PNE AG Confirms 2024 Guidance Amidst Mixed Half-Year Results

PNE AG reported mixed financial results for the first half of 2024. Construction activities and lower electricity prices have dampened outcomes. However, the company remains optimistic about its annual targets.

Total output for the period was €174.9 million, up from €116.7 million the previous year. Revenues stood at €60.6 million, compared to €57.1 million previously. EBITDA fell to €8.7 million from €18.1 million, while undiluted earnings per share dropped to €-0.26 from €-0.18.

PNE AG successfully sold its US business, which included wind, PV, and storage projects. This sale is expected to impact the Group's earnings positively over the next five years.

Despite the US divestment, the company's wind and photovoltaic project pipeline grew to 17,937 MW from 16,590 MW the previous year, showcasing robust project expansion.

The service segment and internally operated wind farm portfolio also saw growth, supporting the company’s long-term strategy. PNE AG confirmed its annual EBITDA guidance of €40 to €50 million.