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PNE (PNE3) investor relations material
PNE Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Permits for 489 MW in wind and PV projects were received in H1 2025, with strong development and construction activity, especially in Germany.
Four wind farms (65 MW) commissioned in Germany; IPP portfolio expanded to 491 MW, with 65 MW added in H1 2025.
No project sales in H1, but project rights for 14.4 MW in France and a 34 MW wind farm in Germany were sold in July and August 2025.
Power generation was impacted by low wind yields, with German onshore wind down 18% year-over-year, but the service business performed well.
Project pipeline expanded to 19 GW, with significant progress in onshore wind and PV projects.
Financial highlights
Total output was €173.8M, nearly flat year-over-year; revenues increased to €73.9M from €60.6M.
EBITDA dropped to €4.7M from €8.7M, mainly due to weak wind yields and no project sales.
Net income declined to -€30.5M from -€20.2M, with EPS at -€0.40.
Cash position at €65.6M and equity at €166.4M as of 06/30/2025; equity ratio at 12.9%.
Net debt increased to €919.2M as of June 30, 2025.
Outlook and guidance
Full-year 2025 group EBITDA guidance confirmed at €70M–€110M.
Project sales and milestone payments targeted in Germany, Poland, and France for H2 2025.
Continued focus on core markets, with exits planned for Panama and Turkey.
Geopolitical risks and supply chain issues may defer some project sales to 2026.
Project pipeline for wind and PV anticipated to remain stable at around 9.9 GW and 6.5 GWp, respectively.
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