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PNE (PNE3) investor relations material
PNE Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved a strong start to 2026 with successful project sales in Germany and Poland totaling 152 MW, including wind and PV projects, and receipt of permits for 14 projects totaling 335.9 MW.
Power Generation output rose 33% year-over-year to 262 GWh, driven by higher wind yields.
Services business output grew 17% year-over-year to €10.3 million with high margins.
Board changes: CFO Harald Wilbert stepping down, interim CFO to be Dirk Simons.
Continued transformation and cost-reduction program, including market exits in Canada, Turkey, Latvia, and Vietnam.
Financial highlights
Total output increased 24% year-over-year to €68.9 million.
Revenue doubled to €56.2 million from €27.9 million year-over-year.
Normalized EBITDA (adjusted for one-offs) reached €17.9 million; reported EBITDA €16.6 million, up from €3.6 million in Q1 2025.
Net loss narrowed to €-5.2 million (prior year: €-18.6 million); EPS at €-0.06 (prior year: €-0.24).
Net debt at €748.5 million; cash position at €61.2 million.
Outlook and guidance
Normalized EBITDA for 2026 expected between €110 million and €140 million; unadjusted EBITDA forecasted between €90 million and €120 million.
Focus on project sales in Germany, Poland, and South Africa; IPP portfolio to be consolidated in 2026.
Exits from Turkey, Canada, Latvia, and Vietnam targeted for 2026.
Emphasis on projects with high system and grid compatibility, including BESS applications.
- Record output and strong project sales drive 2025 results; 2026 targets higher EBITDA.PNE3
Q4 202526 Mar 2026 - Record output, but earnings lag due to delays; strong Q4 and growth strategy reaffirmed.PNE3
Q3 202416 Jan 2026 - Record output and EBITDA, with a sharper focus on profitability and core markets.PNE3
Q4 202426 Dec 2025 - Strong pipeline and permits offset weak wind yields and costs; H2 outlook remains positive.PNE3
Q2 202523 Nov 2025 - Q1 2025 earnings fell on weak wind, but pipeline and EBITDA guidance remain strong.PNE3
Q1 202517 Nov 2025 - Total output and EBITDA surged, guidance confirmed, with further sales and Panama exit expected.PNE3
Q3 202513 Nov 2025 - PNE targets over 20 GW pipeline and €150M EBITDA by 2027, driven by renewables expansion.PNE3
Company Presentation13 Jun 2025 - Record H1 output, lower earnings, US exit, and 2024 EBITDA guidance confirmed.PNE3
Q2 202413 Jun 2025
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