PNE (PNE3) Q1 2025 earnings summary

Executive summary

• Achieved strong project development and construction activity in Q1 2025, including completion of two wind farms in Germany and securing new permits for wind and PV projects in Germany, Poland, and Turkey.

• Project pipeline remained stable at 19 GW, with significant growth in core markets Germany, France, and Poland, and a 27% increase to 7.5 GW in these regions.

• No project sales in Q1, but sales are planned for the second half of 2025, especially in Germany, Poland, and Romania.

• Own IPP portfolio expanded to 446 MW, with 17 MW added in Q1 2025.

• Power generation was impacted by a 31% drop in wind yields in Germany, negatively affecting earnings.

Financial highlights

• Total output was EUR 55.7 million, down from EUR 57.0 million in Q1 2024; revenues fell to EUR 27.9 million from EUR 31.4 million.

• EBITDA decreased to EUR 3.6 million from EUR 8.5 million year-over-year, mainly due to weak wind yields.

• Net income was EUR -10.8 million, compared to EUR -4.5 million in Q1 2024; EPS at EUR -0.14 versus EUR -0.06.

• Net income benefited from positive interest income and subsequent measurements of interest rate swaps and KfW loans, with a financial result of +EUR 10.6 million.

• Cash position increased to EUR 96.2 million from EUR 91.6 million at end of 2024.

Outlook and guidance

• Full-year 2025 group EBITDA guidance confirmed at EUR 70–110 million.

• Project sales and milestone payments expected mainly in the second half of 2025, with continued IPP portfolio expansion.

• Strategic focus on core European markets; planned market exits for Panama and Turkey.

• Project pipeline for wind and PV expected to remain stable, though geopolitical and supply chain risks may defer some sales to 2026.

• Commitment to sustainable growth and value creation reiterated.