construction, versus 5.4 GW at year-end 2021

Neoen (ISIN: FR0011675362, Ticker: NEOEN), one of the world's leading independent producers of exclusively renewable energy, today estimates that its 2022 adjusted EBITDA is likely to slightly exceed €410 million, ahead of the previous target of €390–410 million set in November 2022. Neoen had already raised its guidance twice during the year, after initially setting a target of between €360 million and €375 million in March 2022. Neoen's latest 2022 estimate represents an increase of over 36% on the €300 million in adjusted EBITDA recorded in 2021.

The larger volume of electricity generated by Neoen as a result of the growth in its solar and wind capacity was the main factor accounting for this strong increase. To a lesser extent, Neoen also recorded higher income from its larger storage capacity, while its merchant revenue stream also rose as a result of higher electricity prices.

Neoen experienced a very high level of activity across all regions at the end of the year both in terms of new contract wins, including innovating contracts and number of launched constructions, which translated into a 1.0 GW increase in its secured³ portfolio during the fourth quarter of 2022 alone.

Xavier Barbaro, Neoen's Chairman and Chief Executive Officer, commented: "The strong growth in our 2022 EBITDA primarily stems from the increase in our production capacity. We are proud to have been able

¹ Adjusted EBITDA corresponds to current operating income, which includes the net proceeds from asset disposals from the secured portfolio linked to farm-down transactions, restated for:

^- current operating depreciation, amortization and provisions

^- the expense resulting from application of IFRS 2 – "Share-based payments", and

^- the change in the fair value of energy derivatives.

² Range of between €390 million and €410 million announced in November 2022

³ Assets in operation, under construction and projects awarded

to supply even more decarbonized, competitively priced, locally generated electricity. As we have achieved a sixfold increase in our capacity in operation or under construction in six years, we are delighted to be twothirds of the way already towards our 2025 target of 10 GW. Our portfolio of secured projects also grew substantially in 2022, directly in line with our roadmap presented in 2021: we have actively expanded in Corporate PPAs, extended our leadership in storage, where we broke through the gigawatt barrier, strengthened our energy management expertise and enhanced our geographical coverage. Today more than ever, Neoen is demonstrating its ability to execute its business plan and to differentiate itself by delivering ambitious, profitable and sustainable growth."

The details of the main agreements secured by Neoen during the fourth quarter of 2022 are as follows:

• Neoen's first renewable energy baseload contract (70 MW) agreed with mining group BHP in Australia;
• 180 MW in new solar and wind projects, awarded in the latest technology-neutral competitive tender held by the French government via the CRE (Energy Regulation Commission) multi-year energy plan (PPE2), with Neoen emerging as the biggest winner in both the solar and wind segments;
• First utility-scale solar PPA in Sweden with H&M for the 90 MWp Hultsfred photovoltaic farm;
• Third PPA signed by Neoen and Prokon with Equinix in Finland for 57 MW of wind power;
• A corporate PPA with TDF covering 62 MWp of solar power in France;
• 215 MW PPA with Stanwell for the Mount Hopeful wind farm to be built in Queensland, Australia
• PPA with Coveris covering more than 60% of the electricity to be generated by the 57 MW Storbrännkullen wind farm currently under construction.

The baseload PPA with BHP is of particular importance to Neoen because it represents a major innovation. Neoen is now able to provide a continuous supply of green energy to its customers by combining electricity generation, storage and energy management. During the fourth quarter, Neoen also broke new ground with its Yllikkälä Power Reserve providing a rapid reserve service during commissioning of Finland's Olkiluoto 3 EPR.

During the fourth quarter of 2022, Neoen also launched the construction of several projects representing 1.0 GW in total capacity. These projects are located both in countries where Neoen has a longstanding presence (Finland, France, Portugal and Australia) and in new countries for the Group (Canada and Sweden). The details are as follows:

• Portugal's largest solar farm at Rio Maior, with 272 MWp in capacity;
• Fox Coulée, its first photovoltaic farm in Canada, with 93 MWp in capacity;
• Western Downs Battery (200 MW/400 MWh) in the State of Queensland, its fourth big battery in Australia;

• Blyth Battery (200 MW/400 MWh) in Southern Australia, its fifth big battery in Australia;

• Storen Power Reserve (40 MW/40 MWh), its first battery in Sweden; and

• 192 MW in solar and wind energy projects in France.

