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PNE AG is on course for a successful year after six encouraging months

• Project pipeline at record level of 16.6 gigawatts; continued expansion of our business
• High number of permits and tenders form basis for future success
• EBITDA above prior year in spite of lower electricity prices and lower wind supply
• Admission to the TecDAX

Cuxhaven (renewablepress) - PNE AG closed the first half of 2023 very successfully. In addition to a favourable result, PNE has laid the foundation for further success with permits for new wind farms, new tenders and strong growth in the project pipeline.

In the first half of 2023, the Group recorded total aggregate output of euro 116.7 million (prior year: euro 105.2 million), revenues of euro 57.1 million (prior year: euro 52.1 million) and earnings before interest, taxes, depreciation and amortisation (EBITDA) of euro 18.1 million (prior year: euro 17.5 million). The shown undiluted earnings per share of euro -0.18 (prior year: 0.14 euros) was negatively influenced in particular by extraordinary interest expenses from follow-up valuations of interest SWAPS and loan liabilities held in the Group. The first half of the previous year was characterised by higher electricity prices and a high wind supply.

"We are well on track with the strategic expansion of our three business segments "Project Development", "Power Generation" and "Services" despite the strong increase in material prices and extended supply chains. In addition, we were able to increase our project pipeline to a new record level", says Markus Lesser, CEO of PNE AG. “We expect the majority of revenues in the "Project Development" segment to be generated in the second half of the year. In these circumstances, we are very satisfied with first-half results. We are also very pleased that we were admitted to the TecDAX in July. We see this as a confirmation of our activities."

Wind and PV project pipeline reaches record level again

The nominal capacity of the pipeline for wind and photovoltaic projects increased from 9,055 megawatts (MW) to 16,590 MW compared to the same period last year, thus reaching a new record level. Onshore wind energy projects accounted for 8,622 MW. The pipeline of offshore wind energy projects also filled up again at 2,500 MW. The pipeline for PV projects reached 5,468 MWp. In Germany alone, the PNE Group worked on wind farms with a nominal capacity of approx. 2,314 MW (prior year: 1,949 MW). Seven wind farms with a nominal capacity of 112.3 MW were under construction in Germany and one project with 10.8 MW in France. A wind farm (60 MW) erected on behalf of a customer is under construction in Sweden.

Rapid expansion of own generation portfolio

The wind farm portfolio operated by PNE had a capacity of around 346 MW at the end of the first half of the year. A total of around 308 MW are currently under construction or in the construction preparation phase for the own generation portfolio so that PNE expects to commission further wind farms in its own portfolio this year. As such, the targets of the scale up strategy, which were planned for 2023, have been significantly exceeded. Power generation in our own wind farms and with our own PV plants is and remains an important pillar of PNE's scale up corporate strategy.

The wind farms of the PNE Group make an important contribution to climate protection and independent energy security. In the first half of the year, they already produced 325 GWh (same period last year: 268 GWh) of clean electricity, saving the environment 245,000 tons of CO2 (same period last year: 173,000 tons).

Further increase in the number of plants managed in the service business

The expansion of the service business as well as the sale of electricity generated by PNE's own portfolio contributes to further increasing the share of steady earnings. In the first half of 2023, PNE was able to expand the international business of operations management as well as technical inspections and tests with additional services. The order volume managed by the PNE Group in operations management increased to around 2,710 MW (same period last year: 2,232 MW). This represents growth of approx. 21 percent compared with the previous year.

Good quarterly result forms the basis for the entire year

"We were successful in the first half of the year. The figures, as well as the new permits and tenders, also make us optimistic for the second half of the year. Accordingly, we confirm our guidance for the 2023 fiscal year with positive EBITDA for the Group in the range of euro 30 to 40 million", says Markus Lesser.

About the PNE Group

The internationally operating, listed PNE Group is included in the SDAX as well as the TecDAX. For more than 25 years, it has been one of the most experienced project developers in the field of onshore and offshore wind farms. The focus is on the development of wind power and photovoltaic projects worldwide as well as on electricity generation with its own wind farms. Its portfolio covers all project planning phases, from site investigation and the implementation of the approval procedures, through financing and construction, to operation and repowering. As a clean energy solutions provider, the PNE Group also offers services for the entire life cycle of wind farms and photovoltaic plants. The PNE Group is a sought-after partner to industry for solutions for the refinement of electricity via power-to-X technologies.

Cuxhaven, 10 August 2023

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Media contact:

Alexander Lennemann
Head of Corporate Communications
Phone: +49 (0)4721 – 718-453
Fax: +49 (0)4721 – 718-373

Peter-Henlein-Straße 2-4
27472 Cuxhaven


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