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PNE (PNE3) investor relations material
PNE Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved strong operational development and project sales totaling 302 MW in Germany, France, and Panama, with five wind farms commissioned and further sales expected by year-end.
Expanded IPP portfolio to 502 MW, generating 527 GWh and reducing emissions by 400,000 tonnes CO₂e.
Service business and project pipeline showed robust growth, especially in core markets Germany, France, Poland, and Italy.
Permits received for wind and PV projects totaling 510 MW in the first nine months of 2025.
Project pipeline expanded to 18.6 GW, up from 17.8 GW year-over-year.
Financial highlights
Total output increased by 25% year-over-year to €263.7 million for the first nine months of 2025.
EBITDA rose sharply to €26.6 million from €6.2 million in the previous year, driven by project sales.
Net income improved to €-36.3 million from €-49.1 million year-over-year; EPS at €-0.47 (from €-0.64 year-over-year).
Equity ratio at 12.4%; adjusted equity ratio (including hidden reserves) at 24.1%.
Cash position at €62.1 million; total assets at €1,291.5 million.
Outlook and guidance
Full-year 2025 group EBITDA guidance confirmed at €70–110 million.
Additional project sales and milestone payments expected in Q4, with ongoing sales in Germany and Poland and a planned exit from Panama.
Efficiency transformation program underway, with over 100 measures to be finalized by 2027.
Project pipeline for wind and PV anticipated to remain stable year-over-year.
Geopolitical risks and supply chain issues may defer some project sales to 2026 and increase raw material costs, partially offset by higher feed-in tariffs.
Transformation program: key efficiency areas
How to maintain project margins in tough market
Offshore wind: regulatory risks in niche markets
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Q4 202527 Mar, 2026
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Frequently asked questions
PNE AG engages in the development, planning, realization, financing, operation and sales of wind and photovoltaic (PV) farms and transformer stations in Germany and internationally. The company operates through three business segments: Wind Power Plants; Photovoltaic Power Plants; and Services. It offers various renewable energy solutions, including the financing of the future-oriented technology assets. The company was founded in 1995 and is headquartered in Cuxhaven, Germany.
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