EQS-News: PNE AG successfully ends 2024 financial year and adjusts strategy

Corporate news

 PNE AG successfully ends 2024 financial year and adjusts strategy 

• Best overall performance in the Company’s history
• EBITDA at the upper end of the updated guidance
• PNE to focus on balanced mix of its own operations and sales in the future

Cuxhaven, 27 March 2025 – The 2024 financial year was a successful one for PNE AG. As a result of the very good operating performance, total output amounted to EUR 342.6 million (previous year: EUR 267.8 million), making it the highest in the Company’s history. There was a significant increase in earnings before interest, taxes, depreciation and amortisation (EBITDA) to EUR 69.0 million (previous year: EUR 39.9 million). The operating result (EBIT) was EUR 35.1 million (previous year: EUR 5.7 million). PNE AG thus finds itself well above the range of the original guidance for Group EBITDA of EUR 40 to 50 million and at the upper end of the updated guidance of EUR 60 to 70 million. The Company has published its report for the 2024 financial year today.

“We are very satisfied with the result 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, we have managed to keep the project pipeline stable. Our own generation portfolio and our power generation have continued to grow, while the service business has also enjoyed strong growth.”

Project pipeline stable despite sales

The PNE Group’s total pipeline includes the onshore and offshore wind energy projects as well as the photovoltaic projects. At the end of 2024, it ran to around 18.9 GW (previous year: 19.1 GW) and was thus stable. In the core markets of Germany, France and Poland, PNE was even able to significantly increase it – from 5.9 GW to 7.5 GW.

While the pipeline for photovoltaic (PV) projects fell to 6.5 GWp (previous year: 7.4 GWp) in the reporting period due to the sale of the US business, the pipeline for onshore wind farm projects increased, with 9.9 GW (previous year: 9.2 GW) of nominal capacity to be built. This expansion compared with the previous year was achieved despite the ongoing realisation and sale of projects.

Own generation portfolio now also growing outside Germany

The expansion of our own generation portfolio continued in 2024. Following the completion and acquisition of further wind farms, the nominal capacity of the Company’s own operations increased from 375.4 MW to 428.5 MW. The Saint-Aubin-du-Plain wind farm in France has now become the Company’s first wind farm outside Germany to be transferred to its own operations. Growth as an independent power producer (IPP) will continue in the coming years. The Herbsleben-Dachwig wind farm came on stream at the beginning of this year, strengthening the Company’s own generation portfolio by a further 11.4 MW.

Services segment continues to grow

The PNE Group is broadly positioned in the market with its services. PNE was able to further expand the national and international business of operations management and technical services in 2024. Overall, the nominal capacity of the wind farms managed by the PNE Group rose to more than 2.9 GW, with around 1,000 plants now in operational management.

PNE is also enjoying considerable success with its brokerage service for short- and long-term power purchase agreements (PPAs). No fewer than 137 projects have now been successfully supported. In 2024 alone, the Company concluded PPAs for 45 wind and PV project companies with a total output of 524.2 MW.

Dividend proposed

For the 2024 financial year, the Board of Management and the Supervisory Board propose that a dividend of EUR 0.04 as well as a special dividend of EUR 0.04 for each no-par-value share entitled to a dividend be distributed from PNE AG’s retained earnings totalling EUR 273,835,042.55. The remaining retained earnings shall be carried forward to a new account.

Robust growth with a balanced mix of sales and acquisitions into the Company’s own operations

The PNE Group has grown rapidly in recent years and has continued to make strong progress. Initially a pure project development company, we have evolved into a clean energy solutions provider.

The strategic focus on the three segments of project development, power generation and services represents the right approach. The integrated business model enables the three segments to benefit from one another, generating synergies and offering significant growth potential for the Company. The market environment, however, has changed considerably since 2022, with interest rates rising sharply and electricity prices falling significantly. In addition, costs for machines, materials and personnel have increased markedly, prompting PNE to review its corporate strategy and adapt it to current circumstances.

“In the future, we will create a balanced mix between the development of our own generation portfolio and the sale of projects. This approach will allow us to optimise value creation and cash flow, strengthen our financial position and combine medium-term growth potential with short-term profitability. The basic strategic focus remains unchanged,” explains Heiko Wuttke. “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.”

PNE is now planning its own generation portfolio of wind farms and PV power plants with a total output of around 1.1 GW in operation or under construction by the end of 2027. In the medium term, PNE is sticking to its previous plans for its own generation portfolio of 1.5 GW in operation or under construction. The Company is also seeking to achieve EBITDA of around EUR 140 million by 2027. The high-quality project pipeline is set to remain at a constant level of at least 10 GW to 15 GW.

Positive outlook for 2025 and beyond

With the strategy adjustment and the associated robust growth, PNE considers itself to be on the right track. “We are now continuing to gear the organisation towards this and are very optimistic,” says Heiko Wuttke.

Based on the guidance for the 2025 financial year, the Company expects Group EBITDA to increase to between EUR 70 million and EUR 110 million.

PNE AG’s report for the 2024 financial year is available here: https://www.pnegroup.com/fileadmin/user_upload/Finanzberichte_ENG/2024/PNE_Annual_Report_2024.pdf
 

About the PNE Group

The internationally operating PNE Group is listed on the SDAX as well as the TecDAX. For more than 30 years, it has been one of the most experienced project developers in the field of onshore and offshore wind farms. The focus is on the development of wind energy and photovoltaic projects worldwide as well as on power generation with its own wind farms. Its portfolio covers all project planning phases, from site investigation, approval procedures and financing to construction, operation and repowering. As a clean energy solutions provider, the PNE Group also offers services for the entire life cycle of wind farms and photovoltaic plants. The PNE Group is a sought-after partner to industry for solutions used in the refinement of electricity via power-to-X technologies.

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