H1 2019 consolidated results September 25 th , 2019 Disclaimer This - PowerPoint PPT Presentation

H1 2019 consolidated results September 25 th , 2019

Disclaimer 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. 2

1. A robust business model and a distinctive expertise 2. H1 2019 highlights 3. H1 2019 results 4. Outlook 5. Appendices 3

Neoen’s expertise covers the entire project life cycle Procurement Construction Operations Development & financing supervision & optimization 1 2 3 4 Strong project sourcing Procurement, Supervisions of operations, Operational management high-quality EPCs (1) , and established development optimized stucturing, financing and cost control, optimization know-how and de-risking bankable technology throughout asset life Neoen controls the entire process and pursues a long-term « develop to own » strategy Neoen owns on average 89% of its assets (2) Notes: (1) Engineering Procurement and Construction | 4 (2) Assets in operation and under construction (when taking into account co-investments) by MW, as of June 30, 2019

A diverse portfolio of high-quality assets Technology breakdown Geographic breakdown Contracted vs merchant breakdown (2) 13% 31% 28% 2.8 GW (1) 2.8 GW (1) 2.8 GW (1) 87% 67% 30% 5% 39% Solar Wind Storage Under PPA Merchant Australia Americas Europe & Africa Notes: (1) Capacity in operation or under construction as of June 30, 2019, restated for the biomass business sold in early September | (2) Weighted average by MW for assets in operation or projects under construction as of June 30, 2019 5

Long-term, predictable and de-risked cash flows Long-term visibility Reliable currencies Contracted revenues USD ca. 15 years 8% €5.8 bn €1.4 bn vs average remaining PPA duration (1) Contracted revenues (6) Net debt (6) AUD EUR 2.4 years 52% 40% average asset age (2) Strength and creditworthiness of counterparties • in OECD countries More than 90% OECD revenues in H1 2019 • ca. 50 years 25% • ca. 80% of Neoen’s clients have investment H1 2019 revenues (5) grade ratings (7) land control (3) land owned (4) Notes: (1) Weighted average residual PPA duration by MW in operation | (2) Weighted average age of assets in operation | (3) Weighted average lease duration (by MW) for assets in operation and projects under construction | (4) Capacity installed on owned land (for projects in operation and under construction as a % of total MW) | (5) Excluding the discontinued biomass business | (6) As of June 30, 2019 | (7) Weighted average investment grade off-takers for projects in operation, under construction and awarded 6

1. A robust business model and a distinctive expertise 2. H1 2019 highlights 3. H1 2019 results 4. Outlook 5. Appendices 7

A very robust H1 2019 +30% +24% >x2 H1 2019 revenues (1) H1 2019 EBITDA (1) Net income H1 2019 (1) vs H1 2018 (2) vs H1 2018 (2) vs H1 2018 (2) +0.5 GW +0.1 GW +1.3 GW Projects under construction Assets in operation Portfolio of projects change in H1 2019 change in H1 2019 change in H1 2019 (3) +43% 99% Exit of biomass GWh H1 2019 Availability H1 2019 Finalized in Q3 vs H1 2018 solar and wind Notes: (1) Excluding the discontinued biomass business | (2) restated for the biomass business sold in early September | (3) Total 8 portfolio of projects in operation, under construction, awarded, tender ready and in advanced development as of June 30, 2019

H1 2019 business highlights April - June January - March • Financing finalized and construction launched for the 81 MW Hedet • 54 MWp Bangweulu facility inaugurated in Zambia, wind farm in Finland the country’s largest photovoltaic farm and one of the biggest in Western Africa • Launch of construction of the 375 MWp El Llano project in Mexico • Commissioning of France’s largest photovoltaic shade project: • Azur Stockage France commissioned (6 MW / 6 MWh) Corbas tranches 1 and 2 (16 MWp) • Launch of the construction of La Garenne, a 10 MW wind farm, and Fossat, a 5 MWp photovoltaic farm, in France • Financing finalized and construction launched for the 208 MWp Altiplano 200 photovoltaic farm in Argentina • 5 projects won in the CRE 4.5 competitive tender, for 45 MWp in aggregate capacity 9

Continued and sustained growth in project portfolio Won in Construction Commissioned H1 2019 launched in H1 2019 in H1 2019 106 MW 598 MW 102 MW Early stage Advanced Tender-ready Awarded Under In operation development construction >4 GW 4.2 GW 1.6 GW 0.4 GW 1.3 GW 1.6 GW 5.8 GW 3.2 GW Advanced pipeline Secured Portfolio 9.0 GW Total portfolio capacity Large, robust, tangible and constantly fed pipeline In H1 2019, we launched the construction of ca. 600 MW and grew the portfolio by more than 1.3 GW 10 Note: Pipeline figures as of June 30, 2019

Best-in class operating performance Production (1) Availability (2) Load factor (2) 932 GWh >97% >96% >16% >33% H1 2018 1330 GWh >99% >99% >18% >34% H1 2019 +43% Reflecting high-quality and young fleet of assets in operation Notes: (1) ) Electricity generation excluding the discounted biomass business 11 (2) adjusted (in particular excluding commissioning period)

1. A robust business model and a distinctive expertise 2. H1 2019 highlights 3. H1 2019 results 4. Outlook 5. Appendices 12

Rapid and organic increase in revenue Revenue evolution (M€) Breakdown of H1 2019 revenue USD +3 8% 118 +2 +5 +15 -1 -4 +7 91 EUR AUD 40% 52% Storage Others 7% 2% Solar Wind 46% 45% Turnover New plant in New plant in New plant in Exchange Production Switch from Others Turnover H1 2018 operation operation operation rate improvement EGRs to PPA H1 2019 H1 2018 H2 2018 H1 2019 (Australia) (1) Significant contribution of new assets commissioned in 2018 and H1 2019 Note: (1) EGRs = Early Generation Revenues | PPA = Power Purchase Agreement 13

Profit & loss – dynamic increase in revenue and EBITDA H1 2019 H1 2018 restated In millions of euros Contracted energy revenue 100.1 81.5 Uncontracted energy revenue 14.3 6.9 Other income 3.8 2.5 Revenue up +30% mainly as a consequence of new assets Revenue 118.1 90.9 commissioned in 2018 and H1 2019 Purchase of goods and change in inventories (0.2) 0.1 External charges and payroll expenses (26.0) (22.7) Duties. taxes and similar payments (4.2) (3.1) Share of net income of associates 0.5 0.4 Other current operating income and expenses 5.8 10.0 EBITDA increasing by 24% to 94.0 M€, reflecting efficient EBITDA 94.0 75.6 management of operating costs, while benefiting from a lower contribution from other current operating income (impact of liquidated damages on several projects in H1 2018) Solar segment being the leading contributor to Neoen’s consolidated revenue (46%) and EBITDA (50%) 14

EBITDA continuing to grow at a steady pace EBITDA evolution (M€) Breakdown per technology 94 +2 Storage +6 0 0 0 7% +11 +4 76 Solar Wind -4 50% 43% 80% EBITDA margin 83% EBITDA margin H1 2019 EBITDA EBITDA Europe-Africa Australia Europe-Africa Australia Americas Europe-Africa Australia Other EBITDA H1 2018 H1 2019 Solar growth in Europe-Africa & Australia, driving EBITDA increase 15