PNE (PNE3) Q2 2024 earnings summary

Executive summary

• Achieved record H1 total output of €174.9m, up 50% year-over-year, driven by high construction and development activities.

• Own wind generation portfolio expanded to 412 MW in operation, with 226 MW under construction and a total pipeline of 17,937 MW/GWp.

• Completed sale of US business (2.1 GW), providing initial single-digit million euro payment and potential milestone payments.

• Management board strengthened with interim CEO and new COO as of August 2024; search for permanent CEO ongoing.

• Guidance for 2024 confirmed, targeting positive EBITDA of €40–50 million.

Financial highlights

• EBITDA decreased by 52% to €8.7m (H1 2023: €18.1m); adjusted EBITDA at €16.9m.

• Net income at -€20.2m (H1 2023: -€14.1m); EPS at -€0.26 (H1 2023: -€0.18).

• Cash position increased to €129.8m (FY 2023: €90.4m); equity declined to €189.2m (FY 2023: €208.1m); equity ratio 15.3%.

• Dividend of €0.08 per share (including special dividend) paid in H1 2024.

• Hidden reserves in IPP portfolio rose to €216.7m (H1 2023: €194.6m).

Outlook and guidance

• FY 2024 EBITDA guidance of €40–50m confirmed, despite project delays and lower electricity prices.

• On track for 2027 targets: 1,500 MW/MWp own portfolio, project pipeline >20 GW, EBITDA >€150m.

• IPP break-even expected in 2024, with >50% of group EBITDA from recurring revenues.

• Market challenges include volatile power prices, supply chain instability, and rising costs; opportunities from new technology and easing interest rates.

• Milestone payments from project sales anticipated in H2.