PNE AG Defies Headwinds in Q1 2025 – Project Development Remains Strong, Power Generation Under Pressure

Cuxhaven, Germany – German wind and solar specialist PNE AG demonstrated operational resilience in the first three months of 2025, though weak wind conditions weighed on electricity production. Despite the challenging start, the executive board remains confident and upholds its full-year 2025 guidance.

In Q1 2025, PNE AG made solid progress in project development. The company’s portfolio of owned generation assets continued to grow, and the service business remained stable. Additional project sales are expected later in the year.

Q1 2025: Weak Wind Conditions Weigh on Revenue and Earnings

Total output amounted to €55.7 million (Q1 2024: €57.0 million). Revenue fell to €27.9 million (Q1 2024: €31.4 million), and EBITDA declined sharply to €3.6 million (Q1 2024: €8.5 million).

Operating profit (EBIT) dropped to -€7.1 million (Q1 2024: +€1.1 million), primarily due to exceptionally weak wind conditions across Germany. According to the German Association of Energy and Water Industries (BDEW), wind power generation was down 31% compared to the same period last year.

Undiluted earnings per share came in at -€0.14 (Q1 2024: -€0.06).

Project Pipeline Expands, Owned Capacity Increases, Services Remain Stable

PNE’s project pipeline grew slightly by 100 MW to 19.0 GW as of the end of March. Offshore wind projects remained steady at 2.5 GW, while onshore wind increased modestly to 9,919 MW. The solar PV pipeline also grew moderately from 6,486 MWp to 6,534 MWp.

By the end of the quarter, PNE had ten wind farms under construction in Germany and France totaling 252 MW, including two service projects with 87.9 MW. The company also received permits for two wind projects totaling 68.8 MW and one solar PV project with 124 MWp.

PNE’s owned portfolio increased to 445.9 MW (Q1 2024: 375.1 MW), boosted by the commissioning of the Herbsleben-Dachwig and Stuvenborn Ib wind farms. Electricity generation in Q1 stood at 197 GWh, down from 247 GWh the previous year.

The operations and technical inspection segment maintained a stable managed volume of approximately 2,845 MW. PNE noted that international service activities were strengthened by additional service offerings.

Outlook: Guidance Confirmed – Further Project Sales Expected

Despite weather-related headwinds in Q1 2025, the management board remains optimistic. CEO Heiko Wuttke stated: “Adjusted for the extraordinarily low wind volume, our result would have been at least at last year’s level. This continues to fill us with confidence. With our robust growth strategy, we are focusing on a balanced mix of project sales and further expansion of the company’s own generation portfolio.”

PNE confirmed its full-year EBITDA guidance of €70 to €110 million. Several project sales are anticipated in the second half of 2025.

Source: IWR Online, 12 May 2025