Overall, the Group's secured portfolio³reached 7.4 GW at December 31, 2022, up from 6.3 GW at September 30, 2022, and 6.0 GW at December 31, 2021.

In addition, with the launch of the construction of projects totaling 1.0 GW in the fourth quarter, Neoen's capacity in operation or under construction went up from 5.6 GW at September 30, 2022, to 6.6 GW at December 31, 2022, versus 5.4 GW at December 31, 2021.

Together with the presentation of its full-year results to investors, Neoen will present on the morning of March 1, 2023, a detailed update on progress at the halfway stage of its 2021–2025 strategic plan.

This presentation contains forward-looking statements regarding the prospects and growth strategies of Neoen and its subsidiaries (the "Group"). These statements include statements relating to the Group's intentions, strategies, growth prospects, and trends in its results of operations, financial situation and liquidity. Although such statements are based on data, assumptions and estimates that the Company considers reasonable, they are subject to numerous risks and uncertainties and actual results could differ from those anticipated in such statements due to a variety of factors, including those discussed in the Group's filings with the French Autorité des marchés financiers (AMF) which are available on the website of Neoen (www.neoen.com). Prospective information contained in this presentation is given only as of the date hereof. Other than as required by law, the Group expressly disclaims any obligation to update its forward looking statements in light of new information or future developments.

Next financial reports

Full-year 2022 results: February 28, 2023 Investor and analyst presentation: March 1, 2023, am First-quarter 2023 revenue and operational highlights: May 2, 2023 First-half 2023 earnings: July 27, 2023 Nine-month 2023 revenue and operational highlights: November 2, 2023

About Neoen

Founded in 2008, Neoen is one of the world's leading independent producers of exclusively renewable energy. With proven expertise in solar power, wind power and storage, the company plays an active role in the energy transition by producing competitive, green, local energy on four continents. After a six-fold increase in the last six years, its capacity in operation and under construction now stands at 6.6 GW.

Neoen's flagship operations are France's most powerful solar farm (300 MWp) in Cestas, Finland's largest wind farm (404 MW) in Mutkalampi, one of the world's most competitive solar plants in Mexico (El Llano, 375 MWp) and two of the world's most powerful large-scale storage plants, both in Australia: Hornsdale Power Reserve (150 MW/193.5 MWh storage capacity) and the Victorian Big Battery (300 MW/450 MWh).

A high-growth company, Neoen is targeting 10 GW in operation or under construction by the end of 2025. Neoen is listed in Compartment A of Euronext's regulated market in Paris (ISIN code: FR0011675362, Ticker: NEOEN) on the SBF 120 and CAC Mid 60 indexes.

For more information: www.neoen.com

Investisseurs Presse

Neoen OPRG Financial

communication@neoen.com Isabelle Laurent Fabrice Baron +33 6 42 37 54 17 +33 6 14 08 29 81 isabelle.laurent@oprgfinancial.fr fabrice.baron@oprgfinancial.fr

APPENDIX

List of the contracts won by Neoen during the fourth quarter of 2022:

• Neoen signed its first energy baseload PPA (70 MW) with BHP in Australia, for which Neoen will rely on power supply from its Goyder South Stage 1 wind farm, on storage capacity from its Blyth battery and on its energy management expertise (see press release dated November 3, 2022 – Neoen and BHP sign a 70 MW renewable energy baseload contract in South Australia)
• 180 MW in solar and wind projects have been awarded in the latest technology-neutral competitive tender held by the French government via the CRE (Energy Regulation Commission). Of the 11 projects awarded to Neoen, only two solar projects (representing 42.1 MWp in total capacity) and one wind project (only 3 MW out of 12 MW in total capacity is accounted for as awarded) have been accounted for under awarded projects, as the other eight wind projects with a combined capacity of 125.8 MW are still subject to appeals, even though they have already received all their permits (see press release dated December 12, 2022 –  Neoen wins another 180 MW in solar and wind projects in France)
• Neoen and its partner Alight signed with H&M Group the first utility-scale solar PPA in Sweden for the 90 MWp Hultsfred solar farm, jointly developed and owned by Neoen and Alight, with Neoen the majority shareholder (see press release dated December 13, 2022 – H&M Group signs a power purchase agreement with Neoen and Alight for a new solar park in Sweden (90 MWp))
• Neoen and Prokon signed their third PPA with Equinix in Finland covering 57 MW of wind power, or 60% of the green energy and guarantees of origin to be produced by their future Storbötet wind farm, 80%-held by Neoen and 20% by Prokon (see press release dated December 21, 2022 – Neoen and Prokon sign a third PPA with Equinix in Finland for at least 57 MW of wind energy)
• Neoen signed a Corporate PPA with TDF, covering 62 MWp of the Salernes (16.8 MWp) and Boussès (45.1 MWp) solar farms in France, wholly owned by Neoen (see press release dated December 22, 2022 – TDF signs a corporate power purchase agreement with Neoen for 62 MW of solar energy in France)
• Neoen inked a 215 MW PPA with Stanwell related to the Mount Hopeful Wind Farm in Queensland, Australia, which will have 330 MW in total capacity (see press release dated December 28, 2022 – Neoen signs a 215 MW PPA with Stanwell for Mount Hopeful Wind Farm in Queensland, Australia)
• Neoen signs a PPA covering 60% of the electricity to be generated by the Storbrännkullen wind farm in Sweden, currently under construction (see press release dated January 30, 2023 – Neoen signs a 10-year PPA with Coveris covering the Storbrännkullen wind farm in Sweden)

List of Neoen's projects for which construction was launched in December 2022:

• Portugal's largest solar park with 272 MWp in capacity, consisting of the Torre Bela Solar Farm (68 MWp) wholly owned by Neoen, and the Rio Maior Solar Farm (204 MWp) jointly owned with Aura Power, with around 80% of the energy generated to be purchased by the Portuguese

government under two 15-year PPAs (see press release dated December 15, 2022 – Neoen starts the construction of a 272 MWp solar park in Portugal, the largest to date in the country)

• The 93 MWp Fox Coulée photovoltaic farm in Alberta, Neoen's first asset in Canada (see press release dated December 22, 2022 – Neoen launches construction of its first plant in Canada: Fox Coulée (93 MWp))
• Western Downs Battery (200 MW / 400 MWh) in the State of Queensland, Neoen's fourth big battery in Australia, located in the Western Downs Green Power Hub, next to its 460 MWp solar farm (see press release dated December 29, 2022 – Neoen launches construction of its 200 MW/400 MWh Western Downs Battery in Queensland, Australia)
• Blyth Battery (200 MW / 400 MWh) in Southern Australia, Neoen's fifth big battery in Australia. This storage capacity will be coupled with the energy generated by Goyder South Stage 1 wind farm and Neoen's market expertise to supply continuous power to BHP, with which it has sealed a 70 MW baseload PPA (see press release dated January 5, 2023 – Neoen launches construction of its 200 MW/400 MWh Blyth Battery in South Australia)
• Storen Power Reserve (40 MW/40 MWh), its first battery in Sweden located in Ragunda, Jämtland County. The storage facility will provide ancillary services helping to stabilize the Swedish power grid (see press release dated January 10, 2023 – Neoen launches construction of the Storen Power Reserve (40 MW / 40 MWh), its first battery in Sweden)
• 192 MW in solar and wind energy projects in France

Note that the recognition of awarded projects during the year in the secured portfolio³ takes into account the fact that Neoen had previously incorporated 245 MWp of the 272 MWp in capacity of the Portuguese solar farm, the construction of which was launched in the fourth quarter of 2022. Moreover, 11 MW has been added to these figures for the adjustment made to certain projects' capacity, and 14 MW for the acquisition of the Plouguin wind farm in the Finistère department (France).