Half-year results: PNE AG confirms guidance for 2024

Corporate News

Half-year results: PNE AG confirms guidance for 2024 

• Construction activities for own portfolio, less wind and anticipated lower electricity prices dampen results
• US business sold successfully
• Services segment still on track for success

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

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

In Germany and France, ten wind farms with a total nominal output of 226 MW (prior year: nine wind farms with 183 MW) were under construction at the end of the first quarter of 2024. A further 118 MW was awarded in the first half of the year in the Federal Network Agency tenders.

For some projects, completion or sale were delayed for reasons of supply or weather with the result that the good operating performance cannot yet be seen in the results. The lower wind supply in the second quarter of this year, together with the expected lower electricity prices, are also having a negative impact on earnings.

“Even if the results in the first half of the year are not yet where we would like to see them, we are confident 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 1 August 2024. “The prospects for this are very good. Many projects have reached a high level of maturity and are close to commissioning or sale. We expect milestone payments from previous project sales, especially in the fourth quarter."

US business sold successfully

In the first half of the year, PNE AG was able to complete the sale of its US business. The complete package comprises a substantial project pipeline encompassing wind, PV, and storage projects in different stages, along with three projects suitable for implementation in the near to intermediate future. The investments made in the USA can 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 single-digit million range, depending on how the projects are implemented.

Wind and PV project pipeline grew compared to the same period of last year despite the sale of the US business

Overall, the nominal capacity of the pipeline for wind and photovoltaic projects increased from 16,590 megawatts (MW) to 17,937 MW compared to the same period of last year. This increase is remarkable as 2,118 MW of the project pipeline has left due to the sale of the US business. Onshore wind energy projects accounted for 9,329 MW. The pipeline of offshore wind energy projects 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 (prior year: 2,314 MW).

Expansion of internally operated portfolio in progress

The wind farm portfolio operated by PNE had a capacity of 412 MW at the end of the first quarter (prior year: 346 MW). The wind farms of the PNE Group produced 380 GWh of clean electricity in the first half of the year (prior year: 325 GWh), saving the environment 286,000 tons of CO₂ emissions.

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

The service business is still on track for success

The expansion of the service business contributes to steady earnings 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 as well as technical inspections and tests. The order volume managed in operations management grew to over 2,930 MW (prior year: 2,710 MW).

Guidance confirmed

“We confirm the guidance for the 2024 fiscal year with positive EBITDA for the Group in the range of euro 40 to 50 million,” says Markus Lesser. “We are on a good path towards achieving this goal.”

Per Hornung Pedersen took over the role of CEO from Markus Lesser on an interim basis as of 1 August. He was previously Chairman of the Supervisory Board. The appointment of Per Hornung Pedersen is limited to 31 March 2025. The search for a new CEO is ongoing.

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

About the PNE Group

The internationally operating, listed PNE Group is included in the SDAX as well as the 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. The focus is on the development of wind energy and photovoltaic projects worldwide as well as on electricity generation with its own wind farms. Its portfolio covers all project planning phases, from site investigation and the implementation of the approval procedures, through financing and construction, to operation and repowering. As a clean energy solutions provider, the PNE Group also offers services for the entire life cycle of wind farms and photovoltaic plants. The PNE Group is a sought-after partner to industry for solutions for the refinement of electricity via power-to-X technologies.

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