EQS News: Half-year results: PNE AG confirms 2024 forecast | 14.08.24

Company news

Half-year results: PNE AG confirms 2024 forecast

• Construction activities in own portfolio, less wind and expected lower electricity prices weigh on results
• American company successfully sold
• The service segment is still on the road to success

Cuxhaven,August 14, 2024 – For PNE AG, fiscal year 2024 is going well in operational terms. The large number of projects under construction and the preparation of construction pave the way for a successful full year. PNE expects to be able to commission even more wind farms for its own portfolio this year.

In the first half of 2024, the Group achieved total aggregated output of EUR 174.9 million (previous year: EUR 116.7 million), revenues of EUR 60.6 million (previous year: EUR 57.1 million), earnings before interest, taxes, depreciation and amortisation (EBITDA) of EUR 8.7 million (previous year: EUR 18.1 million) and undiluted earnings per share of -EUR 0.26 (previous year: -EUR 0.18).

In Germany and France, ten wind farms with a total nominal capacity of 226 MW were under construction at the end of the first quarter of 2024 (previous year: nine wind farms with 183 MW). In the first half of the year, another 118 MW were awarded in tenders by the Bundesnetzagentur.

Some projects have had delays in delivery or sales due to supply or weather conditions, meaning that the good operational performance is not yet reflected in the results. Lower wind supply in the second quarter of this year, together with expected lower electricity prices, is also having a negative impact on profits.

“Even though the results in the first half of the year are not yet where we would like them to be, we are confident that we will catch up in the second half of the year and achieve our planned result for the full year,” says Per Hornung Pedersen, CEO of PNE AG since August 1, 2024. “The prospects for this are very good. Many projects have reached a high level of maturity and are on the verge of commissioning or sale. We expect milestone payments from previous project sales, especially in the fourth quarter.”

American company successfully sold

In the first half of the year, PNE AG was able to complete the sale of its US business. The complete package includes a substantial project pipeline with wind, PV and storage projects in various phases, together with three projects suitable for implementation in the near to medium term. The investments made in the US could result in a positive impact on the Group’s earnings and liquidity situation over the next five years, in addition to the initial payment in the range of several million, depending on how the projects are implemented.

The pipeline of wind and PV projects grew compared to the same period last year, despite the sale of the US activities

Overall, the nominal capacity of the wind and photovoltaic pipeline increased from 16,590 megawatts (MW) to 17,937 MW compared to the same period last year. This increase is notable as 2,118 MW left the project pipeline due to the sale of the US activities. Onshore wind projects accounted for 9,329 MW. The offshore wind pipeline now comprises 2,500 MW. In the photovoltaic sector, projects with an output of 6,108 MW are in the pipeline. In Germany alone, the PNE Group worked on wind farms with a nominal capacity of 2,597 MW (previous year: 2,314 MW).

Expansion of internally managed portfolio in progress

The wind farm portfolio operated by PNE had a capacity of 412 MW at the end of the first quarter (previous year: 346 MW). PNE Group’s wind farms produced 380 GWh of clean electricity in the first half of the year (previous year: 325 GWh), saving the environment 286,000 tonnes of CO.₂ emissions.

With their electricity production, the PNE Group’s wind farms make an important contribution to climate protection and independent energy security. Generating electricity in PNE’s own wind farms and PV systems is an important pillar of our corporate strategy “Scale up 2.0”.

The service is still on the road to success

The expansion of the service business contributes to stable profits and also creates the basis for further business expansion. In the first half of 2024, the PNE Group was able to further expand the international business of operations management and technical inspections and testing. The order volume managed in operations management grew to over 2,930 MW (previous year: 2,710 MW).

Directive confirmed

“We confirm the outlook for fiscal year 2024 with a positive EBITDA for the Group in the range of 40 to 50 million euros,” says Markus Lesser. “We are on the right track to achieve this target.”

Per Hornung Pedersen has taken over the role of CEO from Markus Lesser on an interim basis effective August 1. He was previously Chairman of the Supervisory Board. Per Hornung Pedersen’s appointment is limited to March 31, 2025. The search for a new CEO is underway.

PNE AG has also added Roland Stanze to its Board of Management as Chief Operating Officer (COO). With Harald Wilbert as CFO, the Board of Management now consists of three members. This ensures both consistency in management and a broader basis for the continued growth of the PNE Group.

About the PNE Group

The internationally operating, listed PNE Group is listed on the SDAX and TecDAX. For more than 25 years, it has been one of the most experienced project developers in the field of onshore and offshore wind farms. Its focus is on the development of wind and photovoltaic projects worldwide and on electricity generation with its own wind farms. Its portfolio covers all project planning phases, from site investigation and implementation of approval procedures, through financing and construction, to operation and repowering. As a supplier of clean energy solutions, the PNE Group also offers services for the entire life cycle of wind farms and photovoltaic installations. The PNE Group is a sought-after partner for the industry for solutions for the refinement of electricity via power-to-X technologies.

Contact:

PNE AG
Alexander Lennemann
Head of Corporate Communications
Phone: +49 47 21 – 7 18 – 453
Email: [email protected]

PNE AG
Head of Investor Relations
Christopher Rodler
Phone: +49 40 – 879 33 114
Fax: +49 47 21 – 7 18 – 373
Email: [email protected]