PNE (PNE3) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue and normalized EBITDA rose, supported by project sales and stronger power generation; FY guidance was cut as project sales and permits were delayed and some wind farms were retained.

• Project sales totaled 361 MW, with 965 MW of wind and PV permits secured; the onshore wind and PV pipelines stood at 14.3 GW and 6.9 GWp.

Financial highlights

• 9M revenue increased 6% to €150.7m and gross profit rose 21% to €134.8m; total output was €194.2m versus €263.7m.

• Reported EBITDA was €43.9m, including €1.5m of one-time effects; normalized EBITDA was €45.4m versus €26.6m in 9M 2025.

• EBIT improved to €15.0m from a comparative loss of €2.9m; net loss narrowed and basic EPS improved to -€0.34 from -€0.50.

• Financial result was -€28.4m versus -€22.5m, including a €5.6m non-cash IFRS 9 fair-value effect on a Financial PPA.

Outlook and guidance

• FY 2026 normalized EBITDA guidance was cut to €65m–€80m from €110m–€140m; reported EBITDA guidance is €60m–€75m.

• Slower sales processes and permitting shifted projects into 2027; further sales are targeted in Germany, Poland and France, with delayed transactions expected to progress next year.

• Two or three wind projects are planned to enter construction in Q4, with more projects expected to be constructed in 2027.

• Focus & Deliver remains on track; the strategy emphasizes system- and grid-compatible projects, including BESS.