PNE (PNE3) Q1 2025 earnings summary

Executive summary

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

• Project pipeline stable at 19 GW, with core markets Germany, France, and Poland growing by 27% to 7.5 GW.

• No project sales in Q1, but several 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.

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

Financial highlights

• Total output stable at EUR 55.7 million (Q1 2024: EUR 57.0 million); 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 (Q1 2024: EUR -4.5 million); EPS at EUR -0.14 (Q1 2024: -0.06).

• Net income positively impacted by subsequent measurement of interest rate swaps and KfW loan liabilities, resulting in 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 targeted for H2 2025, mainly in Germany, Poland, and Romania.

• Continued build-up of IPP portfolio expected, with further projects to be put into operation.

• Market exits planned for Panama and Turkey, focusing on core European markets.

• Geopolitical and supply chain risks may defer some project sales to 2026.