Special Dividend: PNE AG Achieves Record Results for 2024 and Adjusts Strategy for Future Growth
Cuxhaven, Germany - PNE AG has concluded the 2024 financial year with record total performance. The EBITDA result was also significantly above the original guidance range. The PNE stock is trading at around 14.20 euros.
Highest total performance in company history achieved – EBITDA at the upper end of updated guidance
In the 2024 financial year, PNE AG achieved a total performance of 342.6 million euros, the highest value in the company’s history (previous year: 267.8 million euros). This result is the outcome of a very strong operational business development, according to PNE. EBITDA also rose significantly to 69.0 million euros (previous year: 39.9 million euros), far exceeding the original guidance (40 to 50 million euros) and at the upper end of the updated guidance range of 60 to 70 million euros.
With an operating result (EBIT) of 35.1 million euros (previous year: 5.7 million euros), PNE achieved a significant increase, confirming the company's high profitability. "We are very satisfied with the results achieved“, says Heiko Wuttke, CEO of PNE AG. "We were just as successful in the sale of wind farms and PV power plants as we were in the sale of the US business and our Swedish companies. This made a significant contribution to our good result."
Despite the sales, it has been possible to not only maintain the project pipeline at 18.9 GW (2023: 19.1 GW) but also to increase the own-operating portfolio to 428.5 MW (2023: 375.4 MW). Power generation increased, and the service business also grew positively to more than 2.9 GW, according to PNE. Around 1,000 plants are currently under operational management.
Due to the positive results, the Executive Board and Supervisory Board propose a dividend of 0.04 euros and a special dividend of 0.04 euros from the retained earnings of PNE AG for the 2024 financial year for each dividend-eligible share.
Continued transformation to a Clean Energy Solutions Provider – PNE fFocuses on a balanced mix of own operations and sales
PNE AG sees its strategic focus on the three segments of project development, power generation, and services as the right approach. The integrated business model allows the three segments to benefit from one another, create synergies, and thus offer significant growth potential for the company.
However, since 2022, the market environment has changed considerably: interest rates have risen sharply, and electricity prices have fallen significantly. In addition, the costs for machinery, materials, and personnel have increased substantially. As a result, PNE will adjust its strategy to the changed market conditions and focus on a balanced mix of expanding its own operations portfolio and selling projects.
Heiko Wuttke says, "This means that we will also sell more projects than before in the markets that were primarily intended for our own generation portfolio at different stages of project development. We are also optimising our project pipeline and focusing even more strongly on our profitable core markets."
This orientation optimizes both value creation and cash flow, strengthens the balance sheet, and offers further growth potential, Wuttke continues. The company aims for an own-operating portfolio of around 1.1 GW by 2027 and plans an EBITDA-based result of approximately 140 million euros.
PNE outlook for 2025
With the adjustment of its strategy and the resulting robust growth, PNE sees itself on the right path. "We are now continuing to gear the organisation towards this and are very optimistic," says Heiko Wuttke. The company expects an increase in EBITDA-based results for the group in the 2025 financial year to a range of 70 to 110 million euros.
Source: IWR Online, 28 Mar 2025