PNE (PNE3) Q4 2024 earnings summary

Executive summary

• Achieved record total output of EUR 342.6 million in 2024, up 28% year-over-year, with EBITDA rising 73% to EUR 69 million, exceeding guidance.

• Strong operational progress in project development and sales, with a growing IPP portfolio despite challenging market conditions and low wind yields.

• Management and supervisory boards now complete, with new appointments bringing industry and financial expertise; planned reduction to three board members in April 2025.

• Proposed dividend of EUR 0.08 per share for FY 2024.

Financial highlights

• Total output reached EUR 342.6 million (+28% year-over-year), the highest in company history.

• EBITDA increased by 73% to EUR 69 million, surpassing guidance.

• Adjusted net income was EUR 10.7 million, up from -EUR 5.8 million in 2023.

• Net income impacted by EUR -22.7 million from interest rate swaps and KFW loan liabilities (IFRS 9/IAS 20), not affecting liquidity or operating performance.

• Cash position at year-end was EUR 91.6 million.

Outlook and guidance

• FY 2025 group EBITDA guidance set at EUR 70–110 million.

• Continued IPP portfolio build-up and targeted project sales in core markets, especially Germany, Poland, and Romania.

• Ambitious 2027 targets: 1.1 GW IPP in operation/under construction, 3.5 GW O&M, and doubling EBITDA to EUR 140 million.

• Exits from Panama and Turkey targeted.