PNE (PNE3) Q1 2026 earnings summary

Executive summary

• Achieved a strong start to 2026 with successful project sales in Germany and Poland totaling 152 MW, including wind and PV projects, and receipt of permits for 14 projects totaling 335.9 MW.

• Power Generation output rose 33% year-over-year to 262 GWh, driven by higher wind yields.

• Services business output grew 17% year-over-year to €10.3 million with high margins.

• Board changes: CFO Harald Wilbert stepping down, interim CFO to be Dirk Simons.

• Continued transformation and cost-reduction program, including market exits in Canada, Turkey, Latvia, and Vietnam.

Financial highlights

• Total output increased 24% year-over-year to €68.9 million.

• Revenue doubled to €56.2 million from €27.9 million year-over-year.

• Normalized EBITDA (adjusted for one-offs) reached €17.9 million; reported EBITDA €16.6 million, up from €3.6 million in Q1 2025.

• Net loss narrowed to €-5.2 million (prior year: €-18.6 million); EPS at €-0.06 (prior year: €-0.24).

• Net debt at €748.5 million; cash position at €61.2 million.

Outlook and guidance

• Normalized EBITDA for 2026 expected between €110 million and €140 million; unadjusted EBITDA forecasted between €90 million and €120 million.

• Focus on project sales in Germany, Poland, and South Africa; IPP portfolio to be consolidated in 2026.

• Exits from Turkey, Canada, Latvia, and Vietnam targeted for 2026.

• Emphasis on projects with high system and grid compatibility, including BESS applications.