PNE (PNE3) Q2 2025 earnings summary

Executive summary

• Permits for 489 MW in wind and PV projects were received in H1 2025, with strong development and construction activity, especially in Germany.

• Four wind farms (65 MW) completed in Germany; 12 own wind farms (214 MW) and two for third parties (68 MW) under construction at H1 2025 end.

• No project sales in H1 2025, but project rights for 48–48.4 MW in France and Germany sold in July and August; further sales expected in coming months.

• IPP portfolio expanded to 491 MW, with 65 MW added in H1 2025.

• Power generation and earnings were impacted by low wind yields, with German onshore wind down 18% year-over-year.

Financial highlights

• Total output slightly decreased to EUR 173.8 million from EUR 174.9 million year-over-year.

• EBITDA fell to EUR 4.7 million from EUR 8.7 million, mainly due to weak wind yields and no project sales.

• Net income declined to EUR -30.5 million from EUR -20.2 million, with EPS at EUR -0.40.

• Revenues increased to EUR 73.9 million from EUR 60.6 million year-over-year.

• Cash position at EUR 65.6 million and equity at EUR 166.4 million as of June 30, 2025.

Outlook and guidance

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

• High development activity in H1 2025 expected to drive project sales in H2, with sales targeted in Germany, Poland, and France.

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

• Project pipeline for wind and PV anticipated to remain stable at around 9.9 GW and 6.5 GWp, respectively.

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