PNE (PNE3) Q2 2026 earnings summary

Executive summary

• Achieved key milestones in H1 2026, including project sales in Germany, Poland, and France totaling 163 MW, with 5 wind projects (122 MW) and 1 PV project (41 MWp), and commissioning of a new wind farm for the own portfolio.

• Power generation increased 11% year-over-year to 408 GWh, driven by higher wind yields in Germany.

• Services business output grew 12% year-over-year to EUR 20 million, maintaining strong margins.

• Project pipeline remains robust at 21.7 GW, with 14.6 GW in onshore wind and 7.1 GW in photovoltaics as of June 2026.

• Implemented cost reduction and transformation program, resulting in improved operational efficiency.

Financial highlights

• Revenue rose 31% year-over-year to EUR 96.8 million, with normalized EBITDA up to EUR 27.4 million from EUR 4.7 million; EBIT improved to EUR 8.5 million from EUR -14.4 million.

• Net loss narrowed to EUR -18.3 million from EUR -33.8 million year-over-year; EPS improved to EUR -0.23 from EUR -0.44.

• Total output declined to EUR 123.3 million due to fewer turnkey projects.

• Net debt stood at EUR 723.5 million as of June 30, 2026; cash position at EUR 26.9 million.

• Equity ratio at 11.6% (22.2% adjusted for hidden reserves); hidden reserves in portfolio at EUR 153.1 million.

Outlook and guidance

• Guidance for 2026 confirmed: normalized EBITDA between EUR 110–140 million; unadjusted EBITDA forecasted between EUR 90–120 million.

• Further project sales planned in H2 2026, including 45 MW already sold in July, with targets in Germany, Poland, France, and South Africa.

• IPP portfolio expansion to be consolidated in 2026, with mid-term growth targeted.

• Strategic exits planned for Turkey and Canada; focus on core markets and BESS applications.

• Ongoing transformation and cost reduction program expected to yield further efficiency gains